Saudi-based Dallah Health's profit surges 61% as investments pay off

Healthcare provider cites higher operating levels, investment income

  
Saudi traders monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. Image used for illustrative purpose

Saudi traders monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. Image used for illustrative purpose

REUTERS/Ahmed Yosri

Saudi-based Dallah Health’s third-quarter net profit jumped 60.7 percent to 86.5 million riyals ($23 million) after an increase in operating levels, investment income and share gains from subsidiaries. 

Revenue also soared from 350.8 million to 544.1 million over the same period, the company told the Saudi Stock Exchange (Tadawul) on Monday. 

The company said the increase in net profit was partly due to higher income of its business unit, Dallah Nakheel Namar Hospitals, which had reported positive operating levels.  

The growth was also fueled by an increase in Dallah Healthcare Group’s income from its subsidiaries, as well as gains from share purchases. 

“Sales volume and other income increased during the current quarter compared to the same quarter of last year, as a result of increasing operating levels, in addition to consolidation of sales of companies with acquired controlling share,” the statement said. 

Net profit for the first nine months of 2021 reached 191.4 million, up from 80 million in the same period last year. Revenue for the nine-month period hit 1.5296 million riyals, compared with 913 million riyals a year earlier. 

(Writing by Imogen Lillywhite; editing by Cleofe Maceda) 

Imogen.Lillywhite@refinitiv.com 

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021


More From Equities