Dallah posts 39% profit decline in Q1 2019

25/04/2019 Argaam Exclusive

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Share Price

Dallah Healthcare Co.
166.40
(0.60) (0.36 %)

Dallah Healthcare Co. (DALLAH HEALTH)

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Dallah Healthcare Co. reported a net profit after zakat and tax of SAR 35.2 million for the first quarter of 2019, down 39.4 percent year-on-year (YoT), the company said in a bourse statement.

 

The performance can be attributed to higher pre-operating expenses related to Dallah Namar Hospital and increased depreciation costs.

When compared to the previous quarter, net profit rose by 8.3 percent, on higher revenues after ramp-up of Namar hospital.



Current Quarter Comparison (M)

Compared With The
Item Q1 2018 Q1 2019 Change‬
Revenues 308.59 321.15 4.1 %
Gross Income 131.73 120.26 (8.7 %)
Operating Income 59.44 41.24 (30.6 %)
Net Income 58.09 35.17 (39.5 %)
Average Shares 90.00 90.00 -
EPS (Riyals) 0.65 0.39 (39.5 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2010 - - - - - - -
Q2 2010 - - - - - - -
Q3 2010 104.78 - 36.90 - 17.82 - 0.20
Q4 2010 120.09 - 39.97 - 24.33 - 0.27
Q1 2011 129.97 - 49.69 - 35.25 - 0.39
Q2 2011 139.34 - 50.86 - 27.14 - 0.30
Q3 2011 115.44 10.2 % 37.37 1.3 % 15.49 (13.1 %) 0.17
Q4 2011 142.59 18.7 % 51.97 30.0 % 35.53 46.0 % 0.39
Q1 2012 154.04 18.5 % 72.82 46.5 % 37.96 7.7 % 0.42
Q2 2012 161.32 15.8 % 73.73 45.0 % 37.09 36.7 % 0.41
Q3 2012 142.26 23.2 % 59.00 57.9 % 23.94 54.5 % 0.27
Q4 2012 179.43 25.8 % 81.51 56.9 % 34.37 (3.3 %) 0.38
Q1 2013 183.73 19.3 % 84.40 15.9 % 39.04 2.8 % 0.43
Q2 2013 187.79 16.4 % 80.68 9.4 % 23.64 (36.3 %) 0.26
Q3 2013 167.08 17.4 % 66.67 13.0 % 21.84 (8.7 %) 0.24
Q4 2013 211.05 17.6 % 95.71 17.4 % 52.11 51.6 % 0.58
Q1 2014 207.57 13.0 % 87.60 3.8 % 40.50 3.7 % 0.45
Q2 2014 219.45 16.9 % 93.78 16.2 % 34.33 45.2 % 0.38
Q3 2014 192.79 15.4 % 75.36 13.0 % 21.94 0.5 % 0.24
Q4 2014 240.08 13.8 % 103.54 8.2 % 50.35 (3.4 %) 0.56
Q1 2015 240.40 15.8 % 102.13 16.6 % 47.82 18.1 % 0.53
Q2 2015 245.23 11.7 % 100.89 7.6 % 35.86 4.4 % 0.40
Q3 2015 223.93 16.2 % 87.92 16.7 % 26.78 22.1 % 0.30
Q4 2015 276.50 15.2 % 116.81 12.8 % 54.60 8.4 % 0.61
Q1 2016 285.03 18.6 % 132.53 29.8 % 58.07 21.4 % 0.65
Q2 2016 288.35 17.6 % 129.78 28.6 % 54.14 51.0 % 0.60
Q3 2016 273.17 22.0 % 122.38 39.2 % 60.80 127.0 % 0.68
Q4 2016 316.24 14.4 % 151.01 29.3 % 51.71 (5.3 %) 0.57
Q1 2017 302.75 6.2 % 143.60 8.4 % 85.05 46.5 % 0.94
Q2 2017 288.20 0.0 % 130.48 0.5 % 69.99 29.3 % 0.78
Q3 2017 295.25 8.1 % 136.77 11.8 % 76.82 26.3 % 0.85
Q4 2017 325.87 3.0 % 148.23 (1.8 %) 63.12 22.1 % 0.70
Q1 2018 308.59 1.9 % 131.73 (8.3 %) 58.09 (31.7 %) 0.65
Q2 2018 273.13 (5.2 %) 92.38 (29.2 %) 18.73 (73.2 %) 0.21
Q3 2018 280.94 (4.8 %) 101.37 (25.9 %) 32.48 (57.7 %) 0.36
Q4 2018 318.28 (2.3 %) 110.86 (25.2 %) 32.47 (48.6 %) 0.36
Q1 2019 321.15 4.1 % 120.26 (8.7 %) 35.17 (39.5 %) 0.39

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 %


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

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 More than 50 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

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 223.92 15.02
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 111.39 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

Analysts Estimates (Million)

Item Q1 2019 (e) Q1 2019 (a) Change‬
Average 38.30 35.17 (8.2 %)

Estimates vs Actual (Million)

Item Q1 2019 (e) Q1 2019 (a) Change
Sico 39.00 35.17 (9.8) %
Al Rajhi Capital 32.00 35.17 9.9 %
AlJazira Capital 39.40 35.17 (10.7) %
OSOOL AND BAKHEET 42.80 35.17 (17.8) %


Financial Ratios
Current
Market Cap (M Riyal) 16,253.95
Enterprise Value (EV) (M) 18,157.43
Shares Outstanding ((M)) 97.68
EPS ( Riyal) (TTM) 3.94
Book Value (BV) ( Riyal) 34.02
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 42.24
P/E (TTM) 42.24
Price/book 4.89
Return on Average Assets (%) (TTM) 6.2
Return on Average Equity (%) (TTM) 11.9
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