National Medical Care Company (4005) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ended 30 September 2025 grew 30% year-over-year to SAR 1.2 billion, with record Q3 performance and strong patient inflows across all facilities.

• Net profit increased 17% year-over-year to SAR 248 million, supported by operational efficiency, higher patient volumes, and a net margin of 20.7%.

• Patient count rose 41% year-on-year to 711,000, driven by legacy facilities and Al Salam integration.

• Strategic expansion included the acquisition and integration of Al Salam Hospital, launch of the ReLib mental health platform, and digital transformation initiatives.

• Bed capacity expanded 17% year-over-year to 1,178 beds.

Financial highlights

• EBITDA for 9M 2025 rose 34% year-over-year to SAR 350 million, with a margin of 29.3%.

• Gross profit increased 34% to SAR 442 million, with gross margin improving to 37.0%.

• Net profit margin for the nine months was about 20.7%, impacted by higher zakat and finance costs.

• Cash reserves stood at SAR 374 million as of September 30, 2025, with net debt at SAR 52 million.

• Net cash from operations improved to SAR 28 million, up from an outflow last year.

Outlook and guidance

• A refreshed corporate strategy is set to launch in Q1 2026, focusing on digital modernization, data intelligence, and enhanced patient and clinician experience.

• Ongoing contract renegotiations with insurance providers, expected to conclude by Q4 or early Q1, with retrospective application.

• Focus on maximizing bed utilization, expanding ICU capacity, and adding new services like IVF.

• Continued commitment to M&A, though current market opportunities are limited in target geographies.

• Interim results may not be indicative of full-year performance due to potential seasonality and cyclicality.