Dallah Healthcare Company’s fourth-quarter 2018 net profit of SAR 32.5 million missed Al Rajhi Capital and consensus estimates of SAR 45.1 million and SAR 43 million, respectively, driven largely by higher cost of operations.

 

Revenue stood at SAR 318 million, in-line with the brokerage's estimate of SAR 310 million. Gross margin fell to 35 percent compared to 45 percent in Q4 2017.

 

Al Rajhi Capital maintained its "overweight" rating on the stock, keeping the target price at SAR 76 a share.

 

"Going forward in 2019, we expect both revenue and net income is likely to improve by 12 percent and 54 percent, respectively, due to improved utilization of Namar and opening of Dr. Mohammed Fagih hospital in Q2," it added.

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