Almoost profits reach SAR 62.1M in H1 2026, SAR 38.5M in Q2

Almoosa Health Co. reported a net profit of SAR 62.1 million for the first half of 2026, down from SAR 135.2 million in the same period a year earlier.

The company attributed the decline in first-half profit primarily to a non-cash SAR 54.6 million negative impact from changes in the fair value of derivative financial instruments, which swung from a SAR 32.3 million gain in the first half of 2025 to a SAR 22.3 million loss in the first half of 2026.

Excluding this impact, adjusted net profit stood at SAR 84.4 million, down 18% from SAR 102.9 million a year earlier, while higher general and administrative expenses related to continued investment in operating infrastructure and the gradual ramp-up of newly opened medical centers, together with a 0.9% decline in gross margin due to startup costs, also weighed on earnings. Meanwhile, revenue increased 12.2% to SAR 753.9 million, driven by strong growth in the rehabilitation (37.3%), pharmaceutical (10.9%) and critical care (8.4%) segments, as outpatient visits rose 23.2% and inpatient admissions increased 3.1%.

The company said second-quarter profit declined from a year earlier due to a non-cash impact from derivative financial instruments, which shifted from a SAR 16.2 million gain in the second quarter of 2025 to a SAR 9 million loss in the second quarter of 2026, resulting in a SAR 25.2 million negative impact. Excluding derivative gains and losses, adjusted net profit reached SAR 47.6 million, down 8.1% year-on-year (YoY) from SAR 51.8 million, while higher general and administrative expenses also weighed on earnings as the company continued investing in its operating infrastructure and expanding its services.

Revenue, however, rose 16.2% YoY to SAR 405.6 million, supported by growth in rehabilitation (28.1%), pharmaceutical products (16.1%) and critical care (14.1%), alongside a 27% increase in outpatient visits and a 5.5% rise in inpatient admissions.

Compared with the previous quarter, second-quarter profit increased as revenue climbed 16.4% to a record SAR 405.6 million, driven by higher patient volumes, improved utilization of core medical specialties, continued expansion of the company's healthcare network and a recovery in activity following the seasonal slowdown during Ramadan and Eid Al-Fitr, enhancing operating leverage and supporting sequential profitability.

Total shareholders’ equity, excluding minority interest and sukuk, reached SAR 1.96 billion by June 30, 2026, compared to SAR 1.90 billion in the year-earlier period.

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