Almoosa Health Co. announces its Interim Financial results for the Period Ending on 2026-06-30 ( Six Months )

Revenue growth was primarily driven by higher patient volumes across the Company’s network, with outpatient visits increasing by 27.0% year-on-year and inpatient volumes growing by 5.5% in Q2 2026. Performance also benefited from the continued expansion of the Company’s specialty service offerings and broader clinical capabilities, enabling it to capture increasing demand across its healthcare network.

Revenue was further supported by the continued ramp-up of the two newly opened large medical centers, which progressively increased their utilization levels and contributed incremental patient volumes during the quarter. Overall, this performance reflects sustained demand for the Company’s services, continued diversification of its revenue base, and the growing contribution of its expanded healthcare network to the Company’s growth.

Excluding the impact of derivative gains and losses, adjusted net profit for Q2-26 was SAR 47.6 million, compared to SAR 51.8 million in Q2-25, representing a more moderate year-on-year decline of 8.1% and reflecting an improvement in the underlying profitability trend during the second quarter.

The results were further impacted by the initial ramp-up phase and associated operating costs of new medical centres, such as an increase in general and administrative expenses that are relatively fixed in nature, reflecting the Company’s continued investment in its operational infrastructure and the expansion of its service platform.

Despite the decline in net profit, the Company maintained robust performance across its core operations, with revenue increasing by 16.2% year-on-year to SAR 405.6 million with Rehabilitation recording year-on-year growth of 28.1%, followed by Pharmaceuticals at 16.1%, while the Acute Care segment grew by 14.1%.

Revenue growth was further supported by higher outpatient volumes, the continued expansion of specialty medical services, and the ongoing ramp-up of the newly opened medical centres. Gross Profit Margin also improved by approximately 0.5 percentage points. However, operating margins remained under pressure during the quarter, primarily due to costs associated with the ramp-up phase of the newly opened large outpatient medical centres, which impacted net profit.

Excluding the impact of the non-cash gain/(loss) on derivative financial instruments, the Company’s core business fundamentals remain strong. Management remains focused on sustaining its growth trajectory, driving patient volumes at the newly opened centres, and enhancing operational efficiencies across the group in the coming quarters, without compromising on the quality of care and service offered to patients.

While Q2 continued to experience a degree of seasonal impact due to the Eid Al-Adha holiday falling within the quarter, the Company nevertheless delivered record quarterly revenue, highlighting the resilience of underlying demand and the strength of its operating platform. Importantly, Q2 2026 marked the highest quarterly revenue in the Company’s history, highlighting the continued strength of underlying demand and the growing contribution of the Company’s expanding healthcare network.

Revenue growth was primarily driven by higher patient volumes across the Company’s network, with outpatient visits increasing by 23.2% year-on-year and inpatient volumes growing by 3.1% in H1 2026.

Profitability was further impacted by higher general and administrative expenses, reflecting the Company’s continued investment in its operational infrastructure and the ramp-up of recently opened medical centres. Although revenue increased by 12.2% to SAR 753.9 million, Gross Profit Margin declined by 0.9 percentage points due to the ramp-up of the new medical centres, while operating margins remained under pressure during the period, resulting in lower reported net profit.

Excluding the impact of derivative financial instruments, the Company’s core business fundamentals remain robust. Management remains focused on sustaining the Company’s growth trajectory, enhancing operational efficiencies over the coming quarters, and maintaining disciplined oversight of operating overheads to further improve efficiency and support future margin expansion.

To provide a clearer view of the Company’s underlying operational performance, the adjusted net profit, excluding the impact of gain/(loss) on derivative financial instruments, amounted to SAR 84.4 million in H1-26 compared to SAR 102.9 million in H1-25, a decline of 18.0%, which is significantly moderate than the reported decline in net profit. Excluding this non-cash item, the adjusted net profit margin stood at 11.2% in H1-26 versus 15.3% in H1-25, and adjusted net profit for Q2-26 was SAR 47.6 million, compared to SAR 51.8 million in Q2-25, representing a more moderate year-on-year decline of 8.1% and reflecting the Company’s continued stable operational performance, supported by revenue growth of 12.2% for H1 YoY, despite the impact of overhead costs associated with the ramp-up phase of two newly opened large medical centers.

The company aims to open 4 additional large medical centres and doubling its In-patients capacity in coming years. The current lower profitability is a transient effect of such expansion and the company remains well-positioned to achieve long-term growth and enhanced profitability as these new facilities scale up and reach full operational capacity.

The Board of Directors approved a cash dividend of SAR 0.25 per share, amounting to SAR 11.1 million, for the second quarter of 2026.

Almoosa Health intends to hold an Earnings Call, Monday 10 August 2026, at 3:00 PM (Saudi Time) to address questions from investors and analysts regarding the financial results for H1 2026. Investors can register via the attached invitation.