Dallah 9M 2023 profit up 26% to SAR 246.5 mln; Q3 at SAR 98.9 mln

06/11/2023 Argaam Exclusive

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Dallah Healthcare Co. posted a 26% profit increase in the first nine months of 2023 to SAR 246.5 million, compared to SAR 196 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	1,794.11	2,136.89	19.1 %
Gross Income	655.29	782.73	19.4 %
Operating Income	290.80	345.10	18.7 %
Net Income	196.02	246.47	25.7 %
Average Shares	90.00	97.68	8.5 %
EPS (Riyals)	2.18	2.52	15.8 %

The profit increase is driven by a 19% revenue increase to SAR 2.14 billion compared to SAR 1.79 billion in the same period in 2022. This increase is primarily due to higher number of visitors to the company's hospitals as well as higher occupancy rates in both inpatient and outpatient departments. The operating profit margin for the first nine months of 2023 stood at 17.4%, compared to 17.1% for the same period of the previous year.

The company's share of losses from the equity accounted investee (the associates) fell by SAR 19 million to SAR 5.3 million for 9M 2023, compared to losses amounting to SAR 24.2 million for the same period of the previous year.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	600.89	749.83	24.8 %
Gross Income	211.47	280.86	32.8 %
Operating Income	84.19	124.75	48.2 %
Net Income	43.87	98.87	125.4 %
Average Shares	90.00	97.68	8.5 %
EPS (Riyals)	0.49	1.01	107.6 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	670.42	749.83	11.8 %
Gross Income	235.08	280.86	19.5 %
Operating Income	87.85	124.75	42.0 %
Net Income	53.01	98.87	86.5 %
Average Shares	97.68	97.68	-
EPS (Riyals)	0.54	1.01	86.5 %

In Q3 2023, net profit jumped 125.4% to SAR 98.9 million from SAR 43.87 million in Q3 2022.

On a sequential basis, the bottom line grew 86.5% from SAR 53.01 million in Q2 2023.

Shareholders’ equity, after minority interest, reached SAR 3.18 billion as of Sept. 30, 2023, up from SAR 1.97 million a year earlier.

View more financial results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2014	207.57	13.0 %	87.60	3.8 %	40.50	3.7 %	0.45
Q2 2014	219.45	16.9 %	93.78	16.2 %	34.33	45.2 %	0.38
Q3 2014	192.79	15.4 %	75.36	13.0 %	21.94	0.5 %	0.24
Q4 2014	240.08	13.8 %	103.54	8.2 %	50.35	(3.4 %)	0.56
2014	858.75	14.6 %	358.57	9.5 %	147.12	7.7 %	1.63
Q1 2015	240.40	15.8 %	102.13	16.6 %	47.82	18.1 %	0.53
Q2 2015	245.23	11.7 %	100.89	7.6 %	35.86	4.4 %	0.40
Q3 2015	223.93	16.2 %	87.92	16.7 %	26.78	22.1 %	0.30
Q4 2015	276.50	15.2 %	116.81	12.8 %	54.60	8.4 %	0.61
2015	985.44	14.8 %	407.14	13.5 %	165.06	12.2 %	1.83
Q1 2016	285.03	18.6 %	132.53	29.8 %	58.07	21.4 %	0.65
Q2 2016	288.35	17.6 %	129.78	28.6 %	54.14	51.0 %	0.60
Q3 2016	273.17	22.0 %	122.38	39.2 %	60.80	127.0 %	0.68
Q4 2016	316.24	14.4 %	151.01	29.3 %	51.71	(5.3 %)	0.57
2016	1,162.79	18.0 %	535.70	31.6 %	224.71	36.1 %	2.50
Q1 2017	302.75	6.2 %	143.60	8.4 %	85.05	46.5 %	0.94
Q2 2017	288.20	0.0 %	130.48	0.5 %	69.99	29.3 %	0.78
Q3 2017	295.25	8.1 %	136.77	11.8 %	76.82	26.3 %	0.85
Q4 2017	325.87	3.0 %	148.23	(1.8 %)	63.12	22.1 %	0.70
2017	1,212.08	4.2 %	559.08	4.4 %	294.98	31.3 %	3.28
Q1 2018	308.59	1.9 %	131.73	(8.3 %)	58.09	(31.7 %)	0.65
Q2 2018	273.13	(5.2 %)	92.38	(29.2 %)	18.73	(73.2 %)	0.21
Q3 2018	280.94	(4.8 %)	101.37	(25.9 %)	32.48	(57.7 %)	0.36
Q4 2018	318.28	(2.3 %)	110.86	(25.2 %)	32.47	(48.6 %)	0.36
2018	1,180.94	(2.6 %)	436.34	(22.0 %)	141.76	(51.9 %)	1.58
Q1 2019	321.15	4.1 %	120.26	(8.7 %)	35.17	(39.5 %)	0.39
Q2 2019	286.00	4.7 %	92.46	0.1 %	15.35	(18.1 %)	0.17
Q3 2019	301.34	7.3 %	107.78	6.3 %	26.62	(18.1 %)	0.30
Q4 2019	343.60	8.0 %	127.34	14.9 %	69.79	115.0 %	0.78
2019	1,252.09	6.0 %	447.85	2.6 %	146.92	3.6 %	1.63
Q1 2020	314.61	(2.0 %)	105.76	(12.1 %)	19.24	(45.3 %)	0.21
Q2 2020	247.56	(13.4 %)	67.77	(26.7 %)	6.99	(54.4 %)	0.08
Q3 2020	350.79	16.4 %	132.62	23.0 %	53.78	102.1 %	0.60
Q4 2020	405.30	18.0 %	143.57	12.7 %	51.98	(25.5 %)	0.58
2020	1,318.25	5.3 %	449.73	0.4 %	132.00	(10.2 %)	1.47
Q1 2021	494.67	57.2 %	176.82	67.2 %	52.61	173.4 %	0.58
Q2 2021	490.83	98.3 %	168.17	148.1 %	47.54	579.9 %	0.53
Q3 2021	544.12	55.1 %	192.46	45.1 %	49.85	(7.3 %)	0.55
Q4 2021	575.57	42.0 %	222.91	55.3 %	108.60	108.9 %	1.21
2021	2,105.18	59.7 %	760.36	69.1 %	258.60	95.9 %	2.87
Q1 2022	609.40	23.2 %	231.69	31.0 %	82.63	57.1 %	0.92
Q2 2022	583.82	18.9 %	212.13	26.1 %	69.52	46.2 %	0.77
Q3 2022	600.89	10.4 %	211.47	9.9 %	43.87	(12.0 %)	0.49
Q4 2022	693.88	20.6 %	239.81	7.6 %	78.44	(27.8 %)	0.87
2022	2,487.98	18.2 %	895.10	17.7 %	274.46	6.1 %	3.05
Q1 2023	716.64	17.6 %	266.79	15.1 %	94.66	14.6 %	0.97
Q2 2023	670.42	14.8 %	235.08	10.8 %	53.01	(23.8 %)	0.54
Q3 2023	749.83	24.8 %	280.86	32.8 %	98.87	125.4 %	1.01

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	749.65	17.7 %	327.45	14.1 %	136.63	2.5 %	1.52
2014	858.75	14.6 %	358.57	9.5 %	147.12	7.7 %	1.63
2015	985.44	14.8 %	407.14	13.5 %	165.06	12.2 %	1.83
2016	1,162.79	18.0 %	535.70	31.6 %	224.71	36.1 %	2.50
2017	1,212.08	4.2 %	559.08	4.4 %	294.98	31.3 %	3.28
2018	1,180.94	(2.6 %)	436.34	(22.0 %)	141.76	(51.9 %)	1.58
2019	1,252.09	6.0 %	447.85	2.6 %	146.92	3.6 %	1.63
2020	1,318.25	5.3 %	449.73	0.4 %	132.00	(10.2 %)	1.47
2021	2,105.18	59.7 %	760.36	69.1 %	258.60	95.9 %	2.87
2022	2,487.98	18.2 %	895.10	17.7 %	274.46	6.1 %	3.05

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 %
2014	41.76 %	22.14 %	17.13 %
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 %
2015	41.32 %	22.03 %	15.35 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
2022	35.98 %	20.37 %	11.03 %
Q1 2023	35.84 %	20.47 %	11.04 %
Q2 2023	35.54 %	19.47 %	10.07 %
Q3 2023	36.12 %	19.94 %	11.48 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	43.68 %	23.16 %	18.23 %
2014	41.76 %	22.14 %	17.13 %
2015	41.32 %	22.03 %	15.35 %
2016	46.07 %	24.94 %	19.47 %
2017	46.13 %	30.34 %	25.30 %
2018	36.95 %	18.60 %	12.00 %
2019	35.77 %	19.73 %	10.66 %
2020	34.12 %	16.71 %	6.13 %
2021	36.12 %	21.04 %	11.79 %
2022	35.98 %	20.37 %	11.03 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	42.20 %	24.47 %	19.51 %
Q2 2014	42.73 %	20.38 %	15.64 %
Q3 2014	39.09 %	16.97 %	11.38 %
Q4 2014	43.13 %	25.78 %	20.97 %
Q1 2015	42.48 %	21.43 %	14.17 %
Q2 2015	41.14 %	21.75 %	14.62 %
Q3 2015	39.26 %	17.88 %	11.96 %
Q4 2015	42.25 %	25.38 %	19.75 %
Q1 2016	46.50 %	26.86 %	21.08 %
Q2 2016	45.01 %	25.49 %	19.84 %
Q3 2016	44.80 %	24.50 %	18.81 %
Q4 2016	47.75 %	23.08 %	18.25 %
Q1 2017	47.43 %	32.36 %	28.09 %
Q2 2017	45.27 %	30.84 %	24.28 %
Q3 2017	46.32 %	30.89 %	26.02 %
Q4 2017	45.49 %	27.52 %	22.96 %
Q1 2018	42.69 %	24.11 %	18.82 %
Q2 2018	33.82 %	14.42 %	6.86 %
Q3 2018	36.08 %	18.15 %	11.56 %
Q4 2018	34.83 %	17.24 %	10.20 %
Q1 2019	37.45 %	20.42 %	10.95 %
Q2 2019	32.33 %	15.01 %	5.37 %
Q3 2019	35.77 %	17.35 %	8.83 %
Q4 2019	37.06 %	25.11 %	16.42 %
Q1 2020	33.62 %	15.88 %	6.12 %
Q2 2020	27.38 %	12.22 %	2.82 %
Q3 2020	37.81 %	21.04 %	10.67 %
Q4 2020	35.42 %	16.33 %	4.22 %
Q1 2021	35.75 %	20.37 %	10.64 %
Q2 2021	34.26 %	19.51 %	9.69 %
Q3 2021	35.37 %	18.67 %	9.16 %
Q4 2021	38.73 %	25.18 %	17.07 %
Q1 2022	38.02 %	22.74 %	13.56 %
Q2 2022	36.34 %	21.69 %	11.91 %
Q3 2022	35.19 %	19.15 %	7.30 %
Q4 2022	34.56 %	18.22 %	11.30 %
Q1 2023	37.23 %	22.77 %	13.21 %
Q2 2023	35.06 %	17.54 %	7.91 %
Q3 2023	37.46 %	20.99 %	13.19 %

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
Q2 2023	97.68	2.76	2.76	32.07
Q3 2023	97.68	3.33	3.33	32.64

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	90.00	1.52	1.52	13.22
2014	90.00	1.63	1.63	14.15
2015	90.00	1.83	1.68	15.48
2016	90.00	2.50	2.52	16.85
2017	90.00	3.28	3.41	18.80
2018	90.00	1.58	1.58	17.79
2019	90.00	1.63	1.48	16.91
2020	90.00	1.47	0.90	19.94
2021	90.00	2.87	2.76	20.74
2022	90.00	3.05	3.05	22.11

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
Q2 2023	60.71	60.71	5.23
Q3 2023	42.86	42.86	4.37

Period	P/E	Adjusted P/E	Price/book
2013	26.15	26.15	3.00
2014	45.25	45.25	5.23
2015	27.26	29.73	3.23
2016	27.05	26.85	4.01
2017	21.93	21.10	3.82
2018	25.39	25.39	2.25
2019	25.93	28.53	2.50
2020	35.71	58.36	2.63
2021	28.37	29.55	3.93
2022	52.67	52.67	7.27

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
Q2 2023	513.01	157.40
Q3 2023	518.40	231.43

Period	Medical Services	Medicine and Pharmaceutical Products
2013	689.17	60.48
2014	797.83	62.05
2015	925.20	60.24
2016	1,126.12	36.67
2017	945.78	266.30
2018	889.66	291.28
2019	942.12	309.97
2020	965.03	353.22
2021	1,637.71	467.47
2022	1,931.79	556.20

Analysts Estimates (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change‬
Average	59.76	98.87	65.45 %

Estimates vs Actual (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change
SNB Capital	70.00	98.87	41.2 %
AlJazira Capital	65.50	98.87	51.0 %
Hermes	61.00	98.87	62.1 %
Goldman Sachs	60.56	98.87	63.3 %
U-Capital	57.60	98.87	71.7 %
Al Rajhi Capital	52.00	98.87	90.1 %
OSOOL AND BAKHEET	51.66	98.87	91.4 %

Financial Ratios

	Current
Market Cap (M Riyal)	15,042.72
Enterprise Value (EV) (M)	16,946.20
Shares Outstanding ((M))	97.68
EPS ( Riyal) (TTM)	3.94
Book Value (BV) ( Riyal)	34.02
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	39.09
P/E (TTM)	39.09
Price/book	4.53
Return on Average Assets (%) (TTM)	6.2
Return on Average Equity (%) (TTM)	11.9

Dallah Healthcare Co. (DALLAH HEALTH)

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Dallah 9M 2023 profit up 26% to SAR 246.5 mln; Q3 at SAR 98.9 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Dallah Healthcare Co. (DALLAH HEALTH)

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Dallah 9M 2023 profit up 26% to SAR 246.5 mln; Q3 at SAR 98.9 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2023

Revenue by Business Segment (Latest) 2023 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Dallah Healthcare Co. (DALLAH HEALTH)

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Business Segments (Million)