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

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 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
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

Profitability

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


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

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

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

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 %

Current
Market Cap (M Riyal) 14,945.04
Enterprise Value (EV) (M) 16,864.64
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) 31.73
P/E (TTM) 31.73
Price/book 4.38
Return on Average Assets (%) (TTM) 7.5
Return on Average Equity (%) (TTM) 14.3

Share Price

153.00
1.20 0.79 %

Dallah Healthcare Co. (DALLAH HEALTH)


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