Aldawaa profit rises 12% to SAR 266.3M in 9M 2024; Q3 at SAR 75.1M
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Aldawaa Medical Services Co. (DMSCO) reported a net profit rise of 12% to SAR 266.3 million for the first nine months of 2024, compared to SAR 236.9 million in the prior-year period.
Financials (M)
| Item | 9m 2023 | 9m 2024 | Change |
|---|---|---|---|
| Revenues | 4,283.28 | 4,728.92 | 10.4 % |
| Gross Income | 1,581.53 | 1,710.51 | 8.2 % |
| Operating Income | 346.88 | 378.92 | 9.2 % |
| Net Income | 236.87 | 266.29 | 12.4 % |
| Average Shares | 85.00 | 85.00 | - |
| EPS (Riyals) | 2.79 | 3.13 | 12.4 % |
The nine-month net profit was buoyed by higher sales, which drove gross profits up by 8.2% year-on-year (YoY) on the back of increased sales activities, private brands and multiple channels.
Aldawaa controlled expenses, which led to an increase of SAR. 6.5 million, or 6.2% YoY, in operating profits over the same period of the 2023.
In Q3 2024, Aldawaa’s net profit grew by 5% to SAR 75.1 million from SAR 71.2 million a year earlier as sales grew, leading to a 9.4% YoY rise in gross profits.
On the other hand, quarterly net earnings dropped by 21.7% from SAR 95.8 million in Q2 2024 on an increase in selling and distribution expenses of the company’s new openings. It also reported higher expenses of promotional offers to boost sales.
This came despite a 2.5% rise in the topline quarter-on-quarter.
Current Quarter Comparison (M)
| Item | Q3 2023 | Q3 2024 | Change |
|---|---|---|---|
| Revenues | 1,438.95 | 1,626.23 | 13.0 % |
| Gross Income | 520.91 | 570.11 | 9.4 % |
| Operating Income | 104.60 | 109.84 | 5.0 % |
| Net Income | 71.28 | 75.09 | 5.3 % |
| Average Shares | 85.00 | 85.00 | - |
| EPS (Riyals) | 0.84 | 0.88 | 5.3 % |
Total shareholders’ equity, no minority interest, rose to SAR 1.41 billion as of Sept. 30, 2024, from SAR 1.20 billion in the corresponding period of the year before.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
| Q3 2024 | 1,626.23 | 13.0 % | 570.11 | 9.4 % | 109.84 | 5.0 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2024 | 95.33 | 25.0 % | 1.12 | - | 95.33 | 1.12 |
| Q2 2024 | 95.88 | 7.3 % | 1.13 | - | 95.88 | 1.13 |
| Q3 2024 | 75.09 | 5.3 % | 0.88 | - | 75.09 | 0.88 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 36.51 % | 14.86 % | 5.95 % |
| Q2 2024 | 36.44 % | 14.64 % | 5.91 % |
| Q3 2024 | 36.13 % | 14.36 % | 5.80 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 85.00 | 4.10 | 4.10 | 15.28 |
| Q2 2024 | 85.00 | 4.17 | 4.17 | 16.20 |
| Q3 2024 | 85.00 | 4.22 | 4.22 | 16.65 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | 22.72 | 22.72 | 6.09 |
| Q2 2024 | 20.96 | 20.96 | 5.40 |
| Q3 2024 | 22.66 | 22.66 | 5.74 |
Business Segments (Million)
Q3 2024
| Period | Retail Sales | Wholesale | Logistic Services |
|---|---|---|---|
| Q1 2024 | 1,441.98 | 74.44 | - |
| Q2 2024 | 1,498.14 | 88.14 | - |
| Q3 2024 | 1,533.90 | 92.33 | - |
Analysts Estimates (Million)
| Item | Q3 2024 (e) | Q3 2024 (a) | Change |
|---|---|---|---|
| Average | 86.63 | 75.09 | (13.3 %) |
Estimates vs Actual (Million)
| Item | Q3 2024 (e) | Q3 2024 (a) | Change |
|---|---|---|---|
| Hermes | 80.00 | 75.09 | (6.1) % |
| SNB Capital | 82.10 | 75.09 | (8.5) % |
| Riyad Capital | 83.00 | 75.09 | (9.5) % |
| JP Morgan | 86.00 | 75.09 | (12.7) % |
| United Securities Company | 88.00 | 75.09 | (14.7) % |
| OSOOL AND BAKHEET | 100.69 | 75.09 | (25.4) % |
| 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 |
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