National Medical Care Company (4005) Q4 2024 earnings summary

Executive summary

• Achieved strong financial and operational growth in FY 2024, with revenue up 20% year-over-year to SAR 1,294mn and net profit up 24% to SAR 298mn.

• Expanded patient base by 14% to 742,475, supported by new branches and increased referrals.

• Opened new facilities in Jeddah, Mecca, and Riyadh, including the acquisition of Al Salam Hospital.

• Launched new services such as home healthcare, executive health checks, and mental health offerings.

• Focused on efficiency, automation, and digital transformation to enhance patient experience and operational performance.

Financial highlights

• Revenue grew 20% year-over-year to SAR 1,294mn; EBITDA rose 25% to SAR 377mn; net profit increased 24% to SAR 298mn.

• Gross profit margin improved to 35.1% (+0.9 ppts), EBITDA margin to 29.2% (+1.3 ppts), and net profit margin to 23.0% (+0.8 ppts) for FY 2024.

• Operating expenses increased 28% year-over-year, mainly due to expansion and higher provisions.

• Cash flow from operations was SAR 245mn, down 48% due to working capital increases; capex rose 14% to SAR 275mn.

• Total assets reached SAR 2,502mn (+13%), with shareholders' equity at SAR 1,630mn (+12%).

Outlook and guidance

• Plans for further expansion, including a new general hospital in Riyadh by 2028 and a robust M&A pipeline.

• Continued focus on digital automation, operational efficiency, and patient-centric services.