Al-Dawaa Medical Services Company announced the preliminary financial results for the period ending on March 31, 2022, achieving a net profit of 87.1 million riyals at the end of the first quarter of this year, an increase of about 10.5% compared to profits of 78.8 million riyals recorded by the company in the same period last year.
The company explained in a statement on “Saudi Tadawul” today, Thursday, that the reason for the increase in profits is due to the increase in revenues in the first quarter of 2022 to reach 85.1 million riyals, a rate of 7% over the same period in 2021, and thus the company maintained an increase in its revenues for the period Similar to the previous year, which was distinguished by an increase in revenues due to the pandemic.
She added that the growth in the sales of the Wassati program (with the Ministry of Health) amounted to 22.2%, while the growth in sales of insurance companies reached 22.4% over the same period in 2021.
And it indicated that the total profit in the first quarter of this year rose to reach 42.2 million riyals, or 9.3% from the same quarter of 2021, as a result of the improvement in the percentage of total profits to (38.1%) over the same period of the previous year (37.4%).
The company indicated that this came despite the decrease in operating profits in the first quarter of 2022 to 3.6 million riyals, or 4.9% of operating profits for the same period of the previous year.
She explained that this is due to the increase in selling and distribution expenses as a result of the new openings in the last quarter of 2021, whose financial impact will be reflected during 2022.