Financial Results : Dallah posts 32% profit drop to SAR 100.1 mln in 2020

Dallah posts 32% profit drop to SAR 100.1 mln in 2020

23/03/2021 Argaam Exclusive

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Dallah Healthcare Co. reported a drop of 32% in net profit before Zakat to SAR 100.1 million for 2020, from SAR 146.9 million a year earlier.

 

The profit decline was attributed to an increase in startup operating losses of Dr. Mohammed Alfagih Hospital, in which Dallah owns a 31.21% stake, as expected.



Financials (M)

Item 2019 2020 Change‬
Revenues 1,252.09 1,318.25 5.3 %
Gross Income 447.85 449.73 0.4 %
Operating Income 154.39 125.16 (18.9 %)
Net Income 146.92 132.00 (10.2 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 1.63 1.47 (10.2 %)

The healthcare services provider allocated additional credit losses provisions, resulting from slowdown of economic cycles for some customers, in addition to the credit losses resulting from compilation of subsidiaries following the acquisitions.

 

Dallah reported higher general and administrative expenses, due to acquisitions and consolidation of subsidiaries’ financials. Zakat expenses also rose, on the consolidation of subsidiaries’ financials and the additional precautionary Zakat provision allocated by the company.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 343.60 405.30 18.0 %
Gross Income 127.34 143.57 12.7 %
Operating Income 64.09 40.26 (37.2 %)
Net Income 69.79 51.98 (25.5 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 0.78 0.58 (25.5 %)

The fourth-quarter net profit plunged 71% YoY to SAR 20.1 million.

 

Shareholders’ equity, excluding minority interest, rose 15.6% YoY to SAR 1.759 billion in 2020.

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