Dallah’s net profit down 29.5% for 9M 2019

27/10/2019 Argaam Exclusive

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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.

Financials (M)

Item	9m 2018	9m 2019	Change‬
Revenues	862.66	908.49	5.3 %
Gross Income	325.47	320.51	(1.5 %)
Operating Income	112.56	90.30	(19.8 %)
Net Income	109.29	77.13	(29.4 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	1.21	0.86	(29.4 %)

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.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2018	Q3 2019	Change‬
Revenues	280.94	301.34	7.3 %
Gross Income	101.37	107.78	6.3 %
Operating Income	33.44	30.99	(7.3 %)
Net Income	32.48	26.62	(18.1 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	0.36	0.30	(18.1 %)

Item	Q2 2019	Q3 2019	Change‬
Revenues	286.00	301.34	5.4 %
Gross Income	92.46	107.78	16.6 %
Operating Income	18.06	30.99	71.6 %
Net Income	15.35	26.62	73.4 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.17	0.30	73.4 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2018	1,180.94	(2.6 %)	436.34	(22.0 %)	141.76	(51.9 %)	1.58

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2018	36.95 %	18.60 %	12.00 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2018	90.00	1.58	1.58	17.79

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
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

Period	P/E	Adjusted P/E	Price/book
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
2018	25.39	25.39	2.25

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
Q4 2018	228.74	89.55
Q1 2019	239.22	81.93
Q2 2019	210.95	75.06
Q3 2019	232.55	68.79

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
2018	889.66	291.28

Analysts Estimates (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change‬
Average	24.10	26.62	10.44 %

Estimates vs Actual (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change
OSOOL AND BAKHEET	26.60	26.62	0.1 %
AlJazira Capital	23.70	26.62	12.3 %
Al Rajhi Capital	22.00	26.62	21.0 %

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

Dallah Healthcare Co. (DALLAH HEALTH)

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Dallah’s net profit down 29.5% for 9M 2019

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Financials (M)

Current Quarter Comparison (M)

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Financial results (Million)

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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) 2019 Q3

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Dallah’s net profit down 29.5% for 9M 2019

View other reports

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 2019

Revenue by Business Segment (Latest) 2019 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Dallah Healthcare Co. (DALLAH HEALTH)

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