HMG

Dr. Sulaiman Al Habib Medical Services Group

Consolidated Financial Statements – FY 2025

Saudi Joint Stock Company

Consolidated Financial Statements

For the year ended 31 December 2025  |  All figures in Saudi Riyals (SAR)

SAR 11.63B

Total Revenue

▲ 22.4% YoY

SAR 2.11B

Net Profit

▲ 5.1% YoY

SAR 19.70B

Total Assets

▲ 12.9% YoY

SAR 6.86

EPS (SAR)

▲ 3.6% YoY

Compare 2024:

Consolidated Statement of Financial Position

As at 31 December 2025 | Page 9

Total Assets

SAR 19.70B

▲ 12.9% YoY

vs SAR 20.56B in 2024

Total Equity

SAR 7.15B

▲ 10.7% YoY

vs SAR 7.61B in 2024

Total Liabilities

SAR 12.54B

▲ 14.1% YoY

vs SAR 12.95B in 2024

Current Assets

SAR 4.61B

▲ 2.0% YoY

vs SAR 5.32B in 2024

Cash & Equivalents

SAR 1.94B

▼ 21.1% YoY

vs SAR 2.89B in 2024

Assets Composition (SAR Billions)

Cash & Equiv.Accounts Rec.PrepaymentsInventoriesInvestmentsSukukProperty & Equip.0B5B9B14B18B
  • 2025
  • 2024

Liabilities & Equity Structure 2025

  • Current Liabilities
  • Non-Current Liabilities
  • Parent Equity
  • Non-Controlling Int.

Current vs Non-Current Assets (SAR B)

202520240B6B12B18B24B
  • Current
  • Non-Current
Note31 December
2025
SAR		31 December
2024
SAR
Assets
Current assets
Cash and cash equivalents72,281,635,2062,890,702,697
Accounts receivable81,622,406,7281,110,377,832
Prepayments and other assets9494,936,466471,466,187
Inventories101,028,292,270846,880,231
Total current assets5,427,270,6705,319,426,947
Non-current assets
Investments in associates and others11175,256,312165,353,436
Investments in equity instruments – Islamic Sukuk300,000,000300,000,000
Property and equipment1217,302,419,38214,773,148,689
Total non-current assets17,777,675,69415,238,502,125
Total assets23,204,946,36420,557,929,072
Liabilities and equity
Liabilities
Current liabilities
Current portion of long-term loans28.196,039,11996,039,119
Accounts payable132,015,293,2591,839,938,621
Accruals and other liabilities152,411,307,8262,003,645,400
Zakat and income tax payable1695,673,216147,845,521
Current portion of lease liabilities28.2100,341,90874,337,595
Total current liabilities4,718,655,3284,161,806,256
Non-current liabilities
Long-term loans28.18,734,566,3207,661,931,031
Government grant1743,659,81949,039,737
Lease liabilities28.2373,686,238333,161,823
Employees' end-of-service benefits18905,699,043739,342,128
Total non-current liabilities10,057,611,4208,783,474,719
Total liabilities14,776,266,74812,945,280,975
Equity
Issued and paid-up share capital193,500,000,0003,500,000,000
Retained earnings4,401,716,0373,675,142,519
Equity attributable to equity holders of the parent company7,901,716,0377,175,142,519
Non-controlling interests526,963,579437,505,578
Total equity8,428,679,6167,612,648,097
Total liabilities and equity23,204,946,36420,557,929,072

The accompanying notes 1 to 32 form an integral part of these consolidated financial statements.

DescriptionNote2025 (SAR)2024 (SAR)
Assets
Current assets
Cash and cash equivalents72,281,635,2062,890,702,697
Accounts receivable81,622,406,7281,110,377,832
Prepayments and other assets9494,936,466471,466,187
Inventories101,028,292,270846,880,231
Total current assets5,427,270,6705,319,426,947
Non-current assets
Investments in associates and others11175,256,312165,353,436
Investments in equity instruments – Islamic Sukuk300,000,000300,000,000
Property and equipment1217,302,419,38214,773,148,689
Total non-current assets17,777,675,69415,238,502,125
Total assets23,204,946,36420,557,929,072

Consolidated Statement of Income

For the year ended 31 December 2025 | Page 10

Revenue

SAR 0

▲ 22.4% YoY

vs SAR 11.20B in 2024

Gross Profit

SAR 0

▲ 12.4% YoY

Margin: 30.7%

Operating Profit

SAR 0

▲ 11.1% YoY

Margin: 19.1%

Net Profit

SAR 0

▲ 5.1% YoY

vs SAR 2.37B in 2024

EPS (Basic & Diluted)

SAR 6.86

▲ 3.6% YoY

vs SAR 6.62 in 2024

Revenue vs Profit (SAR Billions)

RevenueGross ProfitOperating ProfitNet Profit0B4B7B11B14B
  • 2025
  • 2024

Cost Structure 2025 (SAR Billions)

  • Cost of Revenue
  • Selling & Marketing
  • G&A Expenses
  • Finance Costs
  • Net Profit

Profit Waterfall 2025 (SAR Billions)

Gross ProfitS&M Exp.G&A Exp.Op. ProfitAssoc. Inc.Finance CostsOther Inc.Pre-TaxZakat/TaxNet Profit-1.5B0.0B1.5B3.0B4.5B
DescriptionNote2025 (SAR)2024 (SAR)
Revenue13,706,897,64111,200,434,264
Cost of revenue(9,499,891,037)(7,456,175,866)
Gross profit4,207,006,6043,744,258,398
Selling and marketing expenses22(432,471,989)(495,730,621)
General and administrative expenses23(1,155,553,389)(892,266,518)
Operating profit2,618,981,2262,356,261,259
Share of income of associates1122,741,37620,992,142
Finance costs24(338,800,018)(162,762,985)
Other income25216,348,495198,368,029
Profit before zakat and income tax2,519,271,0792,412,858,445
Zakat and income tax16(27,611,538)(42,897,373)
Profit for the year2,491,659,5412,369,961,072
Profit for the year attributable to:
Equity holders of the parent company2,401,470,2732,315,290,800
Non-controlling interests90,189,26854,670,272
Total2,491,659,5412,369,961,072
Earnings per share:
Basic and diluted EPS (attributable to equity holders of the parent company)266.866.62

Consolidated Statement of Cash Flows

For the year ended 31 December 2025 | Page 13

Net Cash from Operations

SAR 0

▲ 14.5% YoY

vs SAR 2.97B in 2024

Net Cash from Investing

(SAR 2.97B)

▲ 21.3% improvement

vs (SAR 3.78B) in 2024

Net Cash from Financing

(SAR 1.04B)

▼ Outflow vs inflow 2024

vs SAR 1.08B in 2024

Closing Cash Balance

SAR 0

▼ SAR 609M decrease

Opening: SAR 2.89B

Cash Flow Summary 2025 vs 2024 (SAR B)

OperatingInvestingFinancing-4.0B-2.0B0.0B2.0B4.0B
  • 2025
  • 2024

Operating Activities Breakdown 2025 (SAR B)

Pre-tax ProfitDepreciationProvisionsFinance CostsEOSBWC ChangesTax/EOSB Paid-0.8B0.0B0.8B1.7B2.5B

Cash Position Movement (SAR Billions)

Opening 2024Closing 2024Closing 20252.20B2.40B2.60B2.80B3.00B
DescriptionNote2025 (SAR)2024 (SAR)
Cash flows from operating activities
Profit before zakat and income tax2,519,271,0792,412,858,445
Adjustments for non-cash items:
Depreciation12671,621,123420,801,363
Share of income of associates11(22,741,376)(20,992,142)
Provisions139,886,354291,578,707
Finance costs24338,800,018162,762,985
Employees' end-of-service benefits18196,379,778165,010,158
Subtotal (profit + non-cash adjustments)3,843,216,9763,432,019,516
Working capital changes:
Accounts receivable(652,692,168)(688,229,249)
Inventories(180,635,121)(314,425,040)
Prepayments and other assets(62,540,334)(199,685,942)
Accounts payable175,354,638559,493,337
Accruals and other liabilities402,131,112295,762,940
Cash generated from operating activities3,524,835,1033,084,925,562
Zakat and income tax paid16(79,783,843)(72,513,862)
Employees' end-of-service benefits paid18(43,148,121)(42,013,806)
Net cash from operating activities3,401,903,1392,970,397,894
Cash flows from investing activities
Purchase of property and equipment(2,983,261,568)(3,828,589,749)
Investment in associates and others(3,300,000)40,978,210
Dividends from associates1116,138,50012,250,000
Net cash used in investing activities(2,970,423,068)(3,775,361,539)
Cash flows from financing activities
Proceeds from long-term loans1,225,328,0553,004,169,796
Repayment of long-term loans(157,874,836)(157,874,832)
Finance costs paid(333,466,552)(158,430,198)
Lease liabilities paid(112,031,465)(72,866,906)
Dividends paid21(1,662,500,000)(1,641,500,000)
Non-controlling interest(2,764)101,788,000
Net cash (used in) / generated from financing activities(1,040,547,562)1,075,285,860
Summary
Net (decrease) increase in cash and cash equivalents(609,067,491)270,322,215
Cash and cash equivalents at the beginning of the year72,890,702,6972,620,380,482
Cash and cash equivalents at the end of the year72,281,635,2062,890,702,697
Non-cash transactions
Recognition of right-of-use assets and lease liabilities12 & 28.2183,028,871222,283,032
Transfer from prepayments and other assets to property and equipment39,978,2960