Saudi's Mouwasat Medical Q1 Profit Falls 3.5% - Gulf Business
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Saudi’s Mouwasat Medical Q1 Profit Falls 3.5%

Saudi’s Mouwasat Medical Q1 Profit Falls 3.5%

Mousawat said the slight drop in quarterly profit was due to a net loss from a Riyadh hospital it opened in November 2014.

Saudi Arabia’s Mouwasat Medical Services Co, one of the Kingdom’s largest healthcare providers, reported a 3.5 per cent drop in first-quarter profit on Sunday that the firm blamed on losses from a Riyadh hospital it opened in November.

Mousawat made a net profit of SAR55.9 million ($14.90 million) in the three months to March 31, down from SAR57.9 million in the prior-year period, it said in a bourse statement.

EFG Hermes forecast Mousawat would make a quarterly profit of SAR57.8 million.

Mousawat said the slight drop in quarterly profit was due to a net loss of SAR6.8 million from a Riyadh hospital it opened in November 2014.

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