Financial Results : Dallah Healthcare H1 2023 profit slips 3% to SAR 147.7 mln; Q2 at SAR 53 mln

Dallah Healthcare H1 2023 profit slips 3% to SAR 147.7 mln; Q2 at SAR 53 mln

08/08/2023 Argaam Exclusive

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Dallah Healthcare Co. reported a net profit of SAR 147.7 million in H1 2023, a decline of 3% from SAR 152.1 million a year earlier.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 1,193.22 1,387.06 16.2 %
Gross Income 443.83 501.87 13.1 %
Operating Income 206.60 220.35 6.7 %
Net Income 152.15 147.67 (2.9 %)
Average Shares 90.00 97.68 8.5 %
EPS (Riyals) 1.69 1.51 (10.6 %)

The decline was attributed to Murabaha costs, which increased by SAR 32 million on higher finance costs. Accordingly, the net profit attributable to shareholders decreased.

 

By contrast, Dallah Healthcare reported an increase of SAR 10 million year-on-year (YoY) in the results of associates. Revenues for the six-month period jumped 16% YoY to SAR 1.38 billion. Operating profit also rose 12% YoY to SAR 241 million in H1 2023.

 

The second-quarter net profit fell by 24% to SAR 53 million from SAR 69.5 million in Q2 2022, due to higher finance costs and Zakat provisions despite better revenue on an annual basis. Operating profit also grew by 2% YoY to SAR 103 million.

 

The net profit also dipped 44% from SAR 94.66 million in Q1 2023 as revenues decreased by 6.5% to SAR 670 million on seasonal factors



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 583.82 670.42 14.8 %
Gross Income 212.13 235.08 10.8 %
Operating Income 96.68 87.85 (9.1 %)
Net Income 69.52 53.01 (23.8 %)
Average Shares 90.00 97.68 8.5 %
EPS (Riyals) 0.77 0.54 (29.8 %)

Shareholders’ equity, after minority interest, rose to SAR 3.13 billion as of June 30, 2023, from SAR 2.02 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2019 343.60 8.0 % 127.34 14.9 % 64.09 94.0 %
Q1 2020 314.61 (2.0 %) 105.76 (12.1 %) 26.42 (35.9 %)
Q2 2020 247.56 (13.4 %) 67.77 (26.7 %) 7.97 (55.9 %)
Q3 2020 350.79 16.4 % 132.62 23.0 % 50.51 63.0 %
Q4 2020 405.30 18.0 % 143.57 12.7 % 40.26 (37.2 %)
Q1 2021 494.67 57.2 % 176.82 67.2 % 72.91 176.0 %
Q2 2021 490.83 98.3 % 168.17 148.1 % 68.57 760.1 %
Q3 2021 544.12 55.1 % 192.46 45.1 % 69.95 38.5 %
Q4 2021 575.57 42.0 % 222.91 55.3 % 116.48 189.4 %
Q1 2022 609.40 23.2 % 231.69 31.0 % 109.93 50.8 %
Q2 2022 583.82 18.9 % 212.13 26.1 % 96.68 41.0 %
Q3 2022 600.89 10.4 % 211.47 9.9 % 84.19 20.4 %
Q4 2022 693.88 20.6 % 239.81 7.6 % 101.69 (12.7 %)
Q1 2023 716.64 17.6 % 266.79 15.1 % 132.49 20.5 %
Q2 2023 670.42 14.8 % 235.08 10.8 % 87.85 (9.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2019 69.79 115.0 % 0.78 13.39 56.41 0.63
Q1 2020 19.24 (45.3 %) 0.21 - 19.24 0.21
Q2 2020 6.99 (54.4 %) 0.08 - 6.99 0.08
Q3 2020 53.78 102.1 % 0.60 16.36 37.42 0.42
Q4 2020 51.98 (25.5 %) 0.58 34.87 17.11 0.19
Q1 2021 52.61 173.4 % 0.58 - 52.61 0.58
Q2 2021 47.54 579.9 % 0.53 - 47.54 0.53
Q3 2021 49.85 (7.3 %) 0.55 - 49.85 0.55
Q4 2021 108.60 108.9 % 1.21 10.35 98.25 1.09
Q1 2022 82.63 57.1 % 0.92 - 82.63 0.92
Q2 2022 69.52 46.2 % 0.77 - 69.52 0.77
Q3 2022 43.87 (12.0 %) 0.49 - 43.87 0.49
Q4 2022 78.44 (27.8 %) 0.87 - 78.44 0.87
Q1 2023 94.66 14.6 % 0.97 - 94.66 0.97
Q2 2023 53.01 (23.8 %) 0.54 - 53.01 0.54

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2019 35.77 % 19.73 % 10.66 %
Q1 2020 34.79 % 18.58 % 9.44 %
Q2 2020 33.85 % 18.13 % 9.05 %
Q3 2020 34.50 % 19.13 % 9.55 %
Q4 2020 34.12 % 16.71 % 6.13 %
Q1 2021 34.76 % 18.09 % 7.62 %
Q2 2021 35.67 % 19.32 % 8.88 %
Q3 2021 35.20 % 18.83 % 8.64 %
Q4 2021 36.12 % 21.04 % 11.79 %
Q1 2022 36.72 % 21.66 % 12.54 %
Q2 2022 37.15 % 22.13 % 12.98 %
Q3 2022 37.06 % 22.17 % 12.42 %
Q4 2022 35.98 % 20.37 % 11.03 %
Q1 2023 35.84 % 20.47 % 11.04 %
Q2 2023 35.54 % 19.47 % 10.07 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2019 90.00 1.63 1.48 16.91
Q1 2020 90.00 1.46 1.31 16.57
Q2 2020 90.00 1.36 1.21 16.65
Q3 2020 90.00 1.66 1.33 17.25
Q4 2020 90.00 1.47 0.90 19.94
Q1 2021 90.00 1.84 1.27 19.89
Q2 2021 90.00 2.29 1.72 20.42
Q3 2021 90.00 2.24 1.86 20.86
Q4 2021 90.00 2.87 2.76 20.74
Q1 2022 90.00 3.21 3.09 21.70
Q2 2022 90.00 3.45 3.34 22.47
Q3 2022 90.00 3.38 3.27 21.96
Q4 2022 90.00 3.05 3.05 22.11
Q1 2023 97.68 2.93 2.93 32.03
Q2 2023 97.68 2.76 2.76 32.07

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2019 25.93 28.53 2.50
Q1 2020 28.43 31.66 2.50
Q2 2020 31.13 34.94 2.55
Q3 2020 30.78 38.40 2.97
Q4 2020 35.71 58.36 2.63
Q1 2021 31.13 45.10 2.88
Q2 2021 37.67 50.14 4.22
Q3 2021 34.24 41.38 3.68
Q4 2021 28.37 29.55 3.93
Q1 2022 34.32 35.59 5.07
Q2 2022 34.85 36.05 5.35
Q3 2022 50.66 52.45 7.81
Q4 2022 52.67 52.67 7.27
Q1 2023 52.51 52.51 4.81
Q2 2023 60.71 60.71 5.23

Business Segments (Million)

Compared With The
Period Medical Services Medicine and Pharmaceutical Products
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
Q4 2019 259.40 84.20
Q1 2020 227.83 86.77
Q2 2020 166.96 80.60
Q3 2020 260.50 90.30
Q4 2020 309.74 95.55
Q1 2021 378.70 115.97
Q2 2021 374.54 116.29
Q3 2021 412.23 131.88
Q4 2021 472.23 103.34
Q1 2022 470.53 138.87
Q2 2022 475.30 108.52
Q3 2022 438.86 162.03
Q4 2022 547.10 146.77
Q1 2023 530.59 186.05
Q2 2023 513.01 157.40

Analysts Estimates (Million)

Item Q2 2023 (e) Q2 2023 (a) Change‬
Average 81.24 53.01 (34.8 %)

Estimates vs Actual (Million)

Item Q2 2023 (e) Q2 2023 (a) Change
Goldman Sachs 66.42 53.01 (20.2) %
Al Rajhi Capital 73.00 53.01 (27.4) %
U-Capital 75.50 53.01 (29.8) %
OSOOL AND BAKHEET 79.70 53.01 (33.5) %
AlJazira Capital 85.20 53.01 (37.8) %
Hermes 86.00 53.01 (38.4) %
SNB Capital 91.10 53.01 (41.8) %
HSBC 93.00 53.01 (43.0) %

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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