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January 18, 2017

MOUWASAT MEDICAL SERVICES COMPANY ANNOUNCES THE FINANCIAL RESULTS FOR THE PERIOD ENDING ON 31-12-2016 (twelve months)

 

Same Quarter Last Year

The reason for the increase in net profit during the current quarter compared to the same quarter of the previous year due to the increase in revenue as a result of growth so contributed by Riyadh branch and with expansion in sub specialty clinics operations in particular, and due to the continuous effective utilization of available resources and the continuous development of medical systems generally, as well as the rise in other income of SR 3 million resulting from training programs and returns in capital gains realized during the current quarter from the sale contract which was announced on 7-3-2016  by which Mouwasat Medical Services transferred the rights of operations which was in rented facility located in Al-Ahsa province (Mubarraz, Al Rashidiya, Nozha Street).

 

Same Period Last Year

The reason for the increase in net profit during the current period compared with corresponding period of the previous year due to the increase in revenue as a result of growth so contributed by Riyadh branch and with expansion in sub specialty clinics operations in particular, and due to the continuous effective utilization of available resources and the continuous development of medical systems generally, as well as the rise in other income of SR 3.8 million resulting from training programs and returns in capital gains from the sale contract which was announced on 7-3-2016 by which Mouwasat Medical Services transferred the rights of operations which was in rented facility located in Al-Ahsa province (Mubarraz, Al Rashidiya, Nozha Street).

 

Previous Quarter

The reason for the increase in net profit during the current quarter compared to the previous quarter due to the increase in revenue as a result of the continuous effective utilization of available resources and the continuous development of medical systems, as well as the rise in other income of SR 4 million resulting from training programs and returns in capital gains realized during the current quarter from the sale contract which was announced on 7-3-2016 by which Mouwasat Medical Services transferred the rights of operations which was in rented facility located in Al-Ahsa province (Mubarraz, Al Rashidiya, Nozha Street), as well as the previous quarter of this year coincide with summer vacations, and holidays (Eid al-Fitr, Eid al-Adha and National Day), which resulted in relatively less utilization of operating resources available.

 

Reclassifications in quarterly financial results

Certain of the prior year amounts have been reclassified to conform with the presentation in the current year.

 

Other Notes

The net sales during the current quarter amounted to SR 353 M compared to SR 260 M for the same quarter of the previous year with an increase of 35.7%.The net sales during the current period amounted to SR 1,240 M compared to SR 1,000 M for the corresponding period of the previous year of with an increase of 24%.

The total shareholders' equity (without minority interest) at the end of the current period amounted to SR 1,290 M compared to SR 1,134 M as the end of corresponding period of the previous year with an increase of 13.7%.

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