Aldawaa profit up 15% to SAR 191.2M in H1 2024; Q2 at SAR 95.9M

04/08/2024 Argaam Exclusive

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Aldawaa Medical Services Co. (DMSCO) reported a net profit of SAR 191.2 million for the first half of 2024, a jump of 15.5% from SAR 165.6 million in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	2,844.33	3,102.69	9.1 %
Gross Income	1,060.62	1,140.39	7.5 %
Operating Income	242.28	269.08	11.1 %
Net Income	165.59	191.21	15.5 %
Average Shares	85.00	85.00	-
EPS (Riyals)	1.95	2.25	15.5 %

The first-half profit was triggered by better revenue, thanks to increased sales activities, own brands, and omnichannels.

The increase in sales boosted gross profit by SAR 79.7 million, or 7.5% compared to H1 2023. Additionally, the company’s cost control led to a rise of SAR 28.2 million, or 11.9% year-on-year (YoY), in operating profits.

In Q2 2024, net earnings increased by 7% to SAR 95.9 million from SAR 89.3 million in Q2 2023 on improved revenue amid increased sales activities, the company’s brands, and omnichannels.

Aldawaa’s net earnings were 0.6% up on a sequential basis from SAR 95.3 million in Q1 2024 as higher sales raised gross profit by 2% quarter-on-quarter (QoQ).

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	1,436.74	1,586.27	10.4 %
Gross Income	525.64	575.97	9.6 %
Operating Income	126.28	136.31	7.9 %
Net Income	89.33	95.88	7.3 %
Average Shares	85.00	85.00	-
EPS (Riyals)	1.05	1.13	7.3 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	1,516.42	1,586.27	4.6 %
Gross Income	564.42	575.97	2.0 %
Operating Income	130.49	136.31	4.5 %
Net Income	95.33	95.88	0.6 %
Average Shares	85.00	85.00	-
EPS (Riyals)	1.12	1.13	0.6 %

Total shareholders’ equity, no minority interest, rose to SAR 1.37 billion as of June 30, 2024, from SAR 1.25 billion a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
Q1 2024	1,516.42	7.7 %	564.42	5.5 %	130.49	12.5 %
Q2 2024	1,586.27	10.4 %	575.97	9.6 %	136.31	7.9 %

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 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
Q1 2024	95.33	25.0 %	1.12	-	95.33	1.12
Q2 2024	95.88	7.3 %	1.13	-	95.88	1.13

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 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 %
Q1 2024	36.51 %	14.86 %	5.95 %
Q2 2024	36.44 %	14.64 %	5.91 %

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 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 %
Q1 2024	37.22 %	14.71 %	6.29 %
Q2 2024	36.31 %	14.50 %	6.04 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2024	85.00	4.10	4.10	15.28
Q2 2024	85.00	4.17	4.17	16.20

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 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
Q1 2024	22.72	22.72	6.09
Q2 2024	20.96	20.96	5.40

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
Q1 2024	1,441.98	74.44	-
Q2 2024	1,498.14	88.14	-

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	Q2 2024 (e)	Q2 2024 (a)	Change‬
Average	100.06	95.88	(4.2 %)

Estimates vs Actual (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change
Hermes	96.00	95.88	(0.1) %
SNB Capital	93.80	95.88	2.2 %
United Securities Company	99.00	95.88	(3.2) %
OSOOL AND BAKHEET	103.50	95.88	(7.4) %
Riyad Capital	108.00	95.88	(11.2) %

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 profit up 15% to SAR 191.2M in H1 2024; Q2 at SAR 95.9M

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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) 2024 Q2

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 profit up 15% to SAR 191.2M in H1 2024; Q2 at SAR 95.9M

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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) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

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)