Financial Results : SMC makes SAR 132.2M profit in 9M 2025, SAR 66.2M in Q3

SMC makes SAR 132.2M profit in 9M 2025, SAR 66.2M in Q3

04/11/2025 Argaam Exclusive

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Specialized Medical Co. (SMC) posted a 16.9% decline in net profits to SAR 132.2 million in the first nine months of 2025, from SAR 159.1 million a year earlier.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 1,110.76 1,131.55 1.9 %
Gross Income 339.91 297.99 (12.3 %)
Operating Income 199.04 163.15 (18.0 %)
Net Income 159.06 132.25 (16.9 %)
Average Shares 250.00 250.00 -
Earnings Per Share before unusual items (Riyals) 0.64 0.53 (16.9 %)
EPS (Riyal) 0.64 0.53 (16.9 %)

SMC said the decline in the nine-month profit was mainly due to the strategic decision taken to reduce reliance on long-term healthcare services and focus more on outpatient clinics and high-margin inpatient acute care services.

 

The company incurred additional costs related to retaining long-term care staff, as well as pre-opening expenses for new outpatient clinics and one-off costs associated with the company’s rebranding and IPO.

 

In contrast, revenues for the nine months increased by 1.9% compared to the same period in 2024. This growth was mainly driven by the launch and ramp-up of 41 new clinics during H1 2025, the successful transition to high-margin acute inpatient care services, and the continued ramp-up of the SMC (2) hospital.



Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 391.36 382.69 (2.2 %)
Gross Income 133.91 101.75 (24.0 %)
Operating Income 73.33 73.90 0.8 %
Net Income 58.91 66.25 12.4 %
Average Shares 250.00 250.00 -
Earnings Per Share before unusual items (Riyal) 0.24 0.26 12.4 %
EPS (Riyal) 0.24 0.26 12.4 %

In Q3 2025, SMC net earnings saw an increase of 12.4% to SAR 66.2 million, from SAR 58.9 million in the third quarter of 2024.

 

Net earnings also jumped 82.2% quarter-on-quarter (QoQ) from SAR 36.3 million in Q2 2025. SMC cited a 0.7% rise QoQ in revenues, mainly driven by the higher utilization of outpatient clinics opened in H1 2025 and the continued strategic shift toward high-margin acute care services.

 

The company converted an entire floor in SMC (1) from long-term care to acute care, adding 31 acute-care beds.

 

Additionally, it attributed the growth to improved performance of newly added outpatient clinics and the strategic focus on inpatient services with higher margins, alongside a 48.3% decline in general and administrative expenses.

 

Total shareholders’ equity, with no minority interest, reached SAR 1.05 billion as of Sept. 30, 2025, up from SAR 907.64 million a year earlier.

 
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