Dallah net profit up 6% to SAR 274.5 mln in 2022; Q4 hits SAR 78.4 mln

20/03/2023 Argaam Exclusive

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Dallah Healthcare Co. posted a net profit of SAR 274.5 million in 2022, a 6% increase from SAR 258.6 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	2,105.18	2,487.98	18.2 %
Gross Income	760.36	895.10	17.7 %
Operating Income	327.92	392.49	19.7 %
Net Income	258.60	274.46	6.1 %
Average Shares	90.00	90.00	-
EPS (Riyals)	2.87	3.05	6.1 %

The positive performance was driven by 18% year-on-year (YoY) rise in revenues to SAR 2.48 billion, mainly due to the increase in the number of patients and inpatient occupancy. Therefore, earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 14% YoY to reach SAR 514 million in 2022.

This was in addition to lower share in losses from investment in investee companies.

Meanwhile, the company booked 100% provision for one of Dallah Pharma suppliers, at SAR 21 million, and other provision for Zakat assessments for previous years, as well as the increase in Murabaha financing cost.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	575.57	693.88	20.6 %
Gross Income	222.91	239.81	7.6 %
Operating Income	116.48	101.69	(12.7 %)
Net Income	108.60	78.44	(27.8 %)
Average Shares	90.00	90.00	-
EPS (Riyals)	1.21	0.87	(27.8 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	600.89	693.88	15.5 %
Gross Income	211.47	239.81	13.4 %
Operating Income	84.19	101.69	20.8 %
Net Income	43.87	78.44	78.8 %
Average Shares	90.00	90.00	-
EPS (Riyals)	0.49	0.87	78.8 %

The fourth-quarter net profit fell 28% YoY to SAR 78.4 million.

Sequentially, net profit rose 78.8% from SAR 43.87 million in Q3 2022.

Shareholders’ equity, excluding minority interest, stood at SAR 1.98 billion as of Dec. 31, 2022, compared to SAR 1.86 billion a year earlier.

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