Higher patient count, occupancy lift Almoosa's Q4 2024 results: CEO 

Malek Almoosa, board member and CEO of Almoosa Health Group

Malek Almoosa, board member and CEO of Almoosa Health Group, said the company demonstrated strong performance in 2024, particularly in the fourth quarter.

This performance implies its solid business profile and strategic plans, the CEO added, giving upbeat outlook on growth during the first quarter of 2025.

In an interview with Argaam, Almoosa elaborated that the company’s net profit saw significant growth during the fourth quarter, with the net profit margin improving to 16.3% compared to 7.4%.

This exceptional growth was primarily driven by the robust topline stemming from an increase in patient numbers and higher bed occupancy rates in hospitals, coupled with operational efficiency. Through disciplined cost management, the company achieved strong operating profit, offsetting the rise in financing costs during the fourth quarter.

Moreover, the CEO added that fourth-quarter revenues for 2024 witnessed remarkable growth, reflecting the strong and increasing demand for the company's healthcare services.

This growth was driven by several factors, most notably the increase in patient numbers, higher average revenues from outpatient clinics, the expansion of medical specialties, in addition to a strategic focus on high-level specialized care.

The company also continued to enhance operations at Almoosa Rehabilitation Hospital, which was recently inaugurated.

Multiple factors contributed to revenue growth, as revenues from medical services increased by 13.3% due to a rise in the number of inpatient and outpatient visits at Almoosa Specialist Hospital, along with an expansion in the range of medical specialties offered.

Pharmaceutical services revenues also saw a significant increase of 4.15%, driven by a higher number of outpatient visits.

Additionally, revenues from rehabilitation services saw exceptional growth of 154.4%, thanks to the successful expansion of Almoosa Rehabilitation Hospital’s capacity in its first year of operation.

He noted that the company's focus on healthcare services and investment in advanced medical technologies helped strengthen its position as a leading healthcare provider in the region and significantly contributed to revenue growth.

Regarding bed occupancy rates, Almoosa confirmed that the company experienced a notable improvement due to a significant increase in patient count, paired with a substantial expansion in capacity. In 2024, bed capacity grew by 69.8% to reach 730 beds, while the clinic network expanded by 18.4% to 290 clinics. This growth was spurred by the capacity expansion of Almoosa Rehabilitation Hospital and better demand for outpatient services, including primary care.

In terms of efficiency, the exceptional quality of services and technologically enhanced healthcare helped reduce patients’ average days of stay to 2.1 days, the same rate achieved in 2023.

The company also witnessed a tangible improvement in terms of operational efficiency and response times for treatment in 2024, as the average time from patient admission or arrival at the hospital to the start of care decreased by 19.1%.
 

He added that Almoosa Health made significant progress in 2024 in developing two major hospital projects to improve specialized acute care services and expand patient access in strategic locations. Additionally, new medical centers were established, reflecting the company’s commitment to expanding and strengthening its integrated healthcare network.
 

Regarding the company’s performance outlook for the first quarter of 2025, the CEO said Almoosa Health is optimistic about its first-quarter performance. It expects continued growth in patient numbers and revenues. The momentum gained from our strong 2024 results provides a solid foundation for the upcoming quarter and the year ahead.
 

Among key drivers of this performance are the ongoing expansion of Almoosa Rehabilitation Hospital’s capacity, continued investment in technology and infrastructure, and a commitment to achieving operational excellence.
 

He also anticipated sustained demand for specialized services, which would contribute to improved performance and better cost management.
 

Looking ahead, the CEO stated that the company will continue making significant efforts to execute its expansion strategy, aiming to double the number of critical and non-critical care beds by 2028. Almoosa Health looks forward to the promising opportunities that 2025 and beyond will bring.
 

Almoosa Health recorded a net profit of SAR 94.4 million for 2024, a decline of 4% year-on-year. The fourth-quarter earnings came in at SAR 54 million, according to Argaam data.