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.

 
Attached Document:
 
 

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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 327.07 (12.8 %) 22.09 (78.2 %) 38.23 (46.2 %)
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 %)
Q3 2025 382.69 (2.2 %) 101.75 (24.0 %) 73.90 0.8 %


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
Q3 2025 66.25 12.4 % 0.26 - 66.25 0.26

Profitability

Period Gross Margin Adjusted EBITDA 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 25.18 % 22.59 % 12.88 %
2024 25.18 % 22.59 % 12.88 %
Q1 2025 24.68 % 21.14 % 11.47 %
Q2 2025 24.01 % 19.85 % 10.30 %
Q3 2025 21.94 % 20.15 % 10.86 %


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
Q3 2025 250.00 0.63 0.63 4.23

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
Q3 2025 30.63 30.63 4.59

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 260.66 66.41
Q1 2025 293.47 75.43
Q2 2025 317.46 62.50
Q3 2025 317.15 65.54


Financial Ratios
Current
Market Cap (M Riyal) 4,777.50
Enterprise Value (EV) (M Riyal) 5,060.91
Shares Outstanding ((M)) 250.00
EPS ( Riyal) (TTM) 1.06
Book Value (BV) ( Riyal) 4.75
Par Value ( Riyal) 1.00
Recurring P/E 23.24
P/E (TTM) 17.95
Price/book 4.02
Return on Average Assets (%) (TTM) 12.0
Return on Average Equity (%) (TTM) 26.4
EV/adj EBITDA 15.04
EV/Revenues 3.29
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Share Price

Specialized Medical Co.
19.14
(0.19) (0.98 %)

Specialized Medical Co. (SMC HEALTHCARE)

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