Dallah’s net profit drops 53% in 9M

23/10/2018 Argaam Exclusive

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Share Price

Dallah Healthcare Co. (DALLAH HEALTH)

Dallah Healthcare Co.’s net profit after zakat and tax dropped 52.8 percent year-on-year (YoY) in the first nine months of 2018 to SAR 109.3 million on lower revenue due to a decline in the number of inpatients and outpatients.

The company also cited an increase in the cost of sales and administrative expenses as well as financing charges after commencing operations at Namar Hospital.

Financials (M)

Item	9m 2017	9m 2018	Change‬
Revenues	886.21	862.66	(2.7 %)
Gross Income	410.85	325.47	(20.8 %)
Operating Income	233.03	112.56	(51.7 %)
Net Income	231.85	109.29	(52.9 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	2.58	1.21	(52.9 %)

The third-quarter net profit after zakat and tax fell 57.8 percent YoY to SAR 32.5 million, hurt by lower revenue along with higher selling and distribution expenses.

Compared to Q2 2018, net profit surged 73.7 percent, on higher revenue and other income.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2017	Q3 2018	Change‬
Revenues	295.25	280.94	(4.8 %)
Gross Income	136.77	101.37	(25.9 %)
Operating Income	76.36	33.44	(56.2 %)
Net Income	76.82	32.48	(57.7 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.85	0.36	(57.7 %)

Item	Q2 2018	Q3 2018	Change‬
Revenues	273.13	280.94	2.9 %
Gross Income	92.38	101.37	9.7 %
Operating Income	19.67	33.44	70.0 %
Net Income	18.73	32.48	73.5 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.21	0.36	73.5 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2009	-	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-	-
2009	513.86	-	155.79	-	66.04	-	0.73
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	104.78	-	36.90	-	17.82	-	0.20
Q4 2010	120.09	-	39.97	-	24.33	-	0.27
2010	472.52	(8.0 %)	169.83	9.0 %	94.47	43.0 %	1.05
Q1 2011	129.97	-	49.69	-	35.25	-	0.39
Q2 2011	139.34	-	50.86	-	27.14	-	0.30
Q3 2011	115.44	10.2 %	37.37	1.3 %	15.49	(13.1 %)	0.17
Q4 2011	142.59	18.7 %	51.97	30.0 %	35.53	46.0 %	0.39
2011	527.34	11.6 %	189.89	11.8 %	113.40	20.0 %	1.26
Q1 2012	154.04	18.5 %	72.82	46.5 %	37.96	7.7 %	0.42
Q2 2012	161.32	15.8 %	73.73	45.0 %	37.09	36.7 %	0.41
Q3 2012	142.26	23.2 %	59.00	57.9 %	23.94	54.5 %	0.27
Q4 2012	179.43	25.8 %	81.51	56.9 %	34.37	(3.3 %)	0.38
2012	636.86	20.8 %	286.87	51.1 %	133.36	17.6 %	1.48
Q1 2013	183.73	19.3 %	84.40	15.9 %	39.04	2.8 %	0.43
Q2 2013	187.79	16.4 %	80.68	9.4 %	23.64	(36.3 %)	0.26
Q3 2013	167.08	17.4 %	66.67	13.0 %	21.84	(8.7 %)	0.24
Q4 2013	211.05	17.6 %	95.71	17.4 %	52.11	51.6 %	0.58
2013	749.65	17.7 %	327.45	14.1 %	136.63	2.5 %	1.52
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	-	-	-	-	-	-	-
2009	513.86	-	155.79	-	66.04	-	0.73
2010	472.52	(8.0 %)	169.83	9.0 %	94.47	43.0 %	1.05
2011	527.34	11.6 %	189.89	11.8 %	113.40	20.0 %	1.26
2012	636.86	20.8 %	286.87	51.1 %	133.36	17.6 %	1.48
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

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	30.32 %	18.58 %	13.44 %
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	35.94 %	22.73 %	19.99 %
Q1 2011	-	-	-
Q2 2011	35.90 %	22.84 %	21.15 %
Q3 2011	35.24 %	22.42 %	20.24 %
Q4 2011	36.01 %	24.05 %	22.15 %
2011	36.01 %	24.05 %	22.15 %
Q1 2012	38.63 %	24.79 %	21.67 %
Q2 2012	41.14 %	25.88 %	22.58 %
Q3 2012	42.90 %	25.84 %	22.97 %
Q4 2012	45.06 %	25.05 %	20.93 %
2012	45.04 %	25.06 %	20.94 %
Q1 2013	44.79 %	24.18 %	20.16 %
Q2 2013	44.08 %	22.36 %	17.45 %
Q3 2013	43.63 %	21.80 %	16.56 %
Q4 2013	43.68 %	23.30 %	18.23 %
2013	43.68 %	23.16 %	18.23 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	-	-	-
2009	30.32 %	18.58 %	13.44 %
2010	35.94 %	22.73 %	19.99 %
2011	36.01 %	24.05 %	22.15 %
2012	45.04 %	25.06 %	20.94 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	35.22 %	21.56 %	17.00 %
Q4 2010	33.28 %	18.14 %	20.26 %
Q1 2011	38.23 %	26.96 %	27.12 %
Q2 2011	36.50 %	24.01 %	19.47 %
Q3 2011	32.37 %	19.85 %	13.42 %
Q4 2011	36.44 %	24.82 %	27.29 %
Q1 2012	47.27 %	29.16 %	24.64 %
Q2 2012	45.71 %	28.00 %	22.99 %
Q3 2012	41.48 %	20.83 %	16.83 %
Q4 2012	45.43 %	22.23 %	19.16 %
Q1 2013	45.94 %	25.32 %	21.25 %
Q2 2013	42.96 %	20.75 %	12.59 %
Q3 2013	39.90 %	18.63 %	13.07 %
Q4 2013	45.35 %	27.52 %	24.69 %
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	-	-	-	-
Q4 2009	-	-	-	-
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	90.00	-	-	3.67
Q4 2010	90.00	-	-	3.94
Q1 2011	90.00	-	-	4.29
Q2 2011	90.00	1.16	1.16	4.63
Q3 2011	90.00	1.14	1.14	4.80
Q4 2011	90.00	1.26	1.30	5.21
Q1 2012	90.00	1.29	1.33	5.66
Q2 2012	90.00	1.40	1.44	6.04
Q3 2012	90.00	1.49	1.53	6.31
Q4 2012	90.00	1.48	1.48	12.40
Q1 2013	90.00	1.49	1.49	12.83
Q2 2013	90.00	1.34	1.34	12.37
Q3 2013	90.00	1.32	1.32	12.64
Q4 2013	90.00	1.52	1.52	13.22
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	-	-	-	-
2009	90.00	0.73	0.77	3.34
2010	90.00	1.05	1.05	3.94
2011	90.00	1.26	1.30	5.21
2012	90.00	1.48	1.48	12.40
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	25.26	25.26	3.02
Q1 2013	23.15	23.15	2.70
Q2 2013	26.26	26.26	2.85
Q3 2013	26.93	26.93	2.82
Q4 2013	26.15	26.15	3.00
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

Period	P/E	Adjusted P/E	Price/book
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	25.26	25.26	3.02
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

Business Segments (Million)

Compared With The

Period	Medical Services	Medicine and Pharmaceutical Products
Q1 2011	118.62	11.35
Q2 2011	132.76	6.58
Q3 2011	110.16	5.99
Q4 2011	134.16	7.73
Q1 2012	141.87	12.17
Q2 2012	148.75	12.57
Q3 2012	133.35	8.91
Q4 2012	163.03	16.20
Q1 2013	169.97	13.76
Q2 2013	168.24	19.56
Q3 2013	158.17	8.92
Q4 2013	192.80	18.25
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

Period	Medical Services	Medicine and Pharmaceutical Products
2010	445.44	27.08
2011	495.70	31.64
2012	587.00	49.85
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

Analysts Estimates (Million)

Item	Q3 2018 (e)	Q3 2018 (a)	Change‬
Average	31.60	32.48	2.79 %

Estimates vs Actual (Million)

Item	Q3 2018 (e)	Q3 2018 (a)	Change
Al Rajhi Capital	32.00	32.48	1.5 %
AlJazira Capital	35.40	32.48	(8.2) %
Sico	39.00	32.48	(16.7) %
OSOOL AND BAKHEET	20.00	32.48	62.4 %

Financial Ratios

	Current
Market Cap (M Riyal)	16,039.06
Enterprise Value (EV) (M)	17,942.53
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)	41.68
P/E (TTM)	41.68
Price/book	4.83
Return on Average Assets (%) (TTM)	6.2
Return on Average Equity (%) (TTM)	11.9

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Dallah’s net profit drops 53% in 9M

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Share Price

Dallah Healthcare Co. (DALLAH HEALTH)

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) 2018 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

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Financial Ratios

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Dallah’s net profit drops 53% in 9M

View other reports

Share Price

Dallah Healthcare Co. (DALLAH HEALTH)

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 2018

Revenue by Business Segment (Latest) 2018 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)