Dallah 9M 2024 profit soars 45% to SAR 357.3M; Q3 at SAR 126.2M

Dallah Healthcare Co. reported a net profit of SAR 357.31 million in the first nine months of 2024, an increase of 45% from SAR 246.5 million a year earlier.

The profit rise was driven by a 12.2% increase in revenue to SAR 2.4 billion from SAR 2.1 billion a year earlier, due to the expansion in the operational capacity and the continuing growth in the number of patients in the group’s hospitals.

The improvement in the performance of associates led to a profit of SAR 28 million during the period, against losses of SAR 5 million in the same period of the prior year.

The third-quarter net profit rose to SAR 126.2 million, up 28%, from SAR 98.9 million in Q3 2023.

The net profit improved 12.8% from SAR 111.8 million in Q2 2024.

Shareholders’ equity, after excluding minority interest, rose to SAR 3.41 billion as of Sept. 30, 2024, from SAR 3.18 billion a year earlier.

Dallah signed, on Aug. 19, a binding acquisition and subscription agreement with AYYAN Investment Co. to purchase the latter’s stakes in Al-Ahsa Medical Services Co. and Al-Salam Medical Services Co.

The agreement included acquiring 97.4% of the capital of Al-Ahsa (which owns Al-Ahsa Hospital in Al-Ahsa) and 100% of the capital of Al-Salam (which owns Al-Salam Hospital in Al-Khobar).

On Sept. 19, Dallah and AYYAN announced the issuance of a no-objection from the General Authority for Competition (GAC) to complete the economic concentration process.

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