Financial Results : SMC profit down 34% to SAR 66M in H1 2025; Q2 at SAR 36.4M

SMC profit down 34% to SAR 66M in H1 2025; Q2 at SAR 36.4M

29/07/2025 Argaam Exclusive

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Specialized Medical Co.'s (SMC) net profit declined 34% to SAR 66 million in H1 2025, compared to SAR 100.2 million a year earlier.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Revenues 719.40 748.86 4.1 %
Gross Income 206.00 196.24 (4.7 %)
Operating Income 125.71 89.25 (29.0 %)
Net Income 100.15 66.00 (34.1 %)
Average Shares 250.00 250.00 -
Earnings Per Share before unusual items (Riyals) 0.40 0.26 (34.1 %)
EPS (Riyal) 0.40 0.26 (34.1 %)

The profit decline was due to reduced focus on long-term care, a shift toward higher-margin clinics, higher staff retention costs, pre-opening expenses for new clinics, and one-time costs related to rebranding and the company’s IPO.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Revenues 356.33 379.96 6.6 %
Gross Income 106.04 101.91 (3.9 %)
Operating Income 64.35 48.58 (24.5 %)
Net Income 50.94 36.36 (28.6 %)
Average Shares 250.00 250.00 -
Earnings Per Share before unusual items (Riyal) 0.20 0.15 (28.6 %)
EPS (Riyal) 0.20 0.15 (28.6 %)

Net income declined 28.6% to SAR 36.36 million in Q2 2025 from SAR 50.94 million a year earlier.

 

Quarter-on-quarter, net profit rose 22.7% from SAR 29.64 million in Q1 2025.

 

Total shareholders' equity (no minority interest) rose to SAR 992.35 million by the end of the current period, compared to SAR 872.55 million a year earlier.

 

Attached Document:

 

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 - - - - - -
Q4 2021 - - - - - -
Q1 2022 - - - - - -
Q2 2022 - - - - - -
Q3 2022 - - - - - -
Q4 2022 - - - - - -
Q1 2023 - - - - - -
Q2 2023 - - - - - -
Q3 2023 321.42 - 86.47 - 47.43 -
Q4 2023 375.14 - 101.32 - 71.11 -
Q1 2024 363.07 - 99.96 - 61.37 -
Q2 2024 356.33 - 106.04 - 64.35 -
Q3 2024 391.36 21.8 % 133.91 54.9 % 73.33 54.6 %
Q4 2024 328.30 (12.5 %) 49.39 (51.3 %) 38.06 (46.5 %)
Q1 2025 368.90 1.6 % 94.32 (5.6 %) 40.67 (33.7 %)
Q2 2025 379.96 6.6 % 101.91 (3.9 %) 48.58 (24.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 - - - - - -
Q4 2021 - - - - - -
Q1 2022 - - - - - -
Q2 2022 - - - - - -
Q3 2022 - - - - - -
Q4 2022 - - - - - -
Q1 2023 - - - - - -
Q2 2023 - - - - - -
Q3 2023 35.65 - 0.14 - 35.65 0.14
Q4 2023 58.99 - 0.24 - 58.99 0.24
Q1 2024 49.21 - 0.20 - 49.21 0.20
Q2 2024 50.94 - 0.20 - 50.94 0.20
Q3 2024 58.91 65.3 % 0.24 - 58.91 0.24
Q4 2024 26.16 (55.7 %) 0.10 - 26.16 0.10
Q1 2025 29.64 (39.8 %) 0.12 - 29.64 0.12
Q2 2025 36.36 (28.6 %) 0.15 - 36.36 0.15

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 - - -
Q1 2024 - - -
Q2 2024 27.81 % - 13.76 %
Q3 2024 29.69 % 24.01 % 14.68 %
Q4 2024 27.05 % 22.56 % 12.87 %
2024 27.24 % 22.55 % 12.87 %
Q1 2025 26.55 % 21.11 % 11.46 %
Q2 2025 25.84 % 19.82 % 10.29 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 - - - -
Q2 2019 - - - -
Q3 2019 - - - -
Q4 2019 - - - -
Q1 2020 - - - -
Q2 2020 - - - -
Q3 2020 - - - -
Q4 2020 - - - -
Q1 2021 - - - -
Q2 2021 - - - -
Q3 2021 - - - -
Q4 2021 - - - -
Q1 2022 - - - -
Q2 2022 - - - -
Q3 2022 - - - -
Q4 2022 - - - -
Q1 2023 - - - -
Q2 2023 - - - -
Q3 2023 250.00 - - 3.14
Q4 2023 250.00 - - 3.38
Q1 2024 250.00 - - 3.27
Q2 2024 250.00 0.78 0.78 3.49
Q3 2024 250.00 0.87 0.87 3.63
Q4 2024 250.00 0.74 0.74 3.31
Q1 2025 250.00 0.66 0.66 3.43
Q2 2025 250.00 0.60 0.60 3.97

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 - - -
Q1 2024 - - -
Q2 2024 - - -
Q3 2024 - - -
Q4 2024 - - -
Q1 2025 - - -
Q2 2025 37.96 37.96 5.78

Business Segments (Million)

Compared With The
Period Medical Services Pharmacies and others
Q4 2023 302.01 73.12
Q1 2024 290.13 72.94
Q2 2024 303.51 52.82
Q3 2024 325.89 65.47
Q4 2024 256.68 71.62
Q1 2025 293.47 75.43
Q2 2025 317.46 62.50


Financial Ratios
Current
Market Cap (M Riyal) 5,142.51
Enterprise Value (EV) (M Riyal) 5,523.15
Shares Outstanding ((M)) 250.00
EPS ( Riyal) (TTM) 0.63
Book Value (BV) ( Riyal) 4.23
Par Value ( Riyal) 1.00
Recurring P/E 32.46
P/E (TTM) 32.46
Price/book 4.86
Return on Average Assets (%) (TTM) 7.0
Return on Average Equity (%) (TTM) 16.1
EV/adj EBITDA 18.80
EV/Revenues 3.78
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Share Price

Specialized Medical Co.
20.57
(0.63) (2.97 %)

Specialized Medical Co. (SMC HEALTHCARE)

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