Care earns SAR 318.5M in 2025; Q4 at 71M

18/02/2026 Argaam Exclusive

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National Medical Care Co. (Care) reported a net profit of SAR 318.5 million for 2025, an increase from SAR 294.7 million in the year-earlier period.



Financials (M)

Item 2024 2025 Change‬
Revenues 1,293.69 1,600.36 23.7 %
Gross Income 451.21 588.90 30.5 %
Operating Income 293.42 354.54 20.8 %
Net Income 294.67 318.47 8.1 %
Average Shares 44.85 44.85 -
Earnings Per Share before unusual items (Riyals) 4.98 7.10 42.6 %
EPS (Riyal) 6.57 7.10 8.1 %

Revenue grew 24% year-on-year (YoY) patient volumes grew 33% to 985,088. Care also factored in higher referrals from key clients, including GOSI, MoH, government-related entities, and insurance companies.

 

Topline was also supported by the full-year contribution of Al Salam Hospital and continued expansion of the ReLib platform.

 

Cost of sales as a percentage of revenue declined to 63% from 65% in 2024, reflecting improved operating leverage and cost efficiencies.

 

Gross profit increased 31% YoY and gross margin expanded to 37% from 35% in 2024.

 

Care saw lower expected credit loss (ECL) provisions of SAR 17.8 million (FY 2024 at SAR 32.7 million), reflecting improved collection frameworks.

 

EBITDA grew to SAR 465.2 million from SAR 377.4 million in 2024, with EBITDA margin at 29%, largely unchanged from last year.

 

In 2024, Care’s net profit benefited from one-off reversals of legal and Zakat provisions amounting to SAR 72 million. Excluding these items, 2025 net profit increased by 43% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q4 2024 Q4 2025 Change‬
Revenues 372.54 404.76 8.6 %
Gross Income 121.35 146.97 21.1 %
Operating Income 85.10 81.96 (3.7 %)
Net Income 83.73 70.96 (15.2 %)
Average Shares 44.85 44.85 -
Earnings Per Share before unusual items (Riyal) 0.92 1.58 71.6 %
EPS (Riyal) 1.87 1.58 (15.2 %)

Q4 2025 net earnings fell 15% YoY to SAR 71 million from SAR 83.7 million a year earlier.

 

On a sequential basis, net profit retreated 13.7% from SAR 82.20 million in Q3.

 

Total shareholders’ equity, no minority interest, stood at SAR 1.84 billion by Dec. 31, 2025, compared to SAR 1.62 billion in the prior-year period.

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Share Price

National Medical Care Co.
141.50
(15.70) (9.99 %)

National Medical Care Co. (CARE)

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Financial Ratios
Current
Market Cap (M Riyal) 6,346.28
Enterprise Value (EV) (M Riyal) 6,074.40
Shares Outstanding ((M)) 44.85
EPS ( Riyal) (TTM) 7.10
Book Value (BV) ( Riyal) 41.23
Par Value ( Riyal) 10.00
Recurring P/E 19.93
P/E (TTM) 19.93
Price/book 3.43
Return on Average Assets (%) (TTM) 12.1
Return on Average Equity (%) (TTM) 18.3
EV/adj EBITDA -
EV/Revenues 3.80
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