National Medical Care Company
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National Medical Care Company (4005) investor relations material

National Medical Care Company Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary23 Feb, 2026

Executive summary

  • Achieved 24% year-on-year revenue growth to SAR 1.6 billion in FY 2025, driven by higher patient volumes and the full-year impact of Al Salam Hospital.

  • Patient volumes rose 33% to 985,088, with outpatient visits up 32% and inpatient admissions up 39%.

  • Net profit increased 8% to SAR 318 million, with underlying net profit up 43% year-on-year after adjusting for one-off reversals.

  • Strategic expansion included full-year contribution from Al Salam Hospital, ongoing M&A, and a focus on digital innovation and operational excellence.

  • Strategy refresh targets geographic expansion, operational efficiency, and digital transformation.

Financial highlights

  • Gross profit increased 31% to SAR 589 million, with gross margin up 1.9 percentage points to 36.8%.

  • EBITDA grew 23% to SAR 465 million, maintaining a margin of 29.1%.

  • Net profit margin declined to 19.9% due to absence of prior year one-off reversals.

  • Revenue growth was broad-based, with Rawabi and Malaz branches contributing 45% and 39% of total revenue, respectively.

  • Operating expenses rose 49% year-on-year, mainly due to SG&A and professional fees.

Outlook and guidance

  • Plans to add 5–8 new facilities by 2032, including the 400-bed Al Narjis Hospital in Riyadh.

  • Focus on automation, digital health, and operational efficiency to sustain growth and margins.

  • Margin improvement targeted via operational efficiencies and contract renegotiations, especially at Al Salam.

  • Aim to maintain or improve margins until Al Narjis opens, barring major M&A.

  • Continued investment in talent and a patient-centric model to drive sustainable growth.

Al Narjis Hospital CAPEX funding strategy
Address working capital outflow drivers
Explain 4Q25 net profit and EBITDA decline
How will new facilities impact existing network utilization?
What specific actions address rising receivables?
How will Al Salam contract renewals impact margins?
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Frequently asked questions

National Medical Care Company, established in 2003, is based in Riyadh, Saudi Arabia. The company specializes in the establishment, ownership, management, and operation of healthcare facilities. It provides comprehensive healthcare services, including home healthcare, through its various hospitals and medical centers. Additionally, the company is involved in the sale of pharmaceuticals.

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