National Medical Care Company (4005) investor relations material

Executive summary

• Q3 revenue rose 14% YoY to SAR 472m, with gross profit up 19% to SAR 180m and net profit up 6% to SAR 87m, supported by patient volumes, GOSI referrals and insurance growth.

• 9M revenue increased 10% to SAR 1.316bn, while net profit declined 6% to SAR 233m amid first-quarter cost pressures and higher expenses.

Financial highlights

• Q3 EBITDA rose 12% to SAR 130m; EBITDA margin was 27.6%, while gross margin expanded to 38.1% from 36.7% YoY.

• 9M gross profit increased 7% to SAR 471m and EBITDA rose 2% to SAR 357m; operating profit was SAR 272m, down 0.3%.

• 9M cost of revenue rose 12% to SAR 845m and operating expenses increased 18% to SAR 199m; G&A expense rose 54%.

• 9M net margin narrowed to 17.7% from 20.7%; finance costs increased to SAR 16m from SAR 7m, and Zakat expense rose to SAR 22m from SAR 18m.

Outlook and guidance

• Al Narjis is scheduled to open in Q1 2028, initially with 200 beds; the 400-bed project carries planned total capex of SAR 1.4bn.

• Jeddah greenfield plans 150 initial beds, with 100 more as utilization ramps; two primary clinics are targeted to open in 2027.

• Expansion plans target five to eight facilities by 2032; priorities include acquisitions in complementary specialties and high-potential geographies, workflow automation and AI-supported clinical operations.