Dallah Healthcare Co. reported a net profit of SAR 77.1 million for the first nine months of 2019, a 29.46 percent year-on-year decline on higher operating expenses for Dallah-Namar Hospital (direct and indirect) in comparison with Q1 2018, as the hospital has been operating since Q2 2018.
Depreciation expenses and financing cost also increased as a result of starting operations of Dallah-Namar Hospital and fixing its loan terms.
There was also an increase in the company’s share of pre-operating costs of Dr. Mohammed Al-Faqih Hospital.
Dallah’s net profit for Q3 2019 fell 18.2 percent year-on-year to SAR 26.6 million due to the increase in operating cost that accompanies hiking operating levels of Namar Hospital, as well as the increase in financing cost and pre-operating costs of Dr. Mohammed Al-Faqih Hospital in which the company owns a stake.
When compared to the previous quarter, net profit rose 73.9 percent on higher Namar Hospital’s revenues, higher number of patients of its Nakheel branch during the current quarter compared to the last quarter that is seasonally slow in business and higher other revenues from gain on sale of investments.