Mouwasat Medical Services announces financial results

20/02/2013 09:14 AST

Mouwasat Medical Services announces financial results for the period ending 31/12/2012

1 - The consolidated net profit amounted to SAR 171.6 million, an increase of 15.8% compared to profit for the same period last year SAR 148.1 million.

2 - Earnings per share (EPS) amounted to SAR 3.43 compared to SAR 2.96 for the same period last year is calculated based on 50 Million shares as approved by Extra Ordinary Annual General Meeting held on 2nd April 2012 to increase the Capital from SAR 250 Million to SAR 500 Million.

3 - The gross profit for the period amounted to SAR 372.7 million, an increase of 15% compared to profit for the same period last year SAR 324 million.

4 - The operating profit for the period ended amounted to SAR 186 million, an increase of 9.8% compared to profit for the same period last year SAR 169.3 million.

5- The reason for the increase in net profit during the current period compared with the previous period of last year due to the effective utilization of the available resources, the continuous development of medical systems, and the continuous expansions of medical services, as well as the increase achieved in other income resulting from increased share of income from an associate, and gain on sale of land that was owned by the company in the city of Dammam and disposal of equipment, and the change in fair value of swap rates contract, and decrease in the formation of Zakat to fit Zakat base for 2012, Whereas during the year 2011 a higher provision was calculated to cope with any differences in the calculation of Zakat for years that did not get final assessment 2009, 2010, 2011.

Tadawul