Dallah Healthcare H1 2023 profit slips 3% to SAR 147.7 mln; Q2 at SAR 53 mln

08/08/2023 Argaam Exclusive

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Share Price

Dallah Healthcare Co. (DALLAH HEALTH)

Dallah Healthcare Co. reported a net profit of SAR 147.7 million in H1 2023, a decline of 3% from SAR 152.1 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	1,193.22	1,387.06	16.2 %
Gross Income	443.83	501.87	13.1 %
Operating Income	206.60	220.35	6.7 %
Net Income	152.15	147.67	(2.9 %)
Average Shares	90.00	97.68	8.5 %
EPS (Riyals)	1.69	1.51	(10.6 %)

The decline was attributed to Murabaha costs, which increased by SAR 32 million on higher finance costs. Accordingly, the net profit attributable to shareholders decreased.

By contrast, Dallah Healthcare reported an increase of SAR 10 million year-on-year (YoY) in the results of associates. Revenues for the six-month period jumped 16% YoY to SAR 1.38 billion. Operating profit also rose 12% YoY to SAR 241 million in H1 2023.

The second-quarter net profit fell by 24% to SAR 53 million from SAR 69.5 million in Q2 2022, due to higher finance costs and Zakat provisions despite better revenue on an annual basis. Operating profit also grew by 2% YoY to SAR 103 million.

The net profit also dipped 44% from SAR 94.66 million in Q1 2023 as revenues decreased by 6.5% to SAR 670 million on seasonal factors

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	583.82	670.42	14.8 %
Gross Income	212.13	235.08	10.8 %
Operating Income	96.68	87.85	(9.1 %)
Net Income	69.52	53.01	(23.8 %)
Average Shares	90.00	97.68	8.5 %
EPS (Riyals)	0.77	0.54	(29.8 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	716.64	670.42	(6.5 %)
Gross Income	266.79	235.08	(11.9 %)
Operating Income	138.08	87.85	(36.4 %)
Net Income	94.66	53.01	(44.0 %)
Average Shares	97.68	97.68	-
EPS (Riyals)	0.97	0.54	(44.0 %)

Shareholders’ equity, after minority interest, rose to SAR 3.13 billion as of June 30, 2023, from SAR 2.02 billion 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

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 %	20.69 %	11.04 %
Q2 2023	35.54 %	19.68 %	10.07 %

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 %	23.55 %	13.21 %
Q2 2023	35.06 %	17.54 %	7.91 %

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

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	More than 50	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	More than 50	2.63
Q1 2021	31.13	45.10	2.88
Q2 2021	37.67	More than 50	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	More than 50	More than 50	7.81
Q4 2022	More than 50	More than 50	7.27
Q1 2023	More than 50	More than 50	4.81
Q2 2023	More than 50	More than 50	5.23

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	More than 50	2.63
2021	28.37	29.55	3.93
2022	More than 50	More than 50	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	223.92	15.02
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	111.39	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
Q1 2022	572.62	36.78
Q2 2022	552.61	31.21
Q3 2022	566.79	34.09
Q4 2022	675.88	17.99
Q1 2023	675.12	41.52
Q2 2023	634.13	36.29

Period	Medical Services	Medicine and Pharmaceutical Products
2013	689.17	60.48
2014	798.39	60.35
2015	925.20	60.24
2016	930.00	36.67
2017	945.78	266.30
2018	889.66	291.28
2019	942.12	309.97
2020	965.03	353.22
2021	1,966.89	138.29
2022	2,367.90	120.08

Analysts Estimates (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change‬
Average	81.24	53.01	(34.8 %)

Estimates vs Actual (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change
Goldman Sachs	66.42	53.01	(20.2) %
Al Rajhi Capital	73.00	53.01	(27.4) %
U-Capital	75.50	53.01	(29.8) %
OSOOL AND BAKHEET	79.70	53.01	(33.5) %
AlJazira Capital	85.20	53.01	(37.8) %
Hermes	86.00	53.01	(38.4) %
SNB Capital	91.10	53.01	(41.8) %
HSBC	93.00	53.01	(43.0) %

Financial Ratios

	Current
Market Cap (M Riyal)	16,312.56
Enterprise Value (EV) (M)	18,241.19
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)	42.39
P/E (TTM)	42.39
Price/book	4.91
Return on Average Assets (%) (TTM)	6.3
Return on Average Equity (%) (TTM)	11.9

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Search Result

Dallah Healthcare H1 2023 profit slips 3% to SAR 147.7 mln; Q2 at SAR 53 mln

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)

Revenue by Business Segment (Latest) 2023 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Dallah Healthcare H1 2023 profit slips 3% to SAR 147.7 mln; Q2 at SAR 53 mln

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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) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)