RIYADH: Saudi Arabia’s Mouwasat Medical Services is set to add two more hospitals to its network to reach nine facilities, Managing Director Mohammed Al-Saleem told CNBC Arabia.
The two facilities will be added following the acquisition of Jeddah Doctors Co. and the opening of a new hospital in Yanbu.
The company also plans to establish a hospital in Riyadh, details of which will be revealed once all the formalities are completed, he added.
During the second quarter of 2022, the group’s net profit decreased 5.8 percent to SR141 million ($37.56 million), from SR150 million in the first quarter of 2022.
The official said the group witnessed pressure on profits in the first quarter, as a result of the expenses related to the operation of its new hospital in Madinah.
The Madinah hospital began operations on June 30, and is expected to generate revenue in the upcoming quarter, resulting in higher profits.
The group also recently acquired 100 percent of the Protocol Hospital in Egypt.
