Riyadh – Mubasher: Mouwasat Medical Services Company has joined forces with Aldawaa Medical Services Company and established Modawa and Rieaya Medical Company Limited.
The new joint venture (JV) will manage medical clinics activities through its head office in Al Khobar, according to a bourse disclosure.
Modawa and Rieaya has SAR 1 million capital with proportions distributed by 51% for Mouwasat and 49% for Aldawaa Medical Services.
The limited company will affect Mouwasat’s financial results and back its strategic plans.
In the first quarter (Q1) of 2024, Mouwasat recorded 2.98% year-on-year (YoY) higher net profits at SAR 171.58 million, versus SAR 166.61 million.
Meanwhile, the net profits of Aldawaa Medical Services hiked by 25.01% YoY to SAR 95.32 million in Q1-24 from SAR 76.25 million
