Financial Results : Al-Modawat net profit soars 361% to SAR 14M in 9M 2025

Al-Modawat net profit soars 361% to SAR 14M in 9M 2025

18/11/2025 Argaam Exclusive

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Al-Modawat Specialized Medical Co. posted a net profit surge of 361% to SAR 14 million in the first nine months of 2025, compared to SAR 3 million in the prior-year period.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 53.95 84.62 56.9 %
Gross Income 22.46 38.00 69.2 %
Operating Income 4.15 15.47 272.6 %
Net Income 3.03 13.96 361.2 %
Average Shares 71.25 71.25 -
Earnings Per Share before unusual items (Riyals) 0.04 0.20 361.2 %
EPS (Riyal) 0.04 0.20 361.2 %

The nine-month profit was buoyed by launching operations at new expansions and enhancing the quality of services.

 

Total shareholders’ equity, with no minority interest, rose to SAR 88 million as of Sept. 30, 2025, from SAR 75.05 million a year earlier.

In Q3 2025, Al-Modawat recorded net earnings of SAR 3.7 million, against net losses of SAR 134,400 in Q3 2024, thanks to better service quality.

 

On the other hand, net earnings declined to SAR 3.7 million this quarter from SAR 4.8 million in Q2 2025. The third-quarter figures were affected by summer holidays.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 - - - - - -
H2 2021 - - - - - -
H1 2022 25.30 - 11.91 - 4.05 -
H2 2022 33.26 - 16.61 - 7.40 -
H1 2023 37.18 46.9 % 21.40 79.8 % 11.52 184.6 %
H2 2023 37.13 11.6 % 19.23 15.8 % 8.65 17.0 %
H1 2024 37.29 0.3 % 17.33 (19.0 %) 3.79 (67.1 %)
H2 2024 38.20 2.9 % 13.68 (28.8 %) 3.78 (56.3 %)
H1 2025 55.22 48.1 % 25.70 48.3 % 11.22 196.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 - - - - - -
H2 2021 - - - - - -
H1 2022 3.64 - 0.06 - 3.64 0.06
H2 2022 6.67 - 0.12 - 6.67 0.12
H1 2023 10.93 200.4 % 0.19 - 10.93 0.19
H2 2023 7.66 14.8 % 0.13 - 7.66 0.13
H1 2024 3.16 (71.1 %) 0.04 - 3.16 0.04
H2 2024 2.91 (62.0 %) 0.04 - 2.91 0.04
H1 2025 10.35 227.4 % 0.15 - 10.35 0.15

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 48.69 % 22.19 % 17.61 %
H1 2023 53.96 % 30.58 % 25.00 %
H2 2023 54.67 % 32.07 % 25.02 %
H1 2024 49.12 % 22.40 % 14.54 %
H2 2024 41.08 % 17.77 % 8.05 %
2024 41.08 % 17.77 % 8.05 %
H1 2025 42.15 % 24.09 % 14.20 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 - - - -
H2 2020 - - - -
H1 2021 - - - -
H2 2021 - - - -
H1 2022 57.00 - - 0.40
H2 2022 57.00 0.18 0.18 0.54
H1 2023 57.00 0.31 0.31 0.65
H2 2023 57.00 0.33 0.33 0.69
H1 2024 71.25 0.15 0.15 1.10
H2 2024 71.25 0.09 0.09 1.08
H1 2025 71.25 0.19 0.19 1.22

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 - - -
H1 2023 - - -
H2 2023 - - -
H1 2024 33.35 33.35 4.60
H2 2024 66.47 66.47 5.23
H1 2025 36.53 36.53 5.57

Business Segments (Million)

Compared With The
Period Medical Services Pharmaceutical Products Other
H1 2022 23.69 1.61 -
H2 2022 31.82 1.44 -
H1 2023 35.50 1.67 -
H2 2023 35.40 1.73 -
H1 2024 35.27 2.01 -
H2 2024 34.88 2.55 0.78
H1 2025 50.55 2.83 1.83


Financial Ratios
Current
Market Cap (M Riyal) 290.70
Enterprise Value (EV) (M Riyal) 305.18
Shares Outstanding ((M)) 71.25
Book Value (BV) ( Riyal) 1.24
Par Value ( Riyal) 1.00
Recurring P/E 15.32
Price/book 3.29
EV/adj EBITDA 10.08
EV/Revenues 2.51
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Share Price

Al-Modawat Specialized Medical Co.
4.08
0.13 3.29 %

Al-Modawat Specialized Medical Co. (ALMODAWAT)

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