Financial Results : Care earns SAR 318.5M in 2025; Q4 at 71M

Care earns SAR 318.5M in 2025; Q4 at 71M

18/02/2026 Argaam Exclusive

View other reports

National Medical Care Co. (Care) reported a net profit of SAR 318.5 million for 2025, an increase from SAR 294.7 million in the year-earlier period.



Financials (M)

Item 2024 2025 Change‬
Revenues 1,293.69 1,600.36 23.7 %
Gross Income 451.21 588.90 30.5 %
Operating Income 244.76 353.14 44.3 %
Net Income 294.70 318.47 8.1 %
Average Shares 44.85 44.85 -
Earnings Per Share before unusual items (Riyals) 4.98 7.10 42.6 %
EPS (Riyal) 6.57 7.10 8.1 %

Revenue grew 24% year-on-year (YoY) patient volumes grew 33% to 985,088. Care also factored in higher referrals from key clients, including GOSI, MoH, government-related entities, and insurance companies.

 

Topline was also supported by the full-year contribution of Al Salam Hospital and continued expansion of the ReLib platform.

 

Cost of sales as a percentage of revenue declined to 63% from 65% in 2024, reflecting improved operating leverage and cost efficiencies.

 

Gross profit increased 31% YoY and gross margin expanded to 37% from 35% in 2024.

 

Care saw lower expected credit loss (ECL) provisions of SAR 17.8 million (FY 2024 at SAR 32.7 million), reflecting improved collection frameworks.

 

EBITDA grew to SAR 465.2 million from SAR 377.4 million in 2024, with EBITDA margin at 29%, largely unchanged from last year.

 

In 2024, Care’s net profit benefited from one-off reversals of legal and Zakat provisions amounting to SAR 72 million. Excluding these items, 2025 net profit increased by 43% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q4 2024 Q4 2025 Change‬
Revenues 372.54 404.76 8.6 %
Gross Income 121.35 146.97 21.1 %
Operating Income 40.98 81.63 99.2 %
Net Income 83.73 70.96 (15.2 %)
Average Shares 44.85 44.85 -
Earnings Per Share before unusual items (Riyal) 0.92 1.58 71.4 %
EPS (Riyal) 1.87 1.58 (15.2 %)

Q4 2025 net earnings fell 15% YoY to SAR 71 million from SAR 83.7 million a year earlier.

 

On a sequential basis, net profit retreated 13.7% from SAR 82.20 million in Q3.

 

Total shareholders’ equity, no minority interest, stood at SAR 1.84 billion by Dec. 31, 2025, compared to SAR 1.62 billion in the prior-year period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 253.94 15.7 % 67.29 24.3 % 35.04 20.3 %
Q2 2016 259.77 14.0 % 84.30 29.8 % 61.24 58.0 %
Q3 2016 197.01 (6.5 %) 50.54 (0.5 %) 27.99 3.2 %
Q4 2016 189.94 (13.9 %) 4.86 (90.3 %) (44.59) (232.3 %)
Q1 2017 202.44 (20.3 %) 41.19 (38.8 %) 14.04 (59.9 %)
Q2 2017 216.54 (16.6 %) 50.25 (40.4 %) 20.01 (67.3 %)
Q3 2017 208.34 5.8 % 46.97 (7.1 %) 26.33 (5.9 %)
Q4 2017 227.76 19.9 % 57.00 1072.0 % 29.59 166.4 %
Q1 2018 206.67 2.1 % 51.73 25.6 % 28.41 102.4 %
Q2 2018 199.05 (8.1 %) 49.59 (1.3 %) 23.40 17.0 %
Q3 2018 176.40 (15.3 %) 33.17 (29.4 %) 13.16 (50.0 %)
Q4 2018 181.69 (20.2 %) 32.02 (43.8 %) 14.93 (49.6 %)
Q1 2019 179.43 (13.2 %) 48.01 (7.2 %) 30.31 6.7 %
Q2 2019 169.94 (14.6 %) 38.26 (22.8 %) 15.56 (33.5 %)
Q3 2019 173.51 (1.6 %) 40.11 20.9 % 19.63 49.2 %
Q4 2019 185.52 2.1 % 39.27 22.6 % 22.88 53.3 %
Q1 2020 195.02 8.7 % 52.22 8.8 % 36.28 19.7 %
Q2 2020 186.04 9.5 % 58.87 53.9 % 29.77 91.4 %
Q3 2020 213.31 22.9 % 51.06 27.3 % 22.70 15.6 %
Q4 2020 214.60 15.7 % 61.73 57.2 % 25.36 10.9 %
Q1 2021 214.19 9.8 % 63.64 21.9 % 42.18 16.3 %
Q2 2021 202.49 8.8 % 57.77 (1.9 %) 37.59 26.3 %
Q3 2021 213.11 (0.1 %) 63.08 23.5 % 39.80 75.3 %
Q4 2021 215.59 0.5 % 61.98 0.4 % 36.65 44.5 %
Q1 2022 211.48 (1.3 %) 61.44 (3.5 %) 35.17 (16.6 %)
Q2 2022 216.49 6.9 % 66.80 15.6 % 45.95 22.2 %
Q3 2022 238.28 11.8 % 82.71 31.1 % 49.06 23.3 %
Q4 2022 251.69 16.7 % 78.74 27.0 % 58.74 60.3 %
Q1 2023 261.40 23.6 % 89.88 46.3 % 58.48 66.3 %
Q2 2023 245.19 13.3 % 81.34 21.8 % 54.10 17.7 %
Q3 2023 275.36 15.6 % 91.78 11.0 % 73.90 50.6 %
Q4 2023 299.84 19.1 % 106.64 35.4 % 56.21 (4.3 %)
Q1 2024 298.56 14.2 % 110.20 22.6 % 71.05 21.5 %
Q2 2024 296.82 21.1 % 108.16 33.0 % 63.18 16.8 %
Q3 2024 325.77 18.3 % 111.51 21.5 % 69.55 (5.9 %)
Q4 2024 372.54 24.2 % 121.35 13.8 % 40.98 (27.1 %)
Q1 2025 385.32 29.1 % 142.98 29.7 % 96.55 35.9 %
Q2 2025 397.87 34.0 % 147.48 36.4 % 84.68 34.0 %
Q3 2025 412.41 26.6 % 151.47 35.8 % 90.28 29.8 %
Q4 2025 404.76 8.6 % 146.97 21.1 % 81.63 99.2 %
2025 1,600.36 23.7 % 588.90 30.5 % 353.14 44.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 33.12 19.5 % 0.74 - 33.12 0.74
Q2 2016 59.29 40.2 % 1.32 - 59.29 1.32
Q3 2016 27.55 8.2 % 0.61 - 27.55 0.61
Q4 2016 (69.69) (297.8 %) (1.55) (33.75) (35.95) (0.80)
Q1 2017 15.54 (53.1 %) 0.35 - 15.54 0.35
Q2 2017 19.50 (67.1 %) 0.43 - 19.50 0.43
Q3 2017 27.00 (2.0 %) 0.60 - 27.00 0.60
Q4 2017 23.26 133.4 % 0.52 (1.24) 24.50 0.55
Q1 2018 25.60 64.8 % 0.57 - 25.60 0.57
Q2 2018 20.26 3.9 % 0.45 - 20.26 0.45
Q3 2018 11.44 (57.6 %) 0.26 - 11.44 0.26
Q4 2018 4.87 (79.1 %) 0.11 - 4.87 0.11
Q1 2019 29.99 17.1 % 0.67 - 29.99 0.67
Q2 2019 13.81 (31.8 %) 0.31 - 13.81 0.31
Q3 2019 16.64 45.4 % 0.37 - 16.64 0.37
Q4 2019 19.64 303.2 % 0.44 - 19.64 0.44
Q1 2020 33.17 10.6 % 0.74 - 33.17 0.74
Q2 2020 25.78 86.6 % 0.57 - 25.78 0.57
Q3 2020 16.32 (1.9 %) 0.36 - 16.32 0.36
Q4 2020 22.00 12.0 % 0.49 - 22.00 0.49
Q1 2021 35.73 7.7 % 0.80 - 35.73 0.80
Q2 2021 30.74 19.2 % 0.69 - 30.74 0.69
Q3 2021 33.17 103.2 % 0.74 - 33.17 0.74
Q4 2021 36.71 66.9 % 0.82 - 36.71 0.82
Q1 2022 30.00 (16.0 %) 0.67 - 30.00 0.67
Q2 2022 42.01 36.7 % 0.94 - 42.01 0.94
Q3 2022 42.62 28.5 % 0.95 - 42.62 0.95
Q4 2022 55.45 51.0 % 1.24 - 55.45 1.24
Q1 2023 56.27 87.6 % 1.25 - 56.27 1.25
Q2 2023 47.80 13.8 % 1.07 - 47.80 1.07
Q3 2023 73.38 72.2 % 1.64 - 73.38 1.64
Q4 2023 63.48 14.5 % 1.42 - 63.48 1.42
Q1 2024 81.29 44.5 % 1.81 15.84 65.45 1.46
Q2 2024 69.50 45.4 % 1.55 13.17 56.32 1.26
Q3 2024 60.19 (18.0 %) 1.34 - 60.19 1.34
Q4 2024 83.73 31.9 % 1.87 42.34 41.39 0.92
Q1 2025 85.37 5.0 % 1.90 - 85.37 1.90
Q2 2025 79.94 15.0 % 1.78 - 79.94 1.78
Q3 2025 82.20 36.6 % 1.83 - 82.20 1.83
Q4 2025 70.96 (15.2 %) 1.58 - 70.96 1.58
2025 318.47 8.1 % 7.10 - 318.47 7.10

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2016 25.56 % 21.44 % 14.91 %
Q2 2016 26.74 % 23.27 % 16.20 %
Q3 2016 27.11 % 23.91 % 16.67 %
Q4 2016 22.98 % 16.07 % 9.33 %
Q1 2017 21.30 % 14.58 % 7.82 %
Q2 2017 18.22 % 10.27 % 3.31 %
Q3 2017 17.53 % 9.96 % 3.19 %
Q4 2017 22.85 % 18.52 % 10.12 %
Q1 2018 23.97 % 20.17 % 11.24 %
Q2 2018 24.39 % 20.91 % 11.57 %
Q3 2018 23.64 % 20.41 % 10.10 %
Q4 2018 21.80 % 20.00 % 8.14 %
Q1 2019 22.10 % 21.08 % 9.04 %
Q2 2019 21.41 % 21.09 % 8.50 %
Q3 2019 22.48 % 21.77 % 9.27 %
Q4 2019 23.38 % 22.17 % 11.31 %
Q1 2020 23.46 % 22.32 % 11.50 %
Q2 2020 25.74 % 23.29 % 12.87 %
Q3 2020 25.83 % 22.00 % 12.17 %
Q4 2020 27.68 % 21.05 % 12.02 %
Q1 2021 28.41 % 20.86 % 12.06 %
Q2 2021 27.73 % 21.19 % 12.41 %
Q3 2021 29.16 % 23.15 % 14.41 %
Q4 2021 29.15 % 24.41 % 16.13 %
Q1 2022 28.99 % 23.58 % 15.50 %
Q2 2022 29.57 % 24.02 % 16.56 %
Q3 2022 30.95 % 24.24 % 17.16 %
Q4 2022 31.56 % 25.56 % 18.53 %
Q1 2023 32.87 % 26.57 % 20.29 %
Q2 2023 33.38 % 26.76 % 20.28 %
Q3 2023 33.06 % 28.54 % 22.53 %
Q4 2023 34.17 % 27.51 % 22.27 %
Q1 2024 34.85 % 28.22 % 22.35 %
Q2 2024 35.60 % 28.19 % 22.09 %
Q3 2024 35.75 % 26.90 % 20.10 %
Q4 2024 34.88 % 25.41 % 17.26 %
2024 34.88 % 25.41 % 17.26 %
Q1 2025 35.06 % 26.29 % 17.62 %
Q2 2025 35.32 % 26.48 % 18.01 %
Q3 2025 35.92 % 26.89 % 18.42 %
Q4 2025 36.80 % 28.98 % 19.90 %
2025 36.80 % 28.98 % 19.90 %


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 44.85 3.03 3.03 20.60
Q2 2016 44.85 3.41 3.41 21.16
Q3 2016 44.85 3.46 3.46 21.75
Q4 2016 44.85 1.12 1.87 20.18
Q1 2017 44.85 0.73 1.48 20.51
Q2 2017 44.85 (0.16) 0.59 20.93
Q3 2017 44.85 (0.17) 0.58 21.52
Q4 2017 44.85 1.90 1.93 21.98
Q1 2018 44.85 2.13 2.15 22.38
Q2 2018 44.85 2.14 2.17 21.83
Q3 2018 44.85 1.80 1.82 22.09
Q4 2018 44.85 1.39 1.39 22.23
Q1 2019 44.85 1.48 1.48 22.90
Q2 2019 44.85 1.34 1.34 22.20
Q3 2019 44.85 1.46 1.46 22.57
Q4 2019 44.85 1.79 1.79 23.03
Q1 2020 44.85 1.86 1.86 23.77
Q2 2020 44.85 2.12 2.12 22.34
Q3 2020 44.85 2.12 2.12 22.71
Q4 2020 44.85 2.17 2.17 23.12
Q1 2021 44.85 2.23 2.23 23.92
Q2 2021 44.85 2.34 2.34 23.60
Q3 2021 44.85 2.71 2.71 24.34
Q4 2021 44.85 3.04 3.04 25.07
Q1 2022 44.85 2.91 2.91 25.74
Q2 2022 44.85 3.16 3.16 25.67
Q3 2022 44.85 3.37 3.37 26.62
Q4 2022 44.85 3.79 3.79 28.17
Q1 2023 44.85 4.38 4.38 29.43
Q2 2023 44.85 4.51 4.51 29.49
Q3 2023 44.85 5.19 5.19 31.13
Q4 2023 44.85 5.37 5.37 32.41
Q1 2024 44.85 5.93 5.58 34.22
Q2 2024 44.85 6.41 5.77 33.61
Q3 2024 44.85 6.12 5.47 34.35
Q4 2024 44.85 6.57 4.98 36.26
Q1 2025 44.85 6.66 5.42 38.24
Q2 2025 44.85 6.89 5.95 38.03
Q3 2025 44.85 7.39 6.44 39.86
Q4 2025 44.85 7.10 7.10 41.23

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2016 16.69 16.69 2.46
Q2 2016 18.71 18.71 3.02
Q3 2016 15.98 15.98 2.54
Q4 2016 58.81 35.19 3.27
Q1 2017 73.26 36.05 2.60
Q2 2017 NEG 79.11 2.25
Q3 2017 NEG 69.35 1.87
Q4 2017 22.90 22.57 1.98
Q1 2018 26.45 26.11 2.51
Q2 2018 27.67 27.32 2.72
Q3 2018 25.44 25.05 2.07
Q4 2018 36.28 36.28 2.26
Q1 2019 31.56 31.56 2.05
Q2 2019 43.34 43.34 2.62
Q3 2019 37.22 37.22 2.40
Q4 2019 27.22 27.22 2.11
Q1 2020 19.53 19.53 1.53
Q2 2020 19.83 19.83 1.88
Q3 2020 26.08 26.08 2.43
Q4 2020 24.62 24.62 2.31
Q1 2021 24.08 24.08 2.24
Q2 2021 29.10 29.10 2.88
Q3 2021 23.12 23.12 2.58
Q4 2021 20.59 20.59 2.50
Q1 2022 28.53 28.53 3.23
Q2 2022 17.07 17.07 2.10
Q3 2022 21.46 21.46 2.72
Q4 2022 19.49 19.49 2.62
Q1 2023 20.60 20.60 3.07
Q2 2023 28.53 28.53 4.36
Q3 2023 23.69 23.69 3.95
Q4 2023 32.47 32.47 5.38
Q1 2024 31.33 33.32 5.43
Q2 2024 33.21 36.94 6.34
Q3 2024 33.76 37.75 6.01
Q4 2024 25.32 33.41 4.61
Q1 2025 24.08 29.57 4.20
Q2 2025 23.71 27.48 4.30
Q3 2025 23.87 27.37 4.42
Q4 2025 20.02 20.02 3.46

Business Segments (Million)

Compared With The
Period Medical Services Pharmacies
Q1 2016 220.78 33.16
Q2 2016 230.14 29.62
Q3 2016 173.08 23.93
Q4 2016 162.66 27.28
Q1 2017 176.04 26.40
Q2 2017 190.13 26.41
Q3 2017 185.07 23.27
Q4 2017 202.08 25.76
Q1 2018 183.47 23.20
Q2 2018 175.85 23.20
Q3 2018 155.67 20.74
Q4 2018 154.94 26.74
Q1 2019 157.71 21.72
Q2 2019 149.87 20.07
Q3 2019 153.76 19.76
Q4 2019 162.79 22.72
Q1 2020 170.81 24.20
Q2 2020 164.47 21.52
Q3 2020 187.44 25.56
Q4 2020 192.76 22.19
Q1 2021 188.50 25.70
Q2 2021 178.18 24.30
Q3 2021 187.54 25.57
Q4 2021 188.78 26.82
Q1 2022 169.18 42.30
Q2 2022 207.43 9.06
Q3 2022 209.69 28.59
Q4 2022 221.11 30.57
Q1 2023 230.03 31.37
Q2 2023 215.77 29.42
Q3 2023 241.54 33.83
Q4 2023 264.88 34.95
Q1 2024 262.73 35.83
Q2 2024 261.20 35.62
Q3 2024 287.60 38.17
Q4 2024 330.64 41.90
Q1 2025 342.16 43.16
Q2 2025 352.53 45.35
Q3 2025 357.44 54.97
Q4 2025 363.28 41.48

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 86.37 70.96

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
AlJazira Capital 83.10 70.96
Sico 86.00 70.96
United Securities Company 90.00 70.96

Current
Market Cap (M Riyal) 5,583.83
Enterprise Value (EV) (M Riyal) 5,399.66
Shares Outstanding ((M)) 44.85
EPS ( Riyal) (TTM) 7.10
Book Value (BV) ( Riyal) 41.23
Par Value ( Riyal) 10.00
Recurring P/E 17.53
P/E (TTM) 17.53
Price/book 3.02
Return on Average Assets (%) (TTM) 12.1
Return on Average Equity (%) (TTM) 18.3
EV/adj EBITDA 11.64
EV/Revenues 3.37

Share Price

124.50
(0.50) (0.40 %)

National Medical Care Co. (CARE)


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.