Nomu-listed Canadian Medical Center prepares for transition to Tadawul’s main market

Nomu-listed Canadian Medical Center (CMC) is gearing up for a transition to the main market Tadawul, Chairman Khaled Al Ammar told Argaam in an interview. He said his company is making the move as it pushes ahead with an ambitious expansion plan that will see it move into new segments of the industry including telemedicine, physiotherapy, outpatient clinics, and others. It is also looking to boost presence in the local emergency medical services market and open new branches in Jubail and Tabuk.

BACKGROUND- CMC recently appointed Al Rajhi Capital as financial advisor to quarterback the move, which is still subject to approval from the exchange.

2023 KPIs: CMC’s net income was flat last year, inching up 0.4% to SAR 15.7 mn, while revenues were up 23.5% to SAR 100.3 mn as it expanded geographically. The company’s BoD approved yesterday a dividend payout of SAR 6.9 mn at SAR 0.09 a share for the second half of 2023. A distribution date has been set for Tuesday, 21 May.

About CMC: The healthcare provider offers multiple medical specialties and other services including setting up clinics, providing medical staff and others. Its client base includes Ades Holding and Arabian Drilling, among others, Al Ammar said.