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Mouwasat Medical Services Co. announces the annual financial results for the period ending on 31-12-2017

Element Current year Previous year % Change
Net profit (loss) 336.7 257.2 30.91
Earning or loss per share, Riyals 6.73 5.14 -
Gross profit (loss) 712.2 576.5 23.54
Operational profit (loss) 371.5 288.1 28.95
All figures are in (Millions) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of annual financial results The reason for the increase in net profit during the current period compared to the same period of the previous year due to 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 and enhancement of contractual terms with customers generally.
Reclassifications in annual financial results The consolidated financial statements have been restated, categorized and tabulated in accordance with the accounting policies applied in the presentation and classification of the consolidated financial statements for the current period which were prepared in accordance with International Financial Reporting Standards and other standards approved by the Saudi Organization for Certified Public Accountants.
Other notes - Sales / revenues during the current period SR 1507 Million compared to SR 1243 Million for the corresponding period of the previous year with an increase of 21.2%.

- The total shareholders' equity (without non-controlling interest) at the end of the current period amounted to SR 1490 Million compared to SR 1277 Million at the end of corresponding period of the previous year with an increase of 16.7%.

- Total Comprehensive income for the current period SAR 358 Million compared to SAR 271 Million for the corresponding period of last year with an increase of 32.1%.

- The Company has applied the IFRS effective 1 January 2017. Accordingly, some changes have been made in the measurement, recognition, presentation and disclosure method for the current and comparative periods in accordance with these standards. For further details refer Note 2 (Significant Accounting Policies) And Note 5 (Adoption of International Financial Reporting Standards for the first time) in the notes of the consolidated financial statements for the period ended 31 December 2017.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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