Mouwasat Medical Services Company (4002) Q4 2024 earnings summary

Executive summary

• Revenue grew 6.4% year-over-year to SAR 2,879 million, driven by higher patient volumes and new centers, but net profit attributable to shareholders declined 1.8% to SAR 646 million due to increased costs and the absence of associate company profits.

• Total assets rose 8.8% to SAR 5,403 million, with significant investments in property, equipment, and inventory; liabilities increased 9.8% to SAR 1,689 million, mainly from higher accrued expenses and current liabilities.

• Shareholders’ equity increased 8.4% to SAR 3,714 million, supported by a 25% rise in retained earnings and an 18% increase in statutory reserves.

Financial highlights

• Gross profit margin declined to 44.8% from 48.5% year-over-year; net profit margin fell to 22.4% from 24.3%.

• Earnings per share (EPS) was SAR 3.23, down from SAR 3.29 in the prior year.

• Free cash flow increased to SAR 820.87 million from SAR 527.25 million year-over-year.

• Return on assets was 12.46% (down from 13.66%), and return on equity was 18.87% (down from 21.22%).

• Total loans outstanding at year-end were SAR 738 million, with a current portion of SAR 173.6 million and non-current portion of SAR 564.8 million.

Outlook and guidance

• Strategic focus for 2025 includes continued expansion, completion of new hospitals in Yanbu and Jeddah, and further investments in technology and AI.

• Targeting revenue and profit growth, higher Saudization rates, and enhanced customer satisfaction above 85%.

• Plans to increase operational capacity, expand specialized services, and strengthen partnerships.