Aldawaa net profit up 8% to SAR 329.2M in 2023, Q4 at SAR 92.4M

18/03/2024 Argaam Exclusive

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Aldawaa Medical Services Co. reported a net profit of SAR 329.2 million for 2023, an increase of 8% from SAR 305.4 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	5,372.24	5,741.36	6.9 %
Gross Income	2,019.60	2,106.62	4.3 %
Operating Income	374.35	479.39	28.1 %
Net Income	305.45	329.22	7.8 %
Average Shares	85.00	85.00	-
EPS (Riyals)	3.59	3.87	7.8 %

This was propelled by the company’s positive sales momentum, which led to a year-on-year (YoY) rise of 4.3%, or SAR 87 million, in gross profit, in addition to its effective asset management and cost control. It also cited a 24.2% YoY hike in operating profit.

Q4 2023 net profit rose 3% YoY to SAR 92.4 million, from SAR 89.51 million in the prior-year period.

On a quarterly basis, net profit grew 29.6% from SAR 71.28 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	1,458.30	1,458.09	0.0 %
Gross Income	533.69	525.09	(1.6 %)
Operating Income	130.39	140.39	7.7 %
Net Income	89.51	92.35	3.2 %
Average Shares	85.00	85.00	-
EPS (Riyals)	1.05	1.09	3.2 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	1,438.95	1,458.09	1.3 %
Gross Income	520.91	525.09	0.8 %
Operating Income	104.60	140.39	34.2 %
Net Income	71.28	92.35	29.6 %
Average Shares	85.00	85.00	-
EPS (Riyals)	0.84	1.09	29.6 %

Total shareholders’ equity, no minority interest, stood at SAR 1.31 billion by Dec. 31, 2023, compared to SAR 1.09 billion a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	3,375.63	-	1,310.98	-	201.11	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	3,797.20	12.5 %	1,478.68	12.8 %	293.53	46.0 %
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	3,962.43	4.4 %	1,586.96	7.3 %	295.92	0.8 %
Q1 2020	1,176.38	-	446.33	-	91.48	-
Q2 2020	1,303.84	-	530.76	-	131.66	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	4,962.08	25.2 %	1,881.26	18.5 %	392.90	32.8 %
Q1 2021	1,209.72	2.8 %	451.96	1.3 %	74.35	(18.7 %)
Q2 2021	1,266.77	(2.8 %)	457.98	(13.7 %)	66.91	(49.2 %)
Q3 2021	1,259.56	-	451.39	-	50.81	-
Q4 2021	1,298.34	-	533.08	-	75.82	-
2021	5,034.38	1.5 %	1,894.40	0.7 %	267.89	(31.8 %)
Q1 2022	1,294.82	7.0 %	494.18	9.3 %	70.71	(4.9 %)
Q2 2022	1,310.19	3.4 %	506.79	10.7 %	90.55	35.3 %
Q3 2022	1,308.93	3.9 %	484.94	7.4 %	82.69	62.7 %
Q4 2022	1,458.30	12.3 %	533.69	0.1 %	130.39	72.0 %
2022	5,372.24	6.7 %	2,019.60	6.6 %	374.35	39.7 %
Q1 2023	1,407.59	8.7 %	534.98	8.3 %	116.00	64.0 %
Q2 2023	1,436.74	9.7 %	525.64	3.7 %	126.28	39.5 %
Q3 2023	1,438.95	9.9 %	520.91	7.4 %	104.60	26.5 %
Q4 2023	1,458.09	0.0 %	525.09	(1.6 %)	140.39	7.7 %
2023	5,741.36	6.9 %	2,106.62	4.3 %	479.39	28.1 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	3,375.63	-	1,310.98	-	201.11	-
2018	3,797.20	12.5 %	1,478.68	12.8 %	293.53	46.0 %
2019	3,962.43	4.4 %	1,586.96	7.3 %	295.92	0.8 %
2020	4,962.08	25.2 %	1,881.26	18.5 %	392.90	32.8 %
2021	5,034.38	1.5 %	1,894.40	0.7 %	267.89	(31.8 %)
2022	5,372.24	6.7 %	2,019.60	6.6 %	374.35	39.7 %
2023	5,741.36	6.9 %	2,106.62	4.3 %	479.39	28.1 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	120.90	-	1.51	0.99	119.91	1.50
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	228.33	88.9 %	2.86	(5.66)	233.99	2.93
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	233.20	2.1 %	2.92	(15.65)	248.85	3.12
Q1 2020	23.11	-	0.29	(52.93)	76.04	0.95
Q2 2020	55.35	-	0.69	(61.91)	117.26	1.47
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	246.44	5.7 %	3.09	(94.95)	341.38	4.28
Q1 2021	78.84	241.2 %	0.99	21.49	57.35	0.72
Q2 2021	52.94	(4.4 %)	0.62	5.84	47.10	0.55
Q3 2021	38.29	-	0.45	9.85	28.44	0.33
Q4 2021	69.08	-	0.81	26.24	42.84	0.50
2021	239.15	(3.0 %)	2.81	63.42	175.72	2.07
Q1 2022	87.11	10.5 %	1.02	38.14	48.97	0.58
Q2 2022	80.67	52.4 %	0.95	14.47	66.21	0.78
Q3 2022	48.15	25.7 %	0.57	(1.08)	49.24	0.58
Q4 2022	89.51	29.6 %	1.05	7.74	81.77	0.96
2022	305.45	27.7 %	3.59	59.27	246.18	2.90
Q1 2023	76.25	(12.5 %)	0.90	-	76.25	0.90
Q2 2023	89.33	10.7 %	1.05	-	89.33	1.05
Q3 2023	71.28	48.0 %	0.84	-	71.28	0.84
Q4 2023	92.35	3.2 %	1.09	-	92.35	1.09
2023	329.22	7.8 %	3.87	-	329.22	3.87

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	120.90	-	1.51	0.99	119.91	1.50
2018	228.33	88.9 %	2.86	(5.66)	233.99	2.93
2019	233.20	2.1 %	2.92	(15.65)	248.85	3.12
2020	246.44	5.7 %	3.09	(94.95)	341.38	4.28
2021	239.15	(3.0 %)	2.81	63.42	175.72	2.07
2022	305.45	27.7 %	3.59	59.27	246.18	2.90
2023	329.22	7.8 %	3.87	-	329.22	3.87

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	38.84 %	14.78 %	3.55 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	38.94 %	15.71 %	6.16 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	40.05 %	15.25 %	6.28 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	37.91 %	14.07 %	6.88 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	37.63 %	11.95 %	3.49 %
2021	37.63 %	11.95 %	3.49 %
Q1 2022	37.83 %	12.05 %	3.27 %
Q2 2022	38.46 %	12.59 %	3.61 %
Q3 2022	38.74 %	13.20 %	3.98 %
Q4 2022	37.59 %	13.57 %	4.58 %
2022	37.59 %	13.57 %	4.58 %
Q1 2023	37.56 %	13.96 %	4.99 %
Q2 2023	37.05 %	14.35 %	5.29 %
Q3 2023	36.84 %	14.47 %	5.55 %
Q4 2023	36.69 %	14.82 %	5.73 %
2023	36.69 %	14.69 %	5.73 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	38.84 %	14.78 %	3.55 %
2018	38.94 %	15.71 %	6.16 %
2019	40.05 %	15.25 %	6.28 %
2020	37.91 %	14.07 %	6.88 %
2021	37.63 %	11.95 %	3.49 %
2022	37.59 %	13.57 %	4.58 %
2023	36.69 %	14.69 %	5.73 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	37.94 %	-	6.46 %
Q2 2020	40.71 %	-	8.99 %
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	37.36 %	12.64 %	4.74 %
Q2 2021	36.15 %	11.68 %	3.72 %
Q3 2021	35.84 %	10.59 %	2.26 %
Q4 2021	41.06 %	12.90 %	3.30 %
Q1 2022	38.17 %	12.98 %	3.78 %
Q2 2022	38.68 %	13.84 %	5.05 %
Q3 2022	37.05 %	13.08 %	3.76 %
Q4 2022	36.60 %	14.29 %	5.61 %
Q1 2023	38.01 %	14.56 %	5.42 %
Q2 2023	36.59 %	15.35 %	6.22 %
Q3 2023	36.20 %	13.70 %	4.95 %
Q4 2023	36.01 %	15.66 %	6.33 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	79.85	-	-	-
Q2 2020	79.85	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	79.85	-	-	14.62
Q2 2021	85.00	-	-	14.74
Q3 2021	85.00	-	-	12.46
Q4 2021	85.00	2.81	2.07	11.64
Q1 2022	85.00	2.91	1.97	12.61
Q2 2022	85.00	3.24	2.19	12.78
Q3 2022	85.00	3.35	2.44	12.07
Q4 2022	85.00	3.59	2.90	12.88
Q1 2023	85.00	3.47	3.22	12.67
Q2 2023	85.00	3.57	3.49	14.74
Q3 2023	85.00	3.84	3.75	14.17
Q4 2023	85.00	3.87	3.87	15.45

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	79.85	1.51	1.50	9.29
2018	79.85	2.86	2.93	10.81
2019	79.85	2.92	3.12	12.14
2020	79.85	3.09	4.28	13.94
2021	85.00	2.81	2.07	11.64
2022	85.00	3.59	2.90	12.88
2023	85.00	3.87	3.87	15.45

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	25.59	37.84	5.91
Q2 2022	20.70	30.54	5.24
Q3 2022	23.77	32.69	6.61
Q4 2022	20.01	24.83	5.58
Q1 2023	23.08	24.87	6.31
Q2 2023	27.61	28.23	6.68
Q3 2023	24.77	25.37	6.71
Q4 2023	27.32	27.32	6.85

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	20.01	24.83	5.58
2023	27.32	27.32	6.85

Business Segments (Million)

Compared With The

Period	Retail Sales	Wholesale	Logistic Services
Q1 2021	1,169.76	39.96	-
Q2 2021	1,234.85	31.92	-
Q3 2021	1,224.38	35.18	-
Q4 2021	1,257.00	41.34	-
Q1 2022	1,260.57	34.25	-
Q2 2022	1,268.35	41.84	-
Q3 2022	1,261.85	47.08	-
Q4 2022	1,376.54	81.76	-
Q1 2023	1,341.18	66.41	-
Q2 2023	1,366.98	69.76	-
Q3 2023	1,352.17	86.77	-
Q4 2023	1,382.63	58.37	17.09

Period	Retail Sales	Wholesale	Logistic Services
2020	4,795.48	166.59	-
2021	4,885.99	148.39	-
2022	5,175.91	196.33	-
2023	5,442.96	281.31	17.09

Analysts Estimates (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change‬
Average	95.85	92.35	(3.7 %)

Estimates vs Actual (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change
Riyad Capital	94.00	92.35	(1.8) %
SNB Capital	97.70	92.35	(5.5) %

Financial Ratios

	Current
Market Cap (M Riyal)	6,808.50
Enterprise Value (EV) (M)	7,366.97
Shares Outstanding ((M))	85.00
EPS ( Riyal) (TTM)	4.22
Book Value (BV) ( Riyal)	16.65
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	18.98
P/E (TTM)	18.98
Price/book	4.81
Return on Average Assets (%) (TTM)	7.5
Return on Average Equity (%) (TTM)	27.4

Aldawaa Medical Services Co. (ALDAWAA)

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Aldawaa net profit up 8% to SAR 329.2M in 2023, Q4 at SAR 92.4M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (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 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Aldawaa Medical Services Co. (ALDAWAA)

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Aldawaa net profit up 8% to SAR 329.2M in 2023, Q4 at SAR 92.4M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Aldawaa Medical Services Co. (ALDAWAA)

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Business Segments (Million)