Saudi Dallah Health’s stock recovers to end higher after 52% profit growth

RIYADH: Dallah Healthcare has posted profit growth of 52 percent for the first half of 2022, mainly supported by an increase in patient occupancy rates.

Its net profit surged to SR152 million ($40 million) and sales hit SR1.2 billion, up 21 percent from the same period a year ago, the company said in a filing to Tadawul.

Despite the strong results, shares of Dallah Health dropped 1.9 percent to SR114.8 in early Tuesday trading, but then rebounded to close 0.9 percent higher at SR118.

The growth in revenues came on the back of continued growth in operations and higher hospital admissions during the six-month period.

The healthcare group also cited an improvement in operational efficiency when compared to last year, in addition to a lower share in the losses of associates by SR1.6 million.