Financial Results : Dallah profit jumps 30% to SAR 155.6M in Q1 2025

Dallah profit jumps 30% to SAR 155.6M in Q1 2025

11/05/2025 Argaam Exclusive

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Dallah Healthcare Co.’s Q1 2025 net profit jumped 30% to SAR 155.6 million from SAR 119.3 million in Q1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 784.06 832.75 6.2 %
Gross Income 293.36 297.61 1.4 %
Operating Income 143.22 119.94 (16.3 %)
Net Income 119.30 155.56 30.4 %
Average Shares 97.68 101.57 4.0 %
Earnings Per Share before unusual items (Riyal) 1.22 1.03 (16.1 %)
EPS (Riyal) 1.22 1.53 25.4 %

The profit increase is driven by a 6.2% year-on-year (YoY) rise in revenue to SAR 833 million. This increase was realized despite the current quarter being impacted by the seasonality associated with the month of Ramadan and Eid Al-Fitr. This was driven by increased operational capacity as a result of the group's strategic expansions, both in existing and acquired medical facilities, which contributed to the continued growth in the number of patients for the group's hospitals.

 

The acquisition of Al-Salam Medical Services Co. (owner of Dallah Al-Khobar Hospital), and Al-Ahsa Medical Services Co. (owner of Dallah Al-Ahsa Hospital), had a positive impact on revenue growth.

 

In addition, the company's 33.33% stake in a real estate fund through an in-kind contribution of lands resulted in non-recurring gains of SAR 51 million. The fund raised SAR 613 million in capital and aims to develop a mixed-use project comprising commercial, office, hospitality, and healthcare space in Al Nakheel district on King Fahd Road in Riyadh.

On a sequential basis, the net earnings grew by 36.6% from SAR 113.9 million in Q4 2024.

 

Shareholders’ equity, excluding minority interest, reached SAR 4.06 billion as of March 31, 2025, up from SAR 3.32 billion a year earlier.

 

 

 

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 285.03 18.6 % 132.53 29.8 % 61.90 56.1 %
Q2 2016 288.35 17.6 % 129.78 28.6 % 59.34 66.2 %
Q3 2016 273.17 22.0 % 122.38 39.2 % 51.80 96.4 %
Q4 2016 316.24 14.4 % 151.01 29.3 % 57.96 1.7 %
Q1 2017 302.75 6.2 % 143.60 8.4 % 85.82 38.6 %
Q2 2017 288.20 0.0 % 130.48 0.5 % 70.86 19.4 %
Q3 2017 295.25 8.1 % 136.77 11.8 % 76.36 47.4 %
Q4 2017 325.87 3.0 % 148.23 (1.8 %) 74.95 29.3 %
Q1 2018 308.59 1.9 % 131.73 (8.3 %) 59.44 (30.7 %)
Q2 2018 273.13 (5.2 %) 92.38 (29.2 %) 19.67 (72.2 %)
Q3 2018 280.94 (4.8 %) 101.37 (25.9 %) 33.44 (56.2 %)
Q4 2018 318.28 (2.3 %) 110.86 (25.2 %) 33.04 (55.9 %)
Q1 2019 321.15 4.1 % 120.26 (8.7 %) 41.24 (30.6 %)
Q2 2019 286.00 4.7 % 92.46 0.1 % 18.06 (8.2 %)
Q3 2019 301.34 7.3 % 107.78 6.3 % 30.99 (7.3 %)
Q4 2019 343.60 8.0 % 127.34 14.9 % 64.09 94.0 %
Q1 2020 314.61 (2.0 %) 105.76 (12.1 %) 26.42 (35.9 %)
Q2 2020 247.56 (13.4 %) 67.77 (26.7 %) 7.97 (55.9 %)
Q3 2020 350.79 16.4 % 132.62 23.0 % 50.51 63.0 %
Q4 2020 405.30 18.0 % 143.57 12.7 % 40.26 (37.2 %)
Q1 2021 494.67 57.2 % 176.82 67.2 % 72.91 176.0 %
Q2 2021 490.83 98.3 % 168.17 148.1 % 68.57 760.1 %
Q3 2021 544.12 55.1 % 192.46 45.1 % 69.95 38.5 %
Q4 2021 575.57 42.0 % 222.91 55.3 % 116.48 189.4 %
Q1 2022 609.40 23.2 % 231.69 31.0 % 109.93 50.8 %
Q2 2022 583.82 18.9 % 212.13 26.1 % 96.68 41.0 %
Q3 2022 600.89 10.4 % 211.47 9.9 % 84.19 20.4 %
Q4 2022 693.88 20.6 % 239.81 7.6 % 101.69 (12.7 %)
Q1 2023 716.64 17.6 % 266.79 15.1 % 132.49 20.5 %
Q2 2023 670.42 14.8 % 235.08 10.8 % 87.85 (9.1 %)
Q3 2023 749.83 24.8 % 280.86 32.8 % 130.97 55.6 %
Q4 2023 806.01 16.2 % 295.94 23.4 % 126.50 24.4 %
Q1 2024 784.06 9.4 % 293.36 10.0 % 143.22 8.1 %
Q2 2024 765.18 14.1 % 297.73 26.7 % 135.70 54.5 %
Q3 2024 847.73 13.1 % 322.99 15.0 % 155.15 18.5 %
Q4 2024 808.76 0.3 % 292.76 (1.1 %) 107.98 (14.6 %)
Q1 2025 832.75 6.2 % 297.61 1.4 % 119.94 (16.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 58.07 21.4 % 0.65 (2.02) 60.09 0.67
Q2 2016 54.14 51.0 % 0.60 (3.07) 57.21 0.64
Q3 2016 60.80 127.0 % 0.68 9.42 51.39 0.57
Q4 2016 51.71 (5.3 %) 0.57 (6.00) 57.71 0.64
Q1 2017 85.05 46.5 % 0.94 - 85.05 0.94
Q2 2017 69.99 29.3 % 0.78 - 69.99 0.78
Q3 2017 76.82 26.3 % 0.85 - 76.82 0.85
Q4 2017 63.12 22.1 % 0.70 (11.69) 74.81 0.83
Q1 2018 58.09 (31.7 %) 0.65 - 58.09 0.65
Q2 2018 18.73 (73.2 %) 0.21 - 18.73 0.21
Q3 2018 32.48 (57.7 %) 0.36 - 32.48 0.36
Q4 2018 32.47 (48.6 %) 0.36 - 32.47 0.36
Q1 2019 35.17 (39.5 %) 0.39 - 35.17 0.39
Q2 2019 15.35 (18.1 %) 0.17 - 15.35 0.17
Q3 2019 26.62 (18.1 %) 0.30 - 26.62 0.30
Q4 2019 69.79 115.0 % 0.78 13.39 56.41 0.63
Q1 2020 19.24 (45.3 %) 0.21 - 19.24 0.21
Q2 2020 6.99 (54.4 %) 0.08 - 6.99 0.08
Q3 2020 53.78 102.1 % 0.60 16.36 37.42 0.42
Q4 2020 17.11 (75.5 %) 0.19 - 17.11 0.19
Q1 2021 52.61 173.4 % 0.58 - 52.61 0.58
Q2 2021 47.54 579.9 % 0.53 - 47.54 0.53
Q3 2021 49.85 (7.3 %) 0.55 - 49.85 0.55
Q4 2021 108.60 534.6 % 1.21 10.35 98.25 1.09
Q1 2022 82.63 57.1 % 0.92 - 82.63 0.92
Q2 2022 69.52 46.2 % 0.77 - 69.52 0.77
Q3 2022 43.87 (12.0 %) 0.49 - 43.87 0.49
Q4 2022 78.44 (27.8 %) 0.87 - 78.44 0.87
Q1 2023 94.66 14.6 % 0.97 - 94.66 0.97
Q2 2023 53.01 (23.8 %) 0.54 - 53.01 0.54
Q3 2023 98.87 125.4 % 1.01 - 98.87 1.01
Q4 2023 113.65 44.9 % 1.16 - 113.65 1.16
Q1 2024 119.30 26.0 % 1.22 - 119.30 1.22
Q2 2024 111.84 111.0 % 1.14 - 111.84 1.14
Q3 2024 126.15 27.6 % 1.29 - 126.15 1.29
Q4 2024 113.90 0.2 % 1.17 - 113.90 1.17
Q1 2025 155.56 30.4 % 1.53 51.44 104.13 1.03

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2023 35.84 % 20.47 % 11.04 %
Q2 2023 35.54 % 19.47 % 10.07 %
Q3 2023 36.12 % 20.16 % 11.48 %
Q4 2023 36.65 % 20.50 % 12.24 %
Q1 2024 36.72 % 20.57 % 12.78 %
Q2 2024 37.61 % 21.64 % 14.29 %
Q3 2024 37.78 % 21.79 % 14.70 %
Q4 2024 37.65 % 21.29 % 14.70 %
2024 37.65 % 21.29 % 14.70 %
Q1 2025 37.21 % 20.55 % 14.01 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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 1.08 0.90 19.94
Q1 2021 90.00 1.45 1.27 19.89
Q2 2021 90.00 1.90 1.72 20.42
Q3 2021 90.00 1.86 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
Q3 2023 97.68 3.33 3.33 32.64
Q4 2023 97.68 3.69 3.69 32.79
Q1 2024 97.68 3.94 3.94 34.02
Q2 2024 97.68 4.54 4.54 34.51
Q3 2024 97.68 4.82 4.82 34.96
Q4 2024 97.68 4.82 4.82 35.51
Q1 2025 101.57 5.00 4.49 39.98

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2016 28.55 28.22 3.44
Q2 2016 29.68 28.92 4.05
Q3 2016 22.14 22.57 3.44
Q4 2016 28.13 27.92 4.17
Q1 2017 26.99 27.02 4.24
Q2 2017 27.88 28.24 4.81
Q3 2017 25.62 25.09 4.47
Q4 2017 22.81 21.94 3.98
Q1 2018 25.79 24.71 3.96
Q2 2018 29.56 28.04 3.96
Q3 2018 23.83 22.32 2.49
Q4 2018 26.40 26.40 2.34
Q1 2019 34.12 34.12 2.49
Q2 2019 36.29 36.29 2.87
Q3 2019 37.54 37.54 2.76
Q4 2019 26.96 29.67 2.60
Q1 2020 29.56 32.93 2.60
Q2 2020 32.37 36.33 2.65
Q3 2020 32.00 39.93 3.09
Q4 2020 50.46 60.68 2.73
Q1 2021 41.02 46.90 2.99
Q2 2021 47.15 52.14 4.39
Q3 2021 43.03 43.03 3.83
Q4 2021 29.50 30.73 4.09
Q1 2022 35.69 37.01 5.27
Q2 2022 36.23 37.48 5.56
Q3 2022 52.68 54.54 8.12
Q4 2022 54.77 54.77 7.55
Q1 2023 54.60 54.60 5.00
Q2 2023 63.13 63.13 5.44
Q3 2023 44.57 44.57 4.54
Q4 2023 48.45 48.45 5.45
Q1 2024 44.18 44.18 5.12
Q2 2024 35.44 35.44 4.66
Q3 2024 34.72 34.72 4.79
Q4 2024 32.21 32.21 4.39
Q1 2025 25.34 28.20 3.17

Business Segments (Million)

Compared With The
Period Medical Services Medicine and Pharmaceutical Products
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
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
Q4 2021 472.23 103.34
Q1 2022 470.53 138.87
Q2 2022 475.30 108.52
Q3 2022 438.86 162.03
Q4 2022 547.10 146.77
Q1 2023 530.59 186.05
Q2 2023 513.01 157.40
Q3 2023 518.40 231.43
Q4 2023 597.28 208.74
Q1 2024 574.66 209.40
Q2 2024 550.68 214.50
Q3 2024 628.19 219.55
Q4 2024 467.66 341.10
Q1 2025 581.02 251.74

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change Profit Before Unusual Items Change
Average 120.93 155.56 104.13

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬ Profit Before Unusual Items Change‬
SNB Capital 133.00 155.56 104.13
Goldman Sachs 122.91 155.56 104.13
Al Rajhi Capital 115.00 155.56 104.13
AlJazira Capital 112.80 155.56 104.13

Current
Market Cap (M Riyal) 12,696.89
Enterprise Value (EV) (M Riyal) 15,972.86
Shares Outstanding ((M)) 101.58
EPS ( Riyal) (TTM) 5.12
Book Value (BV) ( Riyal) 40.71
Par Value ( Riyal) 10.00
Recurring P/E 27.85
P/E (TTM) 24.42
Price/book 3.07
Return on Average Assets (%) (TTM) 6.9
Return on Average Equity (%) (TTM) 13.9
EV/adj EBITDA 22.55
EV/Revenues 4.50

Share Price

125.00
(3.00) (2.34 %)

Dallah Healthcare Co. (DALLAH HEALTH)


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