National Medical Care Company (4005) Q2 2025 earnings summary

Executive summary

• Revenue grew 32% year-over-year in 1H 2025 to SAR 783 million, driven by record patient volumes, organic growth, and successful integration of new branches and Al Salam Hospital.

• Net profit increased 10% year-over-year to SAR 165 million, with a margin of 21.1%, despite a high base from a one-off Zakat provision reversal in 1H 2024.

• EBITDA rose 36% year-over-year to SAR 233 million, with margin improving to 29.8%.

• Bed capacity expanded 16% year-over-year to 1,174 beds, and occupancy rates reached 80.9% in 1H 2025.

• Strategic focus remains on business expansion, revenue diversification, efficiency improvement, and digital transformation.

Financial highlights

• Revenue reached SAR 783 million in H1 2025, up 32% year-on-year; gross profit rose 33% to SAR 290 million, margin at 37.1%.

• EBITDA grew 36% year-on-year to SAR 233 million, margin at 29.8%; operating profit (EBIT) was SAR 182 million, margin at 23.3%.

• Net profit increased 10% year-on-year to SAR 165 million; normalized net profit (excluding last year’s Zakat reversal) grew 36%.

• Cash and equivalents stood at SAR 477 million at June 30, 2025; net debt reduced by 70% year-to-date to SAR 23 million.

• Total expenses increased 31% year-on-year, mainly due to higher salaries, benefits, and supply chain costs.

Outlook and guidance

• Continued focus on expansion through new facilities, M&A pipeline, and bed capacity increases, with Al Narjis Hospital’s first phase on track for a 2028 launch.

• Ongoing digital transformation and efficiency initiatives to drive future growth and operational excellence.

• Management notes interim results may not be indicative of full-year performance; strategy refresh planned for Q4 2025.