SMC profit jumps to SAR 266.2M in 2025, SAR 134M in Q4

08/03/2026 Argaam Exclusive

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Specialized Medical Company (SMC) posted a net profit of SAR 266.2 million for 2025, up from SAR 185.2 million a year earlier.



Financials (M)

Item 2024 2025 Change‬
Revenues 1,437.80 1,538.50 7.0 %
Gross Income 362.00 382.90 5.8 %
Operating Income 237.30 243.40 2.6 %
Net Income 185.22 266.20 43.7 %
Average Shares 250.00 250.00 -
Earnings Per Share before unusual items (Riyals) 0.74 0.82 11.0 %
EPS (Riyal) 0.74 1.06 43.7 %

The profit growth was driven by a 7% increase in revenue to SAR 1.53 billion compared to SAR 1.43 billion in 2024, supported by a strategic shift from long-term healthcare services to high-margin acute care for inpatients and expanded outpatient clinics.

 

The launch of 57 outpatient clinics during the year (41 in H1 2025 and 16 in Q4 2025) and their subsequent operational ramp-up contributed significantly to revenue growth. This is in addition to elevated inpatient volumes and improved occupancy rates in acute care services, which lifted overall inpatient revenues.

 

The recognition of gains worth SAR 60.6 million from a land sale linked to Al Wadi Real Estate Fund in 2025 also contributed to SMC’s profitability.

 

This was partially offset by previous restructuring costs, IPO-related expenses, and non-recurring charges recorded during the year.

 

The company's Q4 2025 net profit jumped 412% to SAR 133.95 million, compared to SAR 26.16 million a year earlier.

 

Sequentially, the three-month net earnings also soared 102% from SAR 66.25 million in Q3 2025.



Current Quarter Comparison (M)

Compared With The
Item Q4 2024 Q4 2025 Change‬
Revenues 327.10 406.95 24.4 %
Gross Income 22.09 84.92 284.4 %
Operating Income 38.26 80.25 109.7 %
Net Income 26.16 133.95 412.1 %
Average Shares 250.00 250.00 -
Earnings Per Share before unusual items (Riyal) 0.10 0.29 180.4 %
EPS (Riyal) 0.10 0.54 412.1 %

Shareholders' equity, no minority interest, rose to SAR 1.18 billion as of Dec. 31, 2025, compared to SAR 827.1 million a year ago.

 

Attached Documents:

 

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Share Price

Specialized Medical Co.
19.35
0.60 3.20 %

Specialized Medical Co. (SMC HEALTHCARE)

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Financial Ratios
Current
Market Cap (M Riyal) 4,837.50
Enterprise Value (EV) (M Riyal) 5,218.15
Shares Outstanding ((M)) 250.00
EPS ( Riyal) (TTM) 1.06
Book Value (BV) ( Riyal) 4.75
Par Value ( Riyal) 1.00
Recurring P/E 23.53
P/E (TTM) 18.17
Price/book 4.07
Return on Average Assets (%) (TTM) 12.2
Return on Average Equity (%) (TTM) 26.4
EV/adj EBITDA -
EV/Revenues 3.39
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