Financial Results : Dallah Healthcare H1 net profit rises 35%

Dallah Healthcare H1 net profit rises 35%

27/07/2016 Argaam Exclusive

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Dallah Healthcare Holding Co. reported a net profit of SAR 112.8 million for the first half of 2016, a 34.8 percent year-on-year (YoY) rise attributed to higher revenue from rise in patient numbers and overall improvement in operating efficiency after North-Clinics Building became operational. 



Financials (M)

Item 6m 2015 6m 2016 Change‬
Revenues 485.62 573.38 18.1 %
Gross Income 203.02 262.31 29.2 %
Operating Income 75.37 121.24 60.9 %
Net Income 83.68 112.20 34.1 %
Average Shares 90.00 90.00 -
EPS (Riyals) 0.93 1.25 34.1 %

Net profit for the second quarter rose 51.5 percent to SAR 54.4 million compared to the same quarter last year also due to higher revenue. The Q2 profit was down 6.7 percent compared to the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q2 2015 Q2 2016 Change‬
Revenues 245.23 288.35 17.6 %
Gross Income 100.89 129.78 28.6 %
Operating Income 35.71 59.34 66.2 %
Net Income 35.86 54.14 51.0 %
Average Shares 90.00 90.00 -
EPS (Riyals) 0.40 0.60 51.0 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 104.78 - 36.90 - 18.24 -
Q4 2010 120.09 - 39.97 - 17.35 -
Q1 2011 129.97 - 49.69 - 30.24 -
Q2 2011 139.34 - 50.86 - 26.45 -
Q3 2011 115.44 10.2 % 37.37 1.3 % 16.67 (8.6 %)
Q4 2011 142.59 18.7 % 51.97 30.0 % 27.94 61.0 %
Q1 2012 154.04 18.5 % 72.82 46.5 % 38.00 25.7 %
Q2 2012 161.32 15.8 % 73.73 45.0 % 38.16 44.2 %
Q3 2012 142.26 23.2 % 59.00 57.9 % 22.41 34.4 %
Q4 2012 179.43 25.8 % 81.51 56.9 % 32.18 15.2 %
Q1 2013 183.73 19.3 % 84.40 15.9 % 38.39 1.0 %
Q2 2013 187.79 16.4 % 80.68 9.4 % 30.19 (20.9 %)
Q3 2013 167.08 17.4 % 66.67 13.0 % 21.95 (2.0 %)
Q4 2013 211.05 17.6 % 95.71 17.4 % 48.06 49.3 %
Q1 2014 207.57 13.0 % 87.60 3.8 % 39.73 3.5 %
Q2 2014 219.45 16.9 % 93.78 16.2 % 33.46 10.8 %
Q3 2014 192.79 15.4 % 75.36 13.0 % 21.67 (1.3 %)
Q4 2014 240.08 13.8 % 103.54 8.2 % 50.24 4.5 %
Q1 2015 240.40 15.8 % 102.13 16.6 % 39.67 (0.1 %)
Q2 2015 245.23 11.7 % 100.89 7.6 % 35.71 6.7 %
Q3 2015 223.93 16.2 % 87.92 16.7 % 26.37 21.7 %
Q4 2015 276.50 15.2 % 116.81 12.8 % 57.01 13.5 %
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 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 - - - - - -
Q2 2009 - - - - - -
Q3 2009 - - - - - -
Q4 2009 - - - - - -
Q1 2010 - - - - - -
Q2 2010 - - - - - -
Q3 2010 17.82 - 0.20 - 17.82 0.20
Q4 2010 24.33 - 0.27 - 24.33 0.27
Q1 2011 35.25 - 0.39 - 35.25 0.39
Q2 2011 27.14 - 0.30 - 27.14 0.30
Q3 2011 15.49 (13.1 %) 0.17 - 15.49 0.17
Q4 2011 35.53 46.0 % 0.39 (3.38) 38.91 0.43
Q1 2012 37.96 7.7 % 0.42 - 37.96 0.42
Q2 2012 37.09 36.7 % 0.41 - 37.09 0.41
Q3 2012 23.94 54.5 % 0.27 - 23.94 0.27
Q4 2012 34.37 (3.3 %) 0.38 - 34.37 0.38
Q1 2013 39.04 2.8 % 0.43 - 39.04 0.43
Q2 2013 23.64 (36.3 %) 0.26 - 23.64 0.26
Q3 2013 21.84 (8.7 %) 0.24 - 21.84 0.24
Q4 2013 52.11 51.6 % 0.58 - 52.11 0.58
Q1 2014 40.50 3.7 % 0.45 - 40.50 0.45
Q2 2014 34.33 45.2 % 0.38 - 34.33 0.38
Q3 2014 21.94 0.5 % 0.24 - 21.94 0.24
Q4 2014 50.35 (3.4 %) 0.56 - 50.35 0.56
Q1 2015 47.82 18.1 % 0.53 13.75 34.07 0.38
Q2 2015 35.86 4.4 % 0.40 - 35.86 0.40
Q3 2015 26.78 22.1 % 0.30 - 26.78 0.30
Q4 2015 54.60 8.4 % 0.61 - 54.60 0.61
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
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 %
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 %
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 %
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 %
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 %
Q1 2016 42.51 % 23.29 % 17.20 %
Q2 2016 43.49 % 24.24 % 18.50 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 - - - -
Q2 2008 - - - -
Q3 2008 - - - -
Q4 2008 - - - -
Q1 2009 - - - -
Q2 2009 - - - -
Q3 2009 - - - -
Q4 2009 - - - -
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
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

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

Analysts Estimates (Million)

Item Q2 2016 (e) Q2 2016 (a) Change‬
Average 42.13 54.14 28.50 %

Estimates vs Actual (Million)

Item Q2 2016 (e) Q2 2016 (a) Change
Value Capital 48.70 54.14 11.2 %
OSOOL AND BAKHEET 43.00 54.14 25.9 %
Al Rajhi Capital 43.00 54.14 25.9 %
Sico 41.00 54.14 32.0 %
AlJazira Capital 40.20 54.14 34.7 %
Albilad Capital 40.00 54.14 35.3 %
Alistithmar Capital 39.00 54.14 38.8 %


Financial Ratios
Current
Market Cap (M Riyal) 14,866.90
Enterprise Value (EV) (M) 16,786.50
Shares Outstanding ((M)) 97.68
EPS ( Riyal) (TTM) 4.82
Book Value (BV) ( Riyal) 34.96
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 31.57
P/E (TTM) 31.57
Price/book 4.35
Return on Average Assets (%) (TTM) 7.5
Return on Average Equity (%) (TTM) 14.3
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Share Price

Dallah Healthcare Co.
152.20
(1.20) (0.78 %)

Dallah Healthcare Co. (DALLAH HEALTH)

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