Dallah net profit up 15% to SAR 94.7 mln in Q1

Dallah net profit up 15% to SAR 94.7 mln in Q1

22/05/2023 Argaam Exclusive

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Dallah Healthcare Co. posted a net profit of SAR 94.7 million in Q1 2023, a 15% increase from SAR 82.6 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 609.40 716.64 17.6 %
Gross Income 231.69 266.79 15.1 %
Operating Income 109.93 132.49 20.5 %
Net Income 82.63 94.66 14.6 %
Average Shares 90.00 97.68 8.5 %
EPS (Riyals) 0.92 0.97 5.6 %

The positive performance was driven by an 18% year-on-year (YoY) increase in revenue to SAR 717 million due to higher number of inpatients and outpatients and higher occupancy rates.

 

Dallah’s loss share in investee companies decreased by SAR 8 million to SAR 2 million due to the improved performance of the investee companies.

 

This was partially offset by the increase in financing expenses, which reached SAR 28 million for the first quarter of 2023, compared to SAR 11 million for the same quarter in 2022.

 

Sequentially, net profit rose 20.7% from SAR 78.4 million in Q4 2022.

 

Shareholders’ equity, excluding minority interest, stood at SAR 3.12 billion as of March 31, 2023, compared to SAR 1.95 billion a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 207.57 13.0 % 87.60 3.8 % 39.73 3.5 %
Q2 2014 219.45 16.9 % 93.78 16.2 % 33.46 10.8 %
Q3 2014 192.79 15.4 % 75.36 13.0 % 21.67 (1.3 %)
Q4 2014 240.08 13.8 % 103.54 8.2 % 50.24 4.5 %
Q1 2015 240.40 15.8 % 102.13 16.6 % 39.67 (0.1 %)
Q2 2015 245.23 11.7 % 100.89 7.6 % 35.71 6.7 %
Q3 2015 223.93 16.2 % 87.92 16.7 % 26.37 21.7 %
Q4 2015 276.50 15.2 % 116.81 12.8 % 57.01 13.5 %
Q1 2016 285.03 18.6 % 132.53 29.8 % 61.90 56.1 %
Q2 2016 288.35 17.6 % 129.78 28.6 % 59.34 66.2 %
Q3 2016 273.17 22.0 % 122.38 39.2 % 51.80 96.4 %
Q4 2016 316.24 14.4 % 151.01 29.3 % 57.96 1.7 %
Q1 2017 302.75 6.2 % 143.60 8.4 % 85.82 38.6 %
Q2 2017 288.20 0.0 % 130.48 0.5 % 70.86 19.4 %
Q3 2017 295.25 8.1 % 136.77 11.8 % 76.36 47.4 %
Q4 2017 325.87 3.0 % 148.23 (1.8 %) 74.95 29.3 %
Q1 2018 308.59 1.9 % 131.73 (8.3 %) 59.44 (30.7 %)
Q2 2018 273.13 (5.2 %) 92.38 (29.2 %) 19.67 (72.2 %)
Q3 2018 280.94 (4.8 %) 101.37 (25.9 %) 33.44 (56.2 %)
Q4 2018 318.28 (2.3 %) 110.86 (25.2 %) 33.04 (55.9 %)
Q1 2019 321.15 4.1 % 120.26 (8.7 %) 41.24 (30.6 %)
Q2 2019 286.00 4.7 % 92.46 0.1 % 18.06 (8.2 %)
Q3 2019 301.34 7.3 % 107.78 6.3 % 30.99 (7.3 %)
Q4 2019 343.60 8.0 % 127.34 14.9 % 64.09 94.0 %
Q1 2020 314.61 (2.0 %) 105.76 (12.1 %) 26.42 (35.9 %)
Q2 2020 247.56 (13.4 %) 67.77 (26.7 %) 7.97 (55.9 %)
Q3 2020 350.79 16.4 % 132.62 23.0 % 50.51 63.0 %
Q4 2020 405.30 18.0 % 143.57 12.7 % 40.26 (37.2 %)
Q1 2021 494.67 57.2 % 176.82 67.2 % 72.91 176.0 %
Q2 2021 490.83 98.3 % 168.17 148.1 % 68.57 760.1 %
Q3 2021 544.12 55.1 % 192.46 45.1 % 69.95 38.5 %
Q4 2021 575.57 42.0 % 222.91 55.3 % 116.48 189.4 %
Q1 2022 609.40 23.2 % 231.69 31.0 % 109.93 50.8 %
Q2 2022 583.82 18.9 % 212.13 26.1 % 96.68 41.0 %
Q3 2022 600.89 10.4 % 211.47 9.9 % 84.19 20.4 %
Q4 2022 693.88 20.6 % 239.81 7.6 % 101.69 (12.7 %)
Q1 2023 716.64 17.6 % 266.79 15.1 % 132.49 20.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 40.50 3.7 % 0.45 - 40.50 0.45
Q2 2014 34.33 45.2 % 0.38 - 34.33 0.38
Q3 2014 21.94 0.5 % 0.24 - 21.94 0.24
Q4 2014 50.35 (3.4 %) 0.56 - 50.35 0.56
Q1 2015 47.82 18.1 % 0.53 13.75 34.07 0.38
Q2 2015 35.86 4.4 % 0.40 - 35.86 0.40
Q3 2015 26.78 22.1 % 0.30 - 26.78 0.30
Q4 2015 54.60 8.4 % 0.61 - 54.60 0.61
Q1 2016 58.07 21.4 % 0.65 (2.02) 60.09 0.67
Q2 2016 54.14 51.0 % 0.60 (3.07) 57.21 0.64
Q3 2016 60.80 127.0 % 0.68 9.42 51.39 0.57
Q4 2016 51.71 (5.3 %) 0.57 (6.00) 57.71 0.64
Q1 2017 85.05 46.5 % 0.94 - 85.05 0.94
Q2 2017 69.99 29.3 % 0.78 - 69.99 0.78
Q3 2017 76.82 26.3 % 0.85 - 76.82 0.85
Q4 2017 63.12 22.1 % 0.70 (11.69) 74.81 0.83
Q1 2018 58.09 (31.7 %) 0.65 - 58.09 0.65
Q2 2018 18.73 (73.2 %) 0.21 - 18.73 0.21
Q3 2018 32.48 (57.7 %) 0.36 - 32.48 0.36
Q4 2018 32.47 (48.6 %) 0.36 - 32.47 0.36
Q1 2019 35.17 (39.5 %) 0.39 - 35.17 0.39
Q2 2019 15.35 (18.1 %) 0.17 - 15.35 0.17
Q3 2019 26.62 (18.1 %) 0.30 - 26.62 0.30
Q4 2019 69.79 115.0 % 0.78 13.39 56.41 0.63
Q1 2020 19.24 (45.3 %) 0.21 - 19.24 0.21
Q2 2020 6.99 (54.4 %) 0.08 - 6.99 0.08
Q3 2020 53.78 102.1 % 0.60 16.36 37.42 0.42
Q4 2020 51.98 (25.5 %) 0.58 34.87 17.11 0.19
Q1 2021 52.61 173.4 % 0.58 - 52.61 0.58
Q2 2021 47.54 579.9 % 0.53 - 47.54 0.53
Q3 2021 49.85 (7.3 %) 0.55 - 49.85 0.55
Q4 2021 108.60 108.9 % 1.21 10.35 98.25 1.09
Q1 2022 82.63 57.1 % 0.92 - 82.63 0.92
Q2 2022 69.52 46.2 % 0.77 - 69.52 0.77
Q3 2022 43.87 (12.0 %) 0.49 - 43.87 0.49
Q4 2022 78.44 (27.8 %) 0.87 - 78.44 0.87
Q1 2023 94.66 14.6 % 0.97 - 94.66 0.97

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 42.75 % 23.14 % 17.85 %
Q2 2014 42.69 % 22.94 % 18.48 %
Q3 2014 42.42 % 22.43 % 17.92 %
Q4 2014 41.90 % 22.11 % 17.11 %
Q1 2015 41.98 % 21.38 % 15.76 %
Q2 2015 41.58 % 21.72 % 15.48 %
Q3 2015 41.54 % 21.77 % 15.49 %
Q4 2015 41.35 % 21.81 % 15.34 %
Q1 2016 42.51 % 23.29 % 17.20 %
Q2 2016 43.49 % 24.24 % 18.50 %
Q3 2016 44.66 % 25.57 % 19.88 %
Q4 2016 46.07 % 24.94 % 19.47 %
Q1 2017 46.32 % 26.38 % 21.29 %
Q2 2017 46.38 % 27.68 % 22.38 %
Q3 2017 46.73 % 29.19 % 24.08 %
Q4 2017 46.13 % 30.34 % 25.30 %
Q1 2018 44.93 % 28.26 % 22.97 %
Q2 2018 42.33 % 24.50 % 18.99 %
Q3 2018 39.86 % 21.41 % 15.49 %
Q4 2018 36.95 % 18.60 % 12.00 %
Q1 2019 35.60 % 17.66 % 9.96 %
Q2 2019 35.23 % 17.77 % 9.57 %
Q3 2019 35.16 % 17.58 % 8.93 %
Q4 2019 35.77 % 19.73 % 10.66 %
Q1 2020 34.79 % 18.58 % 9.44 %
Q2 2020 33.85 % 18.13 % 9.05 %
Q3 2020 34.50 % 19.13 % 9.55 %
Q4 2020 34.12 % 16.71 % 6.13 %
Q1 2021 34.76 % 18.09 % 7.62 %
Q2 2021 35.67 % 19.32 % 8.88 %
Q3 2021 35.20 % 18.83 % 8.64 %
Q4 2021 36.12 % 21.04 % 11.79 %
Q1 2022 36.72 % 21.66 % 12.54 %
Q2 2022 37.15 % 22.13 % 12.98 %
Q3 2022 37.06 % 22.17 % 12.42 %
Q4 2022 35.98 % 20.37 % 11.03 %
Q1 2023 35.84 % 20.47 % 11.04 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 90.00 1.53 1.53 13.75
Q2 2014 90.00 1.65 1.65 13.36
Q3 2014 90.00 1.65 1.65 13.65
Q4 2014 90.00 1.63 1.63 14.15
Q1 2015 90.00 1.72 1.56 14.74
Q2 2015 90.00 1.73 1.58 14.63
Q3 2015 90.00 1.79 1.63 14.86
Q4 2015 90.00 1.83 1.68 15.48
Q1 2016 90.00 1.95 1.97 16.15
Q2 2016 90.00 2.15 2.21 15.76
Q3 2016 90.00 2.53 2.48 16.26
Q4 2016 90.00 2.50 2.52 16.85
Q1 2017 90.00 2.80 2.79 17.78
Q2 2017 90.00 2.97 2.93 17.24
Q3 2017 90.00 3.15 3.22 18.05
Q4 2017 90.00 3.28 3.41 18.80
Q1 2018 90.00 2.98 3.11 19.41
Q2 2018 90.00 2.41 2.54 17.98
Q3 2018 90.00 1.92 2.05 18.34
Q4 2018 90.00 1.58 1.58 17.79
Q1 2019 90.00 1.32 1.32 18.07
Q2 2019 90.00 1.28 1.28 16.24
Q3 2019 90.00 1.22 1.22 16.54
Q4 2019 90.00 1.63 1.48 16.91
Q1 2020 90.00 1.46 1.31 16.57
Q2 2020 90.00 1.36 1.21 16.65
Q3 2020 90.00 1.66 1.33 17.25
Q4 2020 90.00 1.47 0.90 19.94
Q1 2021 90.00 1.84 1.27 19.89
Q2 2021 90.00 2.29 1.72 20.42
Q3 2021 90.00 2.24 1.86 20.86
Q4 2021 90.00 2.87 2.76 20.74
Q1 2022 90.00 3.21 3.09 21.70
Q2 2022 90.00 3.45 3.34 22.47
Q3 2022 90.00 3.38 3.27 21.96
Q4 2022 90.00 3.05 3.05 22.11
Q1 2023 97.68 2.93 2.93 32.03

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 33.02 33.02 3.69
Q2 2014 33.91 33.91 4.19
Q3 2014 43.67 43.67 5.29
Q4 2014 45.25 45.25 5.23
Q1 2015 40.15 44.08 4.67
Q2 2015 45.84 50.27 5.43
Q3 2015 32.29 35.31 3.88
Q4 2015 27.26 29.73 3.23
Q1 2016 27.46 27.14 3.31
Q2 2016 28.54 27.81 3.89
Q3 2016 21.29 21.71 3.31
Q4 2016 27.05 26.85 4.01
Q1 2017 25.95 25.99 4.08
Q2 2017 26.81 27.16 4.62
Q3 2017 24.63 24.12 4.30
Q4 2017 21.93 21.10 3.82
Q1 2018 24.80 23.77 3.80
Q2 2018 28.42 26.97 3.81
Q3 2018 22.92 21.46 2.39
Q4 2018 25.39 25.39 2.25
Q1 2019 32.81 32.81 2.40
Q2 2019 34.90 34.90 2.76
Q3 2019 36.10 36.10 2.66
Q4 2019 25.93 28.53 2.50
Q1 2020 28.43 31.66 2.50
Q2 2020 31.13 34.94 2.55
Q3 2020 30.78 38.40 2.97
Q4 2020 35.71 58.36 2.63
Q1 2021 31.13 45.10 2.88
Q2 2021 37.67 50.14 4.22
Q3 2021 34.24 41.38 3.68
Q4 2021 28.37 29.55 3.93
Q1 2022 34.32 35.59 5.07
Q2 2022 34.85 36.05 5.35
Q3 2022 50.66 52.45 7.81
Q4 2022 52.67 52.67 7.27
Q1 2023 52.51 52.51 4.81

Business Segments (Million)

Compared With The
Period Medical Services Medicine and Pharmaceutical Products
Q1 2014 195.44 12.12
Q2 2014 201.76 17.69
Q3 2014 177.26 15.52
Q4 2014 223.36 16.72
Q1 2015 224.02 16.38
Q2 2015 228.38 16.85
Q3 2015 215.41 8.52
Q4 2015 257.40 18.49
Q1 2016 276.15 8.88
Q2 2016 277.42 10.93
Q3 2016 265.04 8.13
Q4 2016 307.51 8.73
Q1 2017 239.94 62.81
Q2 2017 229.31 58.90
Q3 2017 235.08 60.17
Q4 2017 241.44 84.43
Q1 2018 236.76 71.84
Q2 2018 205.73 67.39
Q3 2018 218.43 62.50
Q4 2018 228.74 89.55
Q1 2019 239.22 81.93
Q2 2019 210.95 75.06
Q3 2019 232.55 68.79
Q4 2019 259.40 84.20
Q1 2020 227.83 86.77
Q2 2020 166.96 80.60
Q3 2020 260.50 90.30
Q4 2020 309.74 95.55
Q1 2021 378.70 115.97
Q2 2021 374.54 116.29
Q3 2021 412.23 131.88
Q4 2021 472.23 103.34
Q1 2022 470.53 138.87
Q2 2022 475.30 108.52
Q3 2022 438.86 162.03
Q4 2022 547.10 146.77
Q1 2023 530.59 186.05

Analysts Estimates (Million)

Item Q1 2023 (e) Q1 2023 (a) Change‬
Average 88.99 94.66 6.37 %

Estimates vs Actual (Million)

Item Q1 2023 (e) Q1 2023 (a) Change
U-Capital 94.60 94.66 0.1 %
Al Rajhi Capital 88.00 94.66 7.6 %
OSOOL AND BAKHEET 87.37 94.66 8.3 %
AlJazira Capital 86.00 94.66 10.1 %


Financial Ratios
Current
Market Cap (M Riyal) 15,062.26
Enterprise Value (EV) (M) 16,981.86
Shares Outstanding ((M)) 97.68
EPS ( Riyal) (TTM) 4.82
Book Value (BV) ( Riyal) 34.96
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 31.98
P/E (TTM) 31.98
Price/book 4.41
Return on Average Assets (%) (TTM) 7.5
Return on Average Equity (%) (TTM) 14.3
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Share Price

Dallah Healthcare Co.
154.20
1.20 0.78 %

Dallah Healthcare Co. (DALLAH HEALTH)

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