Saudi's Mouwasat Medical Services Q4 net profit up 6.1 pct, beats estimates

Thursday, January 21, 2016

Mouwasat Medical Services Co , one of Saudi Arabia's largest listed healthcare providers, reported a 6.1 percent rise in fourth-quarter net profit on Thursday, beating analysts' forecasts.

The company's net profit in the three months to Dec. 31 was 53.8 million riyals ($14.3 million), up from 50.7 million riyals in the same period a year earlier, it said in a bourse statement.

Three analysts polled by Reuters had on average forecast Mouwasat would make a quarterly profit of 50.4 million riyals.

It attributed the rise in net profit to an increase in revenues, development in medical systems and the expansion of its services. Mouwasat did not elaborate.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.

 

reuters.com