Financial Results : Dallah H1 2025 profit up 21% to SAR 279.8M; Q2 at SAR 124.3M

Dallah H1 2025 profit up 21% to SAR 279.8M; Q2 at SAR 124.3M

04/08/2025 Argaam Exclusive

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Dallah Healthcare Co. reported a net profit of SAR 279.8 million in H1 2025, an increase of 21% from SAR 231.1 million a year earlier.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Revenues 1,549.24 1,895.19 22.3 %
Gross Income 591.09 673.49 13.9 %
Operating Income 278.92 267.65 (4.0 %)
Net Income 231.14 279.82 21.1 %
Average Shares 97.68 101.57 4.0 %
Earnings Per Share before unusual items (Riyals) 2.37 2.13 (10.2 %)
EPS (Riyal) 2.37 2.75 16.4 %

The profit increase is driven by a 22.3% year-on-year (YoY) growth in revenue to SAR 1.89 billion. This was due to the record revenues achieved in the current quarter on improved operational capacity and strategic expansions in existing and acquired medical facilities. This contributed to the continued growth in the number of patients.

 

The acquisition of Al Salam Medical Services Co., owner of Dallah Hospital Al-Khobar, and Al Ahsa Medical Services Co., owner of Dallah Hospital Al-Ahsa, on March 23, 2025, had a positive impact on revenues. The total revenues of the two hospitals for the current period amounted to approximately SAR 189 million.

 

Dallah Hospital Al-Khobar and Dallah Hospital Al-Ahsa saw a surge in revenue under Dallah Health's management. The topline increased by 52% YoY (the hospitals' revenues for H1 2024 are not included in Dallah’s earnings as they preceded the acquisition date).

 

The acquisition of the two hospitals contributed a 37% increase in the group's bed capacity, with the addition of 424 beds (274 beds in Dallah Al-Ahsa Hospital and 150 beds in operation in Dallah Al-Khobar Hospital).

 

The deal is expected to increase the group's revenues by approximately SAR 500 million throughout 2025 (starting from the acquisition date of March 23, 2025). This growth is expected to continue at high rates in the following years, with increased operating rates at the two hospitals, particularly Dallah Hospital Al-Khobar.

 

The group's existing medical facilities prior to the acquisition also achieved revenue growth of SAR 157 million, a 10.1% increase YoY.

 

Following the acquisition of Dallah Hospital Al-Khobar, its net losses reduced by 49% YoY to SAR 23 million.

 

Net profit before interest, depreciation, amortization, and Zakat for the period rose by 21.3% to SAR 462 million, compared to SAR 381 million in the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Revenues 765.18 1,062.43 38.8 %
Gross Income 297.73 375.88 26.3 %
Operating Income 135.70 147.71 8.9 %
Net Income 111.84 124.26 11.1 %
Average Shares 97.68 101.57 4.0 %
Earnings Per Share before unusual items (Riyal) 1.14 1.10 (3.9 %)
EPS (Riyal) 1.14 1.22 6.8 %

Net profit grew 11% in Q2 2025 to SAR 124.3 million from SAR 111.8 million in Q2 2024.

 

On a sequential basis, net profit fell 20.1% from SAR 155.56 million in Q1 2025.

 

Total shareholders’ equity, after minority interest, stood at SAR 4.13 billion by June 30, 2025, compared to SAR 3.37 billion a year earlier.

 

Attached Documents

 



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 %)
Q2 2025 1,062.43 38.8 % 375.88 26.3 % 147.71 8.9 %


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
Q2 2025 124.26 11.1 % 1.22 12.50 111.76 1.10

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 %
Q2 2025 36.30 % 19.94 % 12.84 %


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
Q2 2025 101.57 5.12 4.49 40.71

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
Q2 2025 25.52 29.09 3.21

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
Q2 2025 818.62 243.82

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change Profit Before Unusual Items Change
Average 93.13 124.26 111.76

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬ Profit Before Unusual Items Change‬
U-Capital 106.00 124.26 111.76
SNB Capital 91.00 124.26 111.76
AlJazira Capital 90.50 124.26 111.76
Al Rajhi Capital 85.00 124.26 111.76

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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