Twareat net profit rises 66% to SAR 23.5M in 2024; H2 at SAR 7.4M

11/03/2025 Argaam Exclusive

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Twareat Medical Center (TMC) posted SAR 23.5 million in net profit for 2024, up 66% from SAR 14.2 million in the year-ago period.

Financials (M)

Item	2023	2024	Change‬
Revenues	154.72	191.81	24.0 %
Gross Income	49.13	60.65	23.5 %
Operating Income	15.99	25.41	59.0 %
Net Income	14.17	23.51	66.0 %
Average Shares	40.00	40.00	-
Earnings Per Share before unusual items (Riyals)	0.35	0.59	66.0 %
EPS (Riyals)	0.35	0.59	66.0 %

Revenue rose 24% year-on-year (YoY) in 2024 on improved sales strategies, new service contracts in areas like NEOM, Jubail, and Jafurah, and expanding medical services for existing clients.

Maintaining a profit margin of 32% justified the increase in the cost of revenue.

This is in addition to the company's efforts in collecting overdue amounts from clients, leading to a decrease in the expected credit loss provision for 2024 by SAR 1.4 million YoY.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2023	H2 2024	Change‬
Revenues	83.02	99.58	19.9 %
Gross Income	25.55	25.45	(0.4 %)
Operating Income	9.37	9.54	1.8 %
Net Income	7.64	7.39	(3.3 %)
Average Shares	40.00	40.00	-
Earnings Per Share before unusual items (Riyals)	0.19	0.18	(3.3 %)
EPS (Riyals)	0.19	0.18	(3.3 %)

Item	H1 2024	H2 2024	Change‬
Revenues	92.23	99.58	8.0 %
Gross Income	35.20	25.45	(27.7 %)
Operating Income	15.88	9.54	(39.9 %)
Net Income	16.13	7.39	(54.2 %)
Average Shares	40.00	40.00	-
Earnings Per Share before unusual items (Riyals)	0.40	0.18	(54.2 %)
EPS (Riyals)	0.40	0.18	(54.2 %)

In H2 2024, net profit fell 3% to SAR 7.4 million from SAR 7.6 million a year earlier.

Compared to H1 2024, the second half net profit declined 54.2%.

Shareholders’ equity amounted to SAR 67.23 million by the end of H2 2024, compared to SAR 51.45 million in H2 2023.

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