National Medical Care Company (4005) Q4 2025 earnings summary

Executive summary

• Achieved 24% year-on-year revenue growth to SAR 1.6 billion in FY 2025, driven by higher patient volumes and the full-year impact of Al Salam Hospital.

• Patient volumes rose 33% to 985,088, with outpatient visits up 32% and inpatient admissions up 39%.

• Net profit increased 8% to SAR 318 million, with underlying net profit up 43% year-on-year after adjusting for one-off reversals.

• Strategic expansion included full-year contribution from Al Salam Hospital, ongoing M&A, and a focus on digital innovation and operational excellence.

• Strategy refresh targets geographic expansion, operational efficiency, and digital transformation.

Financial highlights

• Gross profit increased 31% to SAR 589 million, with gross margin up 1.9 percentage points to 36.8%.

• EBITDA grew 23% to SAR 465 million, maintaining a margin of 29.1%.

• Net profit margin declined to 19.9% due to absence of prior year one-off reversals.

• Revenue growth was broad-based, with Rawabi and Malaz branches contributing 45% and 39% of total revenue, respectively.

• Operating expenses rose 49% year-on-year, mainly due to SG&A and professional fees.

Outlook and guidance

• Plans to add 5–8 new facilities by 2032, including the 400-bed Al Narjis Hospital in Riyadh.

• Focus on automation, digital health, and operational efficiency to sustain growth and margins.

• Margin improvement targeted via operational efficiencies and contract renegotiations, especially at Al Salam.

• Aim to maintain or improve margins until Al Narjis opens, barring major M&A.

• Continued investment in talent and a patient-centric model to drive sustainable growth.