On 2026-08-06 16:03:06 (Saudi Time), Almoosa Health Co. announced its Interim financial results for the six months ended on June 30, 2026.

Year-on-Year Performance Drivers

For the six-month period ending 30 June 2026, Almoosa Health Co. reported revenue of SAR 753.9 million, up 12.2% YoY from SAR 671.9 million in H1 2025, driven by higher patient volumes (outpatient visits up 23.2% and inpatient volumes up 3.1% YoY), strong segment performance (Rehabilitation +37.3%, Pharmaceuticals +10.9%, Acute Care +8.4%), and the continued ramp-up of newly opened medical centres. Net profit, however, declined 54.1% YoY to SAR 62.1 million from SAR 135.2 million, primarily due to a non-cash swing in the fair value of derivative financial instruments, which moved from a gain of SAR 32.3 million in H1 2025 to a loss of SAR 22.3 million in H1 2026, creating an adverse non-cash impact of SAR 54.6 million. Profitability was further pressured by higher general and administrative expenses and gross margin compression of 0.9 percentage points, both attributable to the ramp-up costs of recently opened medical centres; excluding the derivative impact, adjusted net profit declined by a more moderate 18.0% to SAR 84.4 million from SAR 102.9 million.

Quarter-on-Quarter Performance Drivers

QoQ revenue rose 16.451% to SAR 405.6 million in Q2 2026 (from SAR 348.3 million in Q1 2026), driven by a recovery in patient activity following Ramadan and Eid-related seasonality in Q1, higher utilisation across core medical specialties, and continued ramp-up of expanded medical centers. Net profit surged 63.829% QoQ to SAR 38.5 million (from SAR 23.5 million), supported by the rebound in operating activity from the seasonally weaker first quarter, record quarterly revenue providing stronger operating leverage, and the growing contribution from the Company's expanding healthcare network.

Other Items

The external auditor issued an unmodified conclusion with no additional comments or reservations noted. The Board of Directors approved a cash dividend of SAR 0.25 per share, amounting to SAR 11.1 million, for Q2 2026. Regarding the non-cash derivative impact, the company noted in its additional information that statutory net income was materially affected by a non-cash mark-to-market loss on derivative financial instruments of SAR 22.3 million in H1 2026 compared to a gain of SAR 32.3 million in H1 2025, resulting in a combined swing of SAR 54.6 million; excluding this item, adjusted net profit margin stood at 11.2% in H1 2026 versus 15.3% in H1 2025, and adjusted net profit for Q2 2026 was SAR 47.6 million compared to SAR 51.8 million in Q2 2025, a decline of 8.1%. Total shareholders' equity (after deducting minority equity) stood at SAR 1,961.8 million as of the current period, compared to SAR 1,908.4 million in the same period of the prior year, a change of 2.798%. Earnings per share for the current period were SAR 1.4, compared to SAR 3.07 in the same period of the prior year. The company stated that it aims to open 4 additional large medical centres and double its inpatient capacity in coming years, and characterized the current lower profitability as "a transient effect of such expansion," adding that it "remains well-positioned to achieve long-term growth and enhanced profitability as these new facilities scale up and reach full operational capacity."

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