CMCER 2024 profit dips 35% to SAR 10.3M; H2 at SAR 6.9M

Canadian Medical Center Co. (CMCER) recorded a net profit of SAR 10.3 million for 2024, a drop of 35% from SAR 15.7 million a year earlier.

The annual net profit was hurt by higher operating and investment costs due to the new investments undertaken by CMCER in infrastructure projects, petrochemicals and new medical services as part of its strategic transformation plan.

The company opened new branches, such in Tabuk to support NEOM projects. CMCER won contracts valued at more than SAR 46 million. It expected the positive financial impact to appear starting H1 2025.

For medical services, CMCER commenced operations at the home healthcare unit launched in H1 2024. The relevant financial impact was forecast to show in H1 2025.

The physiotherapy unit began operations in H1 2024, with the anticipated financial impact expected in H1 2025.

Additionally, the company partnered with event management firms across Saudi Arabia to provide emergency medical services for rapid response during events. The financial impact is expected in H1 2025.

CMCER also signed agreements with digital platforms to provide ambulance transport services, with financial benefits expected in H2 2025. It also recruited highly skilled cadres to ensure efficient management of new sectors, enhance operational efficiency, and maintain high-quality standards.

On the other hand, revenues grew 10.4% year-on-year (YoY) to SAR 110.8 million in 2024, thanks to the company’s expansion and growth strategy that included launches in new areas and promising, high-profitable sectors.

The second-half net earnings decreased by 11% to SAR 6.9 million from SAR 7.7 million in H2 2023.

On a half-on-half basis, net earnings surged 104.7% from SAR 3.3 million in H1 2024.

Total shareholders’ equity, no minority interest, rose to SAR 93.87 million as of Dec. 31, 2024, compared to SAR 91.82 million a year earlier.

View more financial results