National Medical Care Company (4005) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 grew 30–32% 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%.

• Total patient count rose 41% year-on-year to 711,000, with outpatient visits and inpatient admissions up 41% and 46%, respectively.

• Integration of Al Salam Hospital and expansion of the ReLib mental health platform contributed significantly to growth.

• Strategic focus remains on sustainable expansion, revenue diversification, digital transformation, and new service launches.

Financial highlights

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

• Gross profit increased 34% to SAR 442 million, with gross margin at 37%.

• Net profit margin was 20.7%, impacted by higher zakat and finance costs.

• Cash flow from operations improved, with net cash from operations at SAR 28 million.

• Cash reserves reached SAR 374 million as of September 30, 2025.

Outlook and guidance

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

• Contract renegotiations with insurance companies expected to finalize by end of Q4 or early Q1, with retrospective application.

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

• Continued commitment to M&A, with a robust pipeline and selective approach based on strategic fit.

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