Company FundamentalsCompany Fundamentals\Company Profile

A Wright Investors' Service Research

Report:

Dallah Healthcare Company SJSC 177 West Putnam Avenue

Greenwich, Connecticut 06830-5203
U.S.A.

COMPANY PROFILE
Figures in Saudi Riyals

Wright Quality Rating:DBC0 Key Data

Dallah Healthcare Company SJSC Formerly known as Dallah Healthcare Co. Dallah Ticker:
Healthcare Company SJSC, formerly Dallah Healthcare Co, is a Saudi Arabia-based 4004
company engaged in the provision and operation of healthcare programs and utilities.
The Company operates in the following business segments: Hospitals; Medicines, and 2018 Sales:
Head Office. The Hospitals' segment objectives are to own, manage, operate and
1,180,942,051
maintain healthcare facilities. The Medicines' segment objectives are to import,
distribute, wholesale and retail medicines, as well as manufacture medicines,
pharmaceuticals, herbals, health, cosmetics, detergents, disinfectants, and Major Industry:
packaging materials. The Head Office's segment objectives are to operate, manage Miscellaneous
and maintain healthcare facilities; wholesale and retail surgical equipment, artificial
parts, handicapped and hospitals equipment, as well as other supporting services. Sub Industry:
Stock Chart Officers Medical Services
Non Executive Chairman
Tariq Al Qusaibi Country:
Saudi Arabia
Executive Director & Chief
Executive Currency:
Dr. Ahmad Babaeer
Saudi Riyals

Chief Operating Officer

Fiscal Year Ends:
Tawfiq Alabdulmughni
December
Finance Director
Osman Osman Employees
N/A
Chief Financial Officer
Khalid Saudi Exchanges:

Share Type:
Ordinary

Market Capitalization:
Stock Price (5/2/2019): 50.10 3,747,761,512
Recent stock performance
1 Week 7.5% Total Shares
4 Weeks 3.3% Outstanding:
13 Weeks -2.8% 74,805,619
52 Weeks -37.6%
Earnings / Dividends (as of 3/31/2019) Closely Held Shares:
Earnings Dividends 44,881,034
Most Recent Qtr 0.47 1.18
Last 12 Months 1.58 2.16
Ratio Analysis
 Price / Earnings Ratio 31.71 Dividend Yield 4.31%
Price / Sales Ratio 3.17 Payout Ratio 136.71%
Price / Book Ratio 2.35 % Held by Insiders 60.00%

Address
Alnakhil Tower King Fahad Road 87833 Phone
RIYADH 11652 +966 1 12255065
SAUDI ARABIA Home Page
http://www.dallahhealth.com
Company Fundamentals\Comparative Business Analysis

Comparative Business Analysis: Dallah Healthcare Company SJSC

Report Date: May 06, 2019
Company Description

Dallah Healthcare Company SJSC Formerly known as Dallah Healthcare Co. Dallah Healthcare Company SJSC,
formerly Dallah Healthcare Co, is a Saudi Arabia-based company engaged in the provision and operation of
healthcare programs and utilities. The Company operates in the following business segments: Hospitals;
Medicines, and Head Office. The Hospitals' segment objectives are to own, manage, operate and maintain
healthcare facilities. The Medicines' segment objectives are to import, distribute, wholesale and retail medicines,
as well as manufacture medicines, pharmaceuticals, herbals, health, cosmetics, detergents, disinfectants, and
packaging materials. The Head Office's segment objectives are to operate, manage and maintain healthcare
facilities; wholesale and retail surgical equipment, artificial parts, handicapped and hospitals equipment, as well
as other supporting services.

Competitor Analysis

Dallah Healthcare Company SJSC operates in the General medical & surgical hospitals sector. This analysis
compares Dallah Healthcare Company SJSC with three other companies: Mouwasat Medical Services Company
(2018 sales of 1.68 billion Saudi Riyals [US$447.21 million] of which 45% was Inpatient), Middle East
Healthcare Co Cjsc (1.39 billion Saudi Riyals [US$370.86 million] of which 53% was Inpatient), and National
Medical Care Company JSC (763.80 million Saudi Riyals [US$203.68 million] of which 100% was Hospital
Services.).

Sales Analysis

During the first quarter of 2019, sales at Dallah Healthcare Company SJSC totalled 321.15 million Saudi Riyals.
This is an increase of 4.1% from the 308.62 million Saudi Riyals in sales at the company during the first quarter of
2018. Sales at Dallah Healthcare Company SJSC appear to have some seasonality: during each of the previous 7
years, sales have been highest during the fourth quarter, which has accounted for between 26.9% and 41.3% of
the annual sales. Dallah Healthcare Company SJSC reported sales of 1.18 billion Saudi Riyals (US$314.92 million)
for the year ending December of 2018. This represents a decrease of 2.6% versus 2017, when the company's
sales were 1.21 billion Saudi Riyals.

Recent Sales at Dallah Healthcare Company SJSC

1.16 1.21 1.18
0.99
0.90
0.75

2013 2014 2015 2016 2017 2018

(Figures in Billions of Saudi Riyals)

Sales Comparisons (Fiscal Year ending 2018)

Sales Sales Sales/
Company (blns) Growth Emp (US$) Largest Region
Dallah Healthcare Company SJSC 1.181 -2.6% N/A Saudi Arabia (100.0%)
Mouwasat Medical Services Company 1.677 11.3% N/A Saudi Arabia (100.0%)
Middle East Healthcare Co Cjsc 1.391 -14.7% 85,806 N/A
National Medical Care Company JSC 0.764 -10.7% N/A Saudi Arabia (100.0%)

Recent Stock Performance

For the 52 weeks ending 5/2/2019, the stock of this company was down 37.6% to 50.10 Saudi Riyals. During
the past 13 weeks, the stock has fallen 2.8%. During the 12 months ending 3/31/2019, earnings per share
totalled 1.58 Saudi Riyals per share. Thus, the Price / Earnings ratio is 31.71. These 12 month earnings are lower
than the earnings per share achieved during the last fiscal year of the company, which ended in December of
2018, when the company reported earnings of 1.89 per share. Earnings per share fell 51.9% in 2018 from 2017.
This company is currently trading at 3.17 times sales. Dallah Healthcare Company SJSC is trading at 2.35 times
book value.

Summary of company valuations (as of 5/2/2019).

Price/ Price/ 52 Wk
Company P/E Book Sales Pr Chg
Dallah Healthcare Company SJSC 31.7 2.35 3.17 -37.60%
Mouwasat Medical Services Company 23.7 4.99 5.10 -3.72%
Middle East Healthcare Co Cjsc 17.0 2.02 2.10 -44.30%
National Medical Care Company JSC 38.6 2.41 3.14 -8.55%
The market capitalization of this company is 3.75 billion Saudi Riyals (US$999.42 million) . Closely held shares
(i.e., those held by officers, directors, pension and benefit plans and those shareholders who own more than 5%
of the stock) amount to over 50% of the total shares outstanding: thus, it is impossible for an outsider to
acquire a majority of the shares without the consent of management and other insiders. The capitalization of the
floating stock (i.e., that which is not closely held) is 1.50 billion Saudi Riyals (US$399.80 million) .

Dividend Analysis

During the 12 months ending 3/31/2019, Dallah Healthcare Company SJSC paid dividends totalling 2.16 Saudi
Riyals per share. Since the stock is currently trading at 50.10 Saudi Riyals, this implies a dividend yield of 4.3%.
During the same 12 month period ended 3/31/2019, the Company reported earnings of 1.58 Saudi Riyals per
share. Thus, the company is paying out dividends that are higher than the earnings.

Profitability Analysis

On the 1.18 billion Saudi Riyals in sales reported by the company in 2018, the cost of goods sold totalled 671.49
million Saudi Riyals, or 56.9% of sales (i.e., the gross profit was 43.1% of sales). This gross profit margin is lower
than the company achieved in 2017, when cost of goods sold totalled 49.2% of sales. The gross margin in 2018
was the lowest of the previous five years (in 2016, the gross margin had been as high as 50.8%). The company's
earnings before interest, taxes, depreciation and amorization (EBITDA) were 220.66 million Saudi Riyals, or 18.7%
of sales. This EBITDA margin is worse than the company achieved in 2017, when the EBITDA margin was equal to
30.3% of sales. Although sales at Dallah Healthcare Company SJSC fell 2.6% in 2018, the company actually
increased its selling, general and administrative expenses 40.78 million Saudi Riyals (approximately 16.4%). In
2018, earnings before extraordinary items at Dallah Healthcare Company SJSC were 141.76 million Saudi Riyals, or
12.0% of sales. This profit margin is lower than the level the company achieved in 2017, when the profit margin
was 24.3% of sales. The company's return on equity in 2018 was 8.4%. This was significantly worse than the
19.5% return the company achieved in 2017. (Extraordinary items have been excluded).

Profitability Comparison
Gross Earnings
Profit EBITDA before
Company Year Margin Margin extras
Dallah Healthcare Company SJSC 2018 43.1% 18.7% 12.0%
Dallah Healthcare Company SJSC 2017 50.8% 30.3% 24.3%
Mouwasat Medical Services Company 2018 51.3% 30.6% 21.5%
Middle East Healthcare Co Cjsc 2018 41.5% 18.1% 12.4%
National Medical Care Company JSC 2018 29.1% 19.8% 8.1%
During the first quarter of 2019, Dallah Healthcare Company SJSC reported earnings per share of 0.47 Saudi
Riyals. This is a drop of 39% versus the first quarter of 2018, when the company reported earnings of 0.77 Saudi
Riyals per share.

Inventory Analysis
As of December 2018, the value of the company's inventory totalled 88.77 million Saudi Riyals. Since the cost of
goods sold was 671.49 million Saudi Riyals for the year, the company had 48 days of inventory on hand (another
way to look at this is to say that the company turned over its inventory 7.6 times per year). In terms of
inventory turnover, this is a slight improvement over December 2017, when the company's inventory was 79.93
million Saudi Riyals, equivalent to 49 days in inventory.

Financial Position

As of December 2018, the company's long term debt was 562.64 million Saudi Riyals and total liabilities (i.e., all
monies owed) were 1.10 billion Saudi Riyals. The long term debt to equity ratio of the company is 0.35. As of
December 2018, the accounts receivable for the company were 363.73 million Saudi Riyals, which is equivalent to
112 days of sales. This is higher than at the end of 2017, when Dallah Healthcare Company SJSC had 86 days of
sales in accounts receivable. The 112 days of accounts receivable at Dallah Healthcare Company SJSC are lower
than all three comparable companies: Mouwasat Medical Services Company had 144 days, Middle East Healthcare
Co Cjsc had 257 days, while National Medical Care Company JSC had 184 days outstanding at the end of the
fiscal year 2018.
Financial Positions
LT Debt/ Days Days
Company Year Equity AR Inv.
Dallah Healthcare Company SJSC 2018 0.35 112 48
Mouwasat Medical Services Company 2018 0.35 144 62
Middle East Healthcare Co Cjsc 2018 0.23 257 52
National Medical Care Company JSC 2018 0.15 184 37
Company Fundamentals\Summary Analysis

SUMMARY ANALYSIS: Dallah Healthcare Company SJSC

Per Share- Saudi Riyals

Value Ratios Equity Capital Earnings Dividends

Year Price

Fiscal Yr Market Price/ Price/ % % Profit Book 12 Month % 12 Month

Ends: Price Earnings Book Dividend Earned Rate Value Earnings % Payout Dividends
December Last Ratio Ratio Yield Growth (ROE) Begin Yr Per Share Change Ratio Per Share

2012 41.38 17.2 n/c 2.3% 16.4% 27.0% n/a 2.41 n/c 39.2% 0.94

2013 43.90 24.1 3.0 2.2% 5.9% 12.2% 14.88 1.82 -24.4% 51.8% 0.94
2014 81.51 41.5 5.1 0.8% 8.4% 12.4% 15.87 1.96 7.7% 32.1% 0.63

2015 55.27 25.1 3.3 2.1% 6.0% 13.0% 16.99 2.20 12.2% 53.6% 1.18

2016 74.55 24.8 4.0 2.1% 7.7% 16.2% 18.58 3.01 36.8% 52.3% 1.57

2017 79.46 20.2 3.9 2.5% 9.8% 19.5% 20.15 3.93 30.6% 50.0% 1.97
2018 44.22 23.4 2.0 0.0% 8.4% 8.4% 22.56 1.89 -51.9% 0.0% 0.00

5/2/2019 50.10 31.6 2.3 4.3% n/a n/a 21.35 1.58 n/c 136.7% 2.16
Company Fundamentals\Sales Analysis
SALES ANALYSIS: Dallah Healthcare Company SJSC
Figures in thousands of Saudi Riyals

Earnings before
Interest, After Tax Income
Taxes, before
Depreciation, and Extraordinary
Cost of Amortization Charges and
Sales Goods Sold (EBITDA) Credits Employees
After Tax
Amount Year- Amount Amount Amount Sales Income
in to-year in % of in % of in % of Per Per
Year thousands Growth thousands Sales thousands Sales thousands Sales Number Employee Employee

2009 435,076 16.9% 287,141 66.0% 79,157 18.2% 56,601 13.0% n/a n/a n/a
2010 472,515 8.6% 287,767 60.9% 118,219 25.0% 94,465 20.0% n/a n/a n/a
2011 527,344 11.6% 313,818 59.5% 144,861 27.5% 113,401 21.5% n/a n/a n/a
2012 637,058 20.8% 364,583 57.2% 166,619 26.2% 133,360 20.9% n/a n/a n/a

2013 749,653 17.7% 386,986 51.6% 184,586 24.6% 136,633 18.2% n/a n/a n/a
2014 895,104 19.4% 455,773 50.9% 201,664 22.5% 147,115 16.4% n/a n/a n/a
2015 985,441 10.1% 523,600 53.1% 235,668 23.9% 165,057 16.7% n/a n/a n/a

2016 1,162,789 18.0% 572,076 49.2% 310,601 26.7% 225,832 19.4% n/a n/a n/a
2017 1,212,076 4.2% 596,343 49.2% 366,767 30.3% 294,976 24.3% n/a n/a n/a
2018 1,180,942 -2.6% 671,491 56.9% 231,335 19.6% 141,758 12.0% n/a n/a n/a
Company Fundamentals\Price Analysis

PRICE ANALYSIS: Dallah Healthcare Company SJSC

Per Share- Saudi Riyals

High Low Closing Quarterly 12 months

Quarter Price Price Price %Change %Change

Oct - Dec 43.745 32.101 41.385 n/a n/a

2012

Jan - Mar 60.897 38.080 38.238 -7.6% n/a

2013

Apr - Jun 42.329 36.664 39.024 2.1% n/a

Jul - Sep 42.643 36.507 39.339 0.8% n/a

Oct - Dec 44.374 38.552 43.902 11.6% 6.1%

Jan - Mar 56.648 42.329 56.019 27.6% 46.5%

2014

Apr - Jun 69.709 52.872 62.156 11.0% 59.3%

Jul - Sep 81.196 61.998 79.779 28.4% 102.8%

Oct - Dec 98.662 64.359 81.510 2.2% 85.7%

Jan - Mar 93.155 72.384 75.216 -7.7% 34.3%

2015

Apr - Jun 92.211 69.866 88.277 17.4% 42.0%

Jul - Sep 88.749 60.425 64.201 -27.3% -19.5%

Oct - Dec 72.974 48.387 55.271 -13.9% -32.2%

Jan - Mar 60.189 38.946 59.009 6.8% -21.5%

2016

Apr - Jun 70.023 56.648 67.663 14.7% -23.4%

Jul - Sep 72.384 55.075 59.599 -11.9% -7.2%

Oct - Dec 75.531 55.075 74.547 25.1% 34.9%

Jan - Mar 85.169 72.580 80.252 7.7% 36.0%

2017

Apr - Jun 88.277 73.957 88.119 9.8% 30.2%

Jul - Sep 91.266 80.724 85.916 -2.5% 44.2%

Oct - Dec 87.490 76.868 79.465 -7.5% 6.6%

Jan - Mar 90.008 78.521 81.668 2.8% 1.8%

2018

Apr - Jun 87.333 72.226 75.688 -7.3% -14.1%

Jul - Sep 76.318 46.263 48.544 -35.9% -43.5%

Oct - Dec 49.961 39.418 44.217 -8.9% -44.4%

Jan - Mar 54.760 43.666 47.900 8.3% -41.3%

2019
5/2/2019 50.100 -2.8% -37.6%
Company Fundamentals\Earnings & Dividends Analysis
EARNINGS AND DIVIDENDS ANALYSIS: Dallah Healthcare Company
SJSC
Per Share- Saudi Riyals
Fiscal Year Ends in December

Earnings Per Share Dividends Per Share

12 Months Quarterly Reported Earnings 12 Months Quarterly Reported Dividends

Fiscal % Q1 Q2 Q3 Q4 % Q1 Q2 Q3 Q4 %
Years Earnings Change Mar. Jun. Sep. Dec. Dividends Change Mar. Jun. Sep. Dec. Payout
2008 2.45 n/c n/a n/a n/a n/a n/a n/c n/a n/a n/a n/a 0.0%
2009 2.40 -1.8% n/a n/a n/a n/a n/a n/c n/a n/a n/a n/a 0.0%
2010 n/a n/c n/a n/a 0.76 1.03 n/a n/c n/a n/a n/a n/a 0.0%
2011 n/a n/c n/a 1.19 0.50 0.68 n/a n/c n/a n/a n/a n/a 92.7%
2012 2.41 n/c 0.72 0.71 0.46 0.52 0.94 n/c n/a n/a n/a 0.94 4.9%
2013 1.82 -24.4% 0.52 0.32 0.29 0.69 0.94 0.0% n/a n/a n/a 0.94 51.8%
2014 1.96 7.7% 0.54 0.46 0.29 0.67 0.63 -33.3% n/a n/a n/a 0.63 48.1%
2015 2.20 12.2% 0.64 0.48 0.36 0.73 1.18 87.5% n/a n/a n/a 1.18 28.6%
2016 3.01 36.8% 0.78 0.73 0.81 0.69 1.57 33.3% n/a n/a n/a 1.57 39.2%
2017 3.93 30.6% 1.13 0.93 1.02 0.84 1.97 25.0% n/a n/a n/a 1.97 40.0%
2018 1.89 -51.9% 0.77 0.25 0.43 0.43 n/a n/c n/a 1.18 n/a n/a n/c
2019 n/a n/c 0.47 n/a n/a n/a n/a n/c n/a n/a n/a n/a n/c
Financial Statement AnalysesFinancial Statement Analyses\Balance Sheet - Annual
Annual Balance Sheet - (Actual Values): Dallah Healthcare Company SJSC
All figures in millions of Saudi Riyals.
Fiscal Year 2018 2017 2016 2015 2014
Fiscal Year End Date 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014
Assets
Total Assets 2,698 2,528 2,250 2,001 1,673
Total Current Assets 575 591 624 546 490
Cash & Short Term
46 119 187 93 65
Investments
Cash 46 90 119 93 65
Short Term
0 28 68 0
Investments
Receivables (Net) 364 287 300 276 251
Inventories -Total 89 80 69 88 95
Raw Materials 88 79 81 89 93
Work in Process
Finished Goods
Progress Payments &
1 1 -12 -1 1
Other
Prepaid Expenses 65 87 34 46 20
Other Current Assets 12 19 34 43 60
Long Term Receivables 0 0 0 0 6
Investment in Associated
145 141 143 141 0
Companies
Other Investments 5 5 60 138 136
Property Plant and
2,619 2,366 1,940 1,643 1,461
Equipment - Gross
Accumulated Depreciation 665 594 536 498 448
Property Plant and
1,953 1,772 1,404 1,145 1,014
Equipment – Net
Other Assets 19 19 19 31 27
Deferred Charges 0 0 0 0 0
 Tangible Other Assets 0 0 0 0 0
Intangible Other Assets 19 19 19 31 27
Total Assets 2,698 2,528 2,250 2,001 1,673
Liabilities & Shareholders'
Equity
Total Liabilities &
2,698 2,528 2,250 2,001 1,673
Shareholders' Equity
Total Current Liabilities 416 271 311 273 279
Accounts Payable 102 90 70 65 69
Short Term Debt &
Current Portion of Long Term 146 106 158 148 152
Debt
Accrued Payroll 28 27
Income Taxes Payable 7 14 13 10 9
Dividends Payable 88
Other Current Liabilities 46 35 69 51 49
Long Term Debt 563 458 323 245 45
Long Term Debt Excluding
563 458 323 245 45
Capitalized Leases
Capitalized Lease
0 0 0 0 0
Obligations
Provision for Risks and
117 107 105 89 75
Charges
Deferred Income 0 0 0 0 0
Deferred Taxes
Deferred Taxes - Credit
Deferred Taxes - Debit
Other Liabilities 0 0 0 0 0
Total Liabilities 1,096 836 738 608 399
Non-Equity Reserves 0 0 0 0 0
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Common Equity 1,601 1,692 1,511 1,393 1,274
Total Liabilities &
2,698 2,528 2,250 2,001 1,673
Shareholders' Equity
Financial Statement Analyses\Balance Sheet - Annual - Common Size
Annual Balance Sheet - (Common Size): Dallah Healthcare Company SJSC
Figures are expressed as Percent of Total Assets.
Total Assets are in millions of Saudi Riyals.
Fiscal Year 2018 2017 2016 2015 2014
Fiscal Year End Date 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014
Assets
Total Assets 2,697.7 2,528.0 2,249.6 2,000.6 1,672.9
Total Current Assets 21.3% 23.4% 27.7% 27.3% 29.3%
Cash & Short Term
1.7% 4.7% 8.3% 4.7% 3.9%
Investments
Cash 1.7% 3.6% 5.3% 4.7% 3.9%
Short Term
0.0% 1.1% 3.0% 0.0%
Investments
Receivables (Net) 13.5% 11.3% 13.3% 13.8% 15.0%
Inventories -Total 3.3% 3.2% 3.1% 4.4% 5.7%
Raw Materials 3.2% 3.1% 3.6% 4.5% 5.6%
Work in Process
Finished Goods
Progress Payments &
0.0% 0.0% -0.5% -0.1% 0.1%
Other
Prepaid Expenses 2.4% 3.4% 1.5% 2.3% 1.2%
Other Current Assets 0.4% 0.7% 1.5% 2.1% 3.6%
Long Term Receivables 0.0% 0.0% 0.0% 0.0% 0.3%
Investment in Associated
5.4% 5.6% 6.3% 7.1% 0.0%
Companies
Other Investments 0.2% 0.2% 2.7% 6.9% 8.2%
Property Plant and
97.1% 93.6% 86.2% 82.1% 87.3%
Equipment - Gross
Accumulated Depreciation 24.7% 23.5% 23.8% 24.9% 26.8%
Property Plant and
72.4% 70.1% 62.4% 57.2% 60.6%
Equipment – Net
Other Assets 0.7% 0.8% 0.9% 1.5% 1.6%
 Deferred Charges 0.0% 0.0% 0.0% 0.0% 0.0%
Tangible Other Assets 0.0% 0.0% 0.0% 0.0% 0.0%
Intangible Other Assets 0.7% 0.8% 0.9% 1.5% 1.6%
Total Assets 100.0% 100.0% 100.0% 100.0% 100.0%
Liabilities & Shareholders'
Equity
Total Liabilities &
2,697.7 2,528.0 2,249.6 2,000.6 1,672.9
Shareholders' Equity
Total Current Liabilities 15.4% 10.7% 13.8% 13.6% 16.7%
Accounts Payable 3.8% 3.6% 3.1% 3.2% 4.1%
Short Term Debt &
Current Portion of Long Term 5.4% 4.2% 7.0% 7.4% 9.1%
Debt
Accrued Payroll 1.0% 1.1%
Income Taxes Payable 0.3% 0.6% 0.6% 0.5% 0.5%
Dividends Payable 3.3%
Other Current Liabilities 1.7% 1.4% 3.1% 2.5% 2.9%
Long Term Debt 20.9% 18.1% 14.4% 12.3% 2.7%
Long Term Debt Excluding
20.9% 18.1% 14.4% 12.3% 2.7%
Capitalized Leases
Capitalized Lease
0.0% 0.0% 0.0% 0.0% 0.0%
Obligations
Provision for Risks and
4.4% 4.2% 4.7% 4.5% 4.5%
Charges
Deferred Income 0.0% 0.0% 0.0% 0.0% 0.0%
Deferred Taxes
Deferred Taxes - Credit
Deferred Taxes - Debit
Other Liabilities 0.0% 0.0% 0.0% 0.0% 0.0%
Total Liabilities 40.6% 33.1% 32.8% 30.4% 23.8%
Non-Equity Reserves 0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%
Common Equity 59.4% 66.9% 67.2% 69.6% 76.2%
Total Liabilities &
100.0% 100.0% 100.0% 100.0% 100.0%
Shareholders' Equity
Financial Statement Analyses\Balance Sheet - Annual - Year-Year % Change
Balance Sheet - (Year to Year Percent Change): Dallah Healthcare Company
SJSC
Figures are the Percent Changes from the Prior Year.
Fiscal Year 2018 2017 2016 2015 2014
Fiscal Year End Date 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014
Assets
Total Assets 6.7% 12.4% 12.4% 19.6% 13.1%
Cash & Short Term
-60.9% -36.4% 99.7% 43.6% -56.6%
Investments
Cash -48.7% -23.8% 27.1% 43.6% 30.1%
Short Term Investments -100.0% -58.5% -100.0%
Receivables (Net) 26.8% -4.4% 8.9% 9.9% 5.9%
Inventories -Total 11.1% 15.6% -21.4% -7.0% 61.8%
Raw Materials 11.2% -2.7% -9.2% -4.4% 61.3%
Work in Process
Finished Goods
Progress Payments &
-0.2% -193.8% 108.9%
Other
Prepaid Expenses -25.7% 153.3% -24.8% 126.4% 40.6%
Other Current Assets -38.4% -44.7% -21.3% -28.0% 47.3%
Current Assets - Total -2.7% -5.3% 14.4% 11.3% -2.0%
Long Term Receivables -100.0%
Investment in Associated
3.0% -1.3% 1.0%
Companies
Other Investments 0.5% -90.9% -56.6% 1.2% 6.0%
Property Plant and
10.7% 22.0% 18.1% 12.4% 18.6%
Equipment - Gross
Accumulated Depreciation 12.0% 10.8% 7.7% 11.3% 9.0%
Property Plant and
10.3% 26.2% 22.6% 13.0% 23.4%
Equipment – Net
Other Assets -0.8% -0.9% -37.3% 12.6% -5.0%
Deferred Charges
 Tangible Other Assets
Intangible Other Assets -0.8% -0.9% -37.3% 12.6% -5.0%
Total Assets 6.7% 12.4% 12.4% 19.6% 13.1%
Liabilities & Shareholders'
Equity
Total Liabilities &
6.7% 12.4% 12.4% 19.6% 13.1%
Shareholders' Equity
Accounts Payable 13.0% 28.3% 8.3% -6.8% 29.5%
Short Term Debt & Current
38.1% -33.3% 7.1% -2.5% 25.3%
Portion of Long Term Debt
Accrued Payroll 4.2%
Income Taxes Payable -48.0% 5.6% 36.2% 6.9% -20.8%
Dividends Payable
Other Current Liabilities 30.3% -49.2% 36.7% 2.7% 16.8%
Current Liabilities - Total 53.5% -12.7% 13.9% -2.3% 22.4%
Long Term Debt 22.8% 41.9% 31.6% 445.5%
Long Term Debt Excluding
22.8% 41.9% 31.6% 445.5%
Capitalized Leases
Capitalized Lease
Obligations
Provision for Risks and
10.2% 1.9% 17.1% 19.6% 23.4%
Charges
Deferred Income
Deferred Taxes
Deferred Taxes - Credit
Deferred Taxes - Debit
Deferred Tax Liability in
Untaxed Reserves
Other Liabilities
Total Liabilities 31.1% 13.2% 21.5% 52.3% 38.2%
Non-Equity Reserves
Minority Interest
Preferred Stock
Preferred Stock Issued for
ESOP
ESOP Guarantees -
Preferred Issued
Common Equity -5.4% 12.0% 8.5% 9.3% 7.1%
Total Liabilities &
6.7% 12.4% 12.4% 19.6% 13.1%
Shareholders' Equity
Financial Statement Analyses\Balance Sheet - Annual - Five-Year Averages
Balance Sheet - (5 Year Averages): Dallah Healthcare Company SJSC
Figures in millions of Saudi Riyals.
Fiscal Year 2018 2017 2016 2015 2014
Fiscal Year End Date 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014
Assets
Total Assets 2,229.8 1,986.0 1,734.9 1,424.7 1,122.8
Cash & Short Term
102.0 122.7 211.1 190.8 185.5
Investments
Cash 82.8 83.5 177.5 170.8 165.5
Short Term Investments
Receivables (Net) 295.4 270.0 248.5 217.3 188.9
Inventories -Total 84.1 78.0 74.9 70.0 60.3
Raw Materials 86.0 80.0
Work in Process
Finished Goods
Progress Payments &
-1.9 -2.0 3.8 9.1 10.1
Other
Prepaid Expenses 50.4 40.3 25.5 20.5 12.7
Other Current Assets 33.3 39.1 36.7 33.3 25.4
Current Assets - Total 565.2 550.2 596.6 531.8 472.7
Long Term Receivables 1.1 1.1
Investment in Associated
114.1 85.0
Companies
Other Investments 69.0 93.7 95.0 85.3 59.9
Property Plant and
2,005.7 1,728.3 1,420.4 1,181.0 931.6
Equipment - Gross
Accumulated Depreciation 548.3 497.4 456.2 421.5 356.7
Property Plant and
1,457.4 1,231.0 964.2 759.5 574.9
Equipment – Net
Other Assets 23.0 25.0 21.2 18.6 12.9
Deferred Charges 0.0 0.0 0.0 1.2 1.7
 Tangible Other Assets 0.0 0.0 0.0 0.0 0.0
Intangible Other Assets 23.0 25.0 21.2 17.3 11.2
Total Assets 2,229.8 1,986.0 1,734.9 1,424.7 1,122.8
Liabilities & Shareholders'
Equity
Total Liabilities &
2,229.8 1,986.0 1,734.9 1,424.7 1,122.8
Shareholders' Equity
Accounts Payable 79.1 69.5 62.5 58.6 55.3
Short Term Debt & Current
141.8 136.9 116.7 100.5 70.9
Portion of Long Term Debt
Accrued Payroll
Income Taxes Payable 10.7 11.5
Dividends Payable
Other Current Liabilities 50.0 49.3 48.5 44.0 40.9
Current Liabilities - Total 310.1 272.4 239.8 215.5 179.8
Long Term Debt 326.9 214.4 122.7 58.1 9.0
Long Term Debt Excluding
326.9 214.4 122.7 58.1 9.0
Capitalized Leases
Capitalized Lease
0.0 0.0 0.0 0.0 0.0
Obligations
Provision for Risks and
98.5 87.2 75.7 62.8 52.0
Charges
Deferred Income 0.0 0.0
Deferred Taxes
Deferred Taxes - Credit
Deferred Taxes - Debit
Deferred Tax Liability in
Untaxed Reserves
Other Liabilities 0.0 0.0 0.0 0.0 1.4
Total Liabilities 735.5 574.0 438.2 336.4 242.2
Non-Equity Reserves 0.0 0.0 0.0
Minority Interest 0.0 0.0 0.0 0.0 0.0
Preferred Stock 0.0 0.0 0.0 0.0 0.0
Preferred Stock Issued for
ESOP
ESOP Guarantees -
Preferred Issued
Common Equity 1,494.3 1,412.0 1,296.7 1,088.3 880.6
Total Liabilities &
2,229.8 1,986.0 1,734.9 1,424.7 1,122.8
Shareholders' Equity
Financial Statement Analyses\Balance Sheet - Interim
Interim Balance Sheet - (Actual Values): Dallah Healthcare Company SJSC
All figures in millions of Saudi Riyals.
Fiscal Period End Date 03/31/2019 12/31/2018 09/30/2018 06/30/2018 03/31/2018
Assets
Total Assets 2,773 2,698 2,660 2,592 2,561
Total Current Assets 596 575 573 558 589
Cash & Short Term
88 46 44 58 74
Investments
Receivables (Net) 334 364 368 332 340
Inventories - Total 97 89 70 73 83
Prepaid Expenses 65
Other Current Assets 77 12 91 95 92
Investment in Associated
145 145 146 147 147
Companies
Property Plant and
2,619
Equipment - Gross
Accumulated Depreciation 665
Property Plant and
2,009 1,953 1,916 1,863 1,801
Equipment – Net
Other Assets 24 24 24 24 24
Intangible Other Assets 19 19 19 19 19
Total Assets 2,773 2,698 2,660 2,592 2,561
Liabilities & Shareholders'
Equity
Total Liabilities &
2,773 2,698 2,660 2,592 2,561
Shareholders' Equity
Total Current Liabilities 416 416 349 352 232
Accounts Payable 104 102 69 73 85
Short Term Debt &
Current Portion of Long Term 219 146 184 192 50
Debt
Income Taxes Payable 10 7 7 7 17
Other Current Liabilities 83 162 89 80 80
Long Term Debt 606 563 544 507 468
Long Term Debt Excluding
585 563 544 507 468
Capitalized Leases
Capitalized Lease
20 0
Obligations
Deferred Taxes
Deferred Taxes - Credit
Deferred Taxes - Debit
Other Liabilities 126 117 116 114 114
Total Liabilities 1,147 1,096 1,010 974 814
Non-Equity Reserves 0 0 0 0 0
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Common Equity 1,626 1,601 1,651 1,618 1,747
Total Liabilities &
2,773 2,698 2,660 2,592 2,561
Shareholders' Equity
Financial Statement Analyses\Balance Sheet - Interim - Common Size
Interim Balance Sheet - (Common Size): Dallah Healthcare Company SJSC
Figures are expressed as Percent of Total Assets.
Total Assets are in millions of Saudi Riyals.
Fiscal Period End Date 03/31/2019 12/31/2018 09/30/2018 06/30/2018 03/31/2018
Assets
Total Assets 2,773.3 2,697.7 2,660.5 2,592.3 2,560.8
Total Current Assets 21.5% 21.3% 21.6% 21.5% 23.0%
Cash & Short Term
3.2% 1.7% 1.6% 2.2% 2.9%
Investments
Receivables (Net) 12.1% 13.5% 13.8% 12.8% 13.3%
Inventories - Total 3.5% 3.3% 2.6% 2.8% 3.2%
Prepaid Expenses 2.4%
Other Current Assets 2.8% 0.4% 3.4% 3.7% 3.6%
Investment in Associated
5.2% 5.4% 5.5% 5.7% 5.7%
Companies
Property Plant and
97.1%
Equipment - Gross
Accumulated Depreciation 24.7%
Property Plant and
72.4% 72.4% 72.0% 71.9% 70.3%
Equipment – Net
Other Assets 0.9% 0.9% 0.9% 0.9% 1.0%
Intangible Other Assets 0.7% 0.7% 0.7% 0.7% 0.7%
Total Assets 100.0% 100.0% 100.0% 100.0% 100.0%
Liabilities & Shareholders'
Equity
Total Liabilities &
2,773.3 2,697.7 2,660.5 2,592.3 2,560.8
Shareholders' Equity
Total Current Liabilities 15.0% 15.4% 13.1% 13.6% 9.1%
Accounts Payable 3.8% 3.8% 2.6% 2.8% 3.3%
Short Term Debt &
Current Portion of Long Term 7.9% 5.4% 6.9% 7.4% 1.9%
Debt
Income Taxes Payable 0.4% 0.3% 0.3% 0.3% 0.7%
 Other Current Liabilities 3.0% 6.0% 3.3% 3.1% 3.1%
Long Term Debt 21.8% 20.9% 20.5% 19.6% 18.3%
Long Term Debt Excluding
21.1% 20.9% 20.5% 19.6% 18.3%
Capitalized Leases
Capitalized Lease
0.7% 0.0%
Obligations
Deferred Taxes
Deferred Taxes - Credit
Deferred Taxes - Debit
Other Liabilities 4.5% 4.4% 4.4% 4.4% 4.5%
Total Liabilities 41.4% 40.6% 37.9% 37.6% 31.8%
Non-Equity Reserves 0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%
Common Equity 58.6% 59.4% 62.1% 62.4% 68.2%
Total Liabilities &
100.0% 100.0% 100.0% 100.0% 100.0%
Shareholders' Equity
Financial Statement Analyses\Income Statement - Annual
Annual Income Statement - (Actual Values): Dallah Healthcare Company
SJSC
All figures in millions of Saudi Riyals.
Fiscal Year 2018 2017 2016 2015 2014
Fiscal Year End Date 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014
Net Sales or Revenues 1,181 1,212 1,163 985 895
Cost of Goods Sold 671 596 572 524 456
Depreciation, Depletion &
75 60 69 56 45
Amortization
Gross Income 435 556 522 406 394
Selling, General &
289 248 301 235 249
Administrative Expenses
Other Operating Expenses 0 0 0 0 0
Operating Expenses - Total 1,035 904 942 815 750
Operating Income 146 308 221 170 145
Extraordinary Credit - Pretax
Extraordinary Charge - Pretax
Non-Operating Interest
Income
Reserves -
Increase/Decrease
Pretax Equity in Earnings -2 -2 1 -0 0
Other Income/Expense - Net 12 1 19 9 12
Earnings before Interest,
Taxes, Depreciation & 231 367 311 236 202
Amortization (EBITDA)
Earnings before Interest &
157 307 242 179 157
Taxes(EBIT)
Interest Expense on Debt
Interest Capitalized 0 0 0 0 0
Pretax Income 145 305 240 175 156
Income Taxes 0 0 0 0 0
Minority Interest 0 0 0 0 0
Equity in Earnings 0
After Tax Other
-4 -10 -14 -10 -9
Income/Expense
Discontinued Operations 0 0 0 0 0
Net Income before
Extraordinary Items/Preferred 142 295 226 165 147
Dividends
Extraordinary Items &
0 0 0 0 0
Gain/Loss Sale of Assets
Preferred Dividend
0 0 0 0 0
Requirements
Net Income after Preferred
Dividends - available to 142 295 226 165 147
Common
Financial Statement Analyses\Income Statement - Annual - Common Size
Annual Income Statement - (Common Size): Dallah Healthcare Company
SJSC
Figures are expressed as Percent of Net Sales or Revenues.
Net Sales or Revenues are in millions of Saudi Riyals.
Fiscal Year 2018 2017 2016 2015 2014
Fiscal Year End Date 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014
Net Sales or Revenues 1,180.9 1,212.1 1,162.8 985.4 895.1
Cost of Goods Sold 56.9% 49.2% 49.2% 53.1% 50.9%
Depreciation, Depletion &
6.3% 4.9% 5.9% 5.7% 5.0%
Amortization
Gross Income 36.8% 45.9% 44.9% 41.2% 44.0%
Selling, General &
24.5% 20.5% 25.9% 23.9% 27.8%
Administrative Expenses
Other Operating Expenses 0.0% 0.0% 0.0% 0.0% 0.0%
Operating Expenses - Total 87.6% 74.6% 81.0% 82.7% 83.8%
Operating Income 12.4% 25.4% 19.0% 17.3% 16.2%
Extraordinary Credit - Pretax
Extraordinary Charge - Pretax
Non-Operating Interest
Income
Reserves -
Increase/Decrease
Pretax Equity in Earnings -0.2% -0.2% 0.1% -0.0% 0.0%
Other Income/Expense - Net 1.1% 0.1% 1.7% 1.0% 1.3%
Earnings before Interest,
Taxes, Depreciation & 19.6% 30.3% 26.7% 23.9% 22.5%
Amortization (EBITDA)
Earnings before Interest &
13.3% 25.3% 20.8% 18.2% 17.5%
Taxes(EBIT)
Interest Expense on Debt
Interest Capitalized 0.0% 0.0% 0.0% 0.0% 0.0%
Pretax Income 12.3% 25.2% 20.6% 17.7% 17.4%
Income Taxes 0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0%
Equity in Earnings 0.0%
After Tax Other
-0.3% -0.8% -1.2% -1.0% -1.0%
Income/Expense
Discontinued Operations 0.0% 0.0% 0.0% 0.0% 0.0%
Net Income before
Extraordinary Items/Preferred 12.0% 24.3% 19.4% 16.7% 16.4%
Dividends
Extraordinary Items &
0.0% 0.0% 0.0% 0.0% 0.0%
Gain/Loss Sale of Assets
Preferred Dividend
0.0% 0.0% 0.0% 0.0% 0.0%
Requirements
Net Income after Preferred
Dividends - available to 12.0% 24.3% 19.4% 16.7% 16.4%
Common
Financial Statement Analyses\Income Statement - Year-Year % Change
Income Statement - (Year to Year Percent Change): Dallah Healthcare Company
SJSC
Figures are the Percent Changes from the Prior Year.
Fiscal Year 2018 2017 2016 2015 2014
Net Sales or Revenues -2.6% 4.2% 18.0% 10.1% 19.4%
Cost of Goods Sold 12.6% 4.2% 9.3% 14.9% 17.8%
Depreciation, Depletion & Amortization 24.7% -13.4% 22.5% 25.0% 24.7%
Gross Income -21.8% 6.6% 28.7% 2.9% 20.7%
Selling, General & Administrative Expenses 16.4% -17.5% 27.9% -5.6% 31.8%
Other Operating Expenses
Operating Expenses - Total 14.5% -4.0% 15.5% 8.7% 22.5%
Operating Income -52.5% 39.3% 29.7% 17.4% 5.5%
Extraordinary Credit - Pretax
Extraordinary Charge - Pretax
Non-Operating Interest Income
Reserves - Increase/Decrease
-
Pretax Equity in Earnings
232.1%
Other Income/Expense - Net 1,320.5% -95.4% 103.3% -18.0% 5.6%
Earnings before Interest, Taxes, Depreciation
-36.9% 18.1% 31.8% 16.9% 9.3%
& Amortization (EBITDA)
Earnings before Interest & Taxes(EBIT) -48.9% 27.1% 34.7% 14.5% 5.5%
Interest Expense on Debt 515.6% 3.5% -61.0% 902.9% 34.6%
Interest Capitalized
Pretax Income -52.4% 27.2% 37.3% 11.9% 5.4%
Income Taxes
Minority Interest
Equity in Earnings
After Tax Other Income/Expense
Discontinued Operations
Net Income before Extraordinary
-51.9% 30.6% 36.8% 12.2% 7.7%
Items/Preferred Dividends
Extraordinary Items & Gain/Loss Sale of
Assets
Preferred Dividend Requirements
Net Income after Preferred Dividends -
-51.9% 30.6% 36.8% 12.2% 7.7%
available to Common
Financial Statement Analyses\Income Statement - Five-Year Averages
Income Statement - (5 Year Averages): Dallah Healthcare Company SJSC
Figures in millions of Saudi Riyals.
Fiscal Year 2018 2017 2016 2015 2014
Net Sales or Revenues 1,087.3 1,001.0 886.0 758.9 656.3
Cost of Goods Sold 563.9 507.0 460.6 409.0 361.8
Depreciation, Depletion & Amortization 60.9 53.2 47.1 38.4 30.8
Gross Income 462.5 440.8 378.3 311.6 263.7
Selling, General & Administrative Expenses 264.4 244.4 217.4 174.5 142.9
Other Operating Expenses 0.0 0.0 -0.0 0.7 0.7
Operating Expenses - Total 889.1 804.6 725.0 622.5 536.3
Operating Income 198.1 196.4 161.0 136.4 120.1
Extraordinary Credit - Pretax
Extraordinary Charge - Pretax
Non-Operating Interest Income
Reserves - Increase/Decrease
Pretax Equity in Earnings -0.5 -0.2 0.2 -0.1 0.0
Other Income/Expense - Net 10.7 10.4 11.6 12.0 12.3
Earnings before Interest, Taxes, Depreciation &
269.2 259.9 219.8 186.7 163.2
Amortization (EBITDA)
Earnings before Interest & Taxes(EBIT) 208.3 206.6 172.8 148.3 132.4
Interest Expense on Debt 4.1 1.8 2.0 2.1 1.3
Interest Capitalized 0.0 0.0
Pretax Income 204.2 204.8 170.8 146.2 131.1
Income Taxes 0.0 0.0 0.0 0.0 0.0
Minority Interest 0.0 0.0 0.0 0.0 0.0
Equity in Earnings 0.0
After Tax Other Income/Expense -9.3 -10.9 -9.2 -7.1 -6.1
Discontinued Operations 0.0 0.0 0.0 0.0 0.0
Net Income before Extraordinary Items/Preferred
194.9 193.9 161.6 139.1 125.0
Dividends
Extraordinary Items & Gain/Loss Sale of Assets 0.0 0.0 0.0 0.0 0.0
Preferred Dividend Requirements 0.0 0.0 0.0 0.0 0.0
Net Income after Preferred Dividends - available to
194.9 193.9 161.6 139.1 125.0
Common
Financial Statement Analyses\Income Statement - Interim
Interim Income Statement - (Actual Values): Dallah Healthcare Company
SJSC
All figures in millions of Saudi Riyals.
Fiscal Period End Date 03/31/2019 12/31/2018 09/30/2018 06/30/2018 03/31/2018
Net Sales or Revenues 321 318 281 273 309
Cost of Goods Sold 177 185 162 161 162
Depreciation, Depletion &
24 22 18 20 15
Amortization
Gross Income 120 111 101 92 132
Selling, General &
79 77 68 73 72
Administrative Expenses
Other Operating Expenses 0 0 0 0 0
Operating Expenses - Total
Operating Income 41 34 33 20 59
Extraordinary Credit - Pretax 0 0 0 0 0
Extraordinary Charge - Pretax 0 0 0 0 0
Non-Operating Interest
Income
Reserves -
Increase/Decrease
Pretax Equity in Earnings -1 -1 -0 -0 -0
Other Income/Expense - Net 3 5 4 2 2
Earnings before Interest,
Taxes, Depreciation & 68 59 54 41 77
Amortization (EBITDA)
Earnings before Interest &
44 37 37 22 62
Taxes(EBIT)
Interest Expense on Debt
Interest Capitalized
Pretax Income 38 33 33 19 61
Income Taxes 0 0 0 0 0
Minority Interest 0 0 0 0 0
Equity in Earnings
After Tax Other
Income/Expense
Discontinued Operations 0 0 0 0 0
Net Income before
Extraordinary Items/Preferred 35 32 32 19 58
Dividends
Extraordinary Items &
0 0 0 0 0
Gain/Loss Sale of Assets
Preferred Dividend
0 0 0 0 0
Requirements
Net Income after Preferred
Dividends - available to 35 32 32 19 58
Common
Financial Statement Analyses\Income Statement - Interim - Common Size
Interim Income Statement - (Common Size): Dallah Healthcare Company
SJSC
Figures are expressed as Percent of Net Sales or Revenues.
Net Sales or Revenues are in millions of Saudi Riyals.
Fiscal Period End Date 03/31/2019 12/31/2018 09/30/2018 06/30/2018 03/31/2018
Net Sales or Revenues 321.1 318.3 280.9 273.1 308.6
Cost of Goods Sold 55.0% 58.2% 57.7% 59.0% 52.5%
Depreciation, Depletion &
7.6% 7.0% 6.2% 7.2% 4.8%
Amortization
Gross Income 37.4% 34.8% 36.1% 33.8% 42.7%
Selling, General &
24.6% 24.3% 24.2% 26.6% 23.4%
Administrative Expenses
Other Operating Expenses 0.0% 0.0% 0.0% 0.0% 0.0%
Operating Expenses - Total
Operating Income 12.8% 10.6% 11.9% 7.2% 19.3%
Extraordinary Credit - Pretax 0.0% 0.0% 0.0% 0.0% 0.0%
Extraordinary Charge - Pretax 0.0% 0.0% 0.0% 0.0% 0.0%
Non-Operating Interest
Income
Reserves -
Increase/Decrease
Pretax Equity in Earnings -0.2% -0.4% -0.2% -0.0% -0.0%
Other Income/Expense - Net 0.9% 1.4% 1.3% 0.8% 0.7%
Earnings before Interest,
Taxes, Depreciation & 21.2% 18.6% 19.3% 15.2% 24.8%
Amortization (EBITDA)
Earnings before Interest &
13.6% 11.6% 13.0% 7.9% 20.0%
Taxes(EBIT)
Interest Expense on Debt
Interest Capitalized
Pretax Income 11.8% 10.2% 11.6% 7.0% 19.8%
Income Taxes 0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0%
Equity in Earnings
After Tax Other
Income/Expense
Discontinued Operations 0.0% 0.0% 0.0% 0.0% 0.0%
Net Income before
Extraordinary Items/Preferred 10.9% 10.2% 11.6% 6.9% 18.8%
Dividends
Extraordinary Items &
0.0% 0.0% 0.0% 0.0% 0.0%
Gain/Loss Sale of Assets
Preferred Dividend
0.0% 0.0% 0.0% 0.0% 0.0%
Requirements
Net Income after Preferred
Dividends - available to 10.9% 10.2% 11.6% 6.9% 18.8%
Common
Financial Statement Analyses\Sources of Capital - Net Change
Sources of Capital: Dallah Healthcare Company SJSC
Currency figures are in millions of Saudi Riyals.
Year to year % changes pertain to reported Balance Sheet values.
Fiscal Year 2018 2017 2016 2015 2014
Fiscal Year End Date 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014
Total Capital 2,163.8 2,150.2 1,834.2 1,638.5 1,318.9
Percent of Total Capital
Short Term Debt 6.7% 4.9% 8.6% 9.0% 11.5%
Long Term Debt 26.0% 21.3% 17.6% 15.0% 3.4%
Other Liabilities 0.0% 0.0% 0.0% 0.0% 0.0%
Total Liabilities 50.7% 38.9% 40.3% 37.1% 30.3%
Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%
Retained Earnings 29.6% 34.0% 50.5% 48.1% 59.8%
Common Equity 74.0% 78.7% 82.4% 85.0% 96.6%
Total Capital 100.0% 100.0% 100.0% 100.0% 100.0%
Year to Year Net Changes
Short Term Debt 40.2 -52.8 10.5 -3.7 30.6
Long Term Debt 104.4 135.3 77.6 200.5 45.0
Other Liabilities 0.0 0.0 0.0 0.0 0.0
Total Liabilities 260.4 97.7 130.8 208.6 110.3
Minority Interest 0.0 0.0 0.0 0.0 0.0
Preferred Stock 0.0 0.0 0.0 0.0 0.0
Retained Earnings -90.8 -194.7 137.3 -0.1 76.3
Common Equity -90.7 180.8 118.1 119.1 84.0
Total Capital 13.6 316.0 195.7 319.5 129.0
Year to Year Percent
Changes
Short Term Debt 38.1% -33.3% 7.1% -2.5% 25.3%
Long Term Debt 22.8% 41.9% 31.6% 445.5%
Other Liabilities
Total Liabilities 31.1% 13.2% 21.5% 52.3% 38.2%
Minority Interest
Preferred Stock
Retained Earnings -12.4% -21.0% 17.4% -0.0% 10.7%
Common Equity -5.4% 12.0% 8.5% 9.3% 7.1%
Total Capital 0.6% 17.2% 11.9% 24.2% 10.8%
Total Liabilities & Common
Equity
Total Liabilities 1,096.5 836.1 738.4 607.6 399.0
Net Change in Liabilities as
23.7% 11.7% 17.7% 34.3% 27.6%
% of Total Liabilities
Common Equity 1,601.2 1,692.0 1,511.2 1,393.0 1,273.9
Net Change in Common
Equity as -5.7% 10.7% 7.8% 8.5% 6.6%
% of Common Equity
Cash Flow
Operating Activities 204.7 353.1 341.6 214.3 149.4
Financing Activities -14.5 -37.4 -0.4 149.5 0.7
Investing Activities 234.3 411.8 248.0 335.5 135.0
Financial Ratio AnalysesFinancial Ratio Analyses\Accounting Ratios
Accounting Ratios: Dallah Healthcare Company SJSC
Currency amounts are in millions of Saudi Riyals.
Fiscal Year 2018 2017 2016 2015 2014
Fiscal Year End Date 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014
Current Assets 575.0 591.1 624.1 545.6 490.2
Current Assets Turnover -
2.1 2.1 1.9 1.8 1.8
Sales / Current Assets
Current Assets / Working
3.6 1.8 2.0 2.0 2.3
Capital
Cash & Short Term
Investments + Restricted 46.4 118.6 186.6 93.4 65.0
Cash
Cash & Short Term
Investments + Restricted 8.1% 20.1% 29.9% 17.1% 13.3%
Cash % Current Assets
Cash Asset Ratio: Cash &
Short Term Investments % 11.1% 43.7% 60.0% 34.2% 23.3%
Current Liabilities
Net Receivables 363.7 286.9 300.2 275.6 250.7
Net Receivables % Total
63.3% 48.5% 48.1% 50.5% 51.1%
Current Assets
Net Receivable Turnover 3.2 4.2 3.9 3.6 3.6
Net Receivable Ratio:
101 88 90 97 99
Collection in Days
Inventories 88.8 79.9 69.1 88.0 94.6
Inventories % Current Assets 15.4% 13.5% 11.1% 16.1% 19.3%
Inventory Turnover -
Inventory / Cost of Goods 8 8 7 6 6
Sold
Inventory Period Ratio -
46 46 50 64 61
Number of Days
Accounts Payable 101.5 89.8 70.0 64.6 69.3
Accounts Payable Turnover:
Cost of Goods Sold / 6.6 6.6 8.2 8.1 6.6
Accounts Payable
Accounts Payable Ratio -
55 55 45 45 56
Number of Days
Length of Operating &
Conversion Cycles
Length of Operating Cycle in
146 134 141 161 161
Days
Length of Cash Conversion
53 41 53 58 50
Cycle in Days
Liquidity Measures
Current Ratio 1.38 2.18 2.01 2.00 1.76
Quick Ratio 0.98 1.49 1.57 1.35 1.13
Acid Test Ratio 1.0 1.5 1.6 1.4 1.1
Absolute Liquidity Ratio 0.1 0.4 0.6 0.3 0.2
Current Assets / Working
3.6 1.8 2.0 2.0 2.3
Capital
Tangible Book Value %
98.8% 98.9% 98.7% 97.8% 97.9%
Regular Book Value
Total Asset Turnover 0.4 0.5 0.5 0.5 0.5
Shareholders' Common
74.0% 78.7% 82.4% 85.0% 96.6%
Equity % Total Capital
Enterprise Value 3,978.3 6,404.3 5,885.1 4,444.6 6,243.9
Enterprise Value % Yield
5.8% 5.7% 5.3% 5.3% 3.2%
[EBDITA / Enterprise Value]
Adjusted Earnings % Yield
3.9% 4.8% 4.1% 4.0% 2.5%
[EBIT / Enterprise Value]
Enterprise Value / Revenues
3.4 5.3 5.1 4.5 7.0
Ratio
Enterprise Value / Assets
1.5 2.5 2.6 2.2 3.7
Ratio
Gross Property, Plant &
0.5 0.5 0.6 0.6 0.6
Equipment Turnover
Net Property, Plant &
0.6 0.7 0.8 0.9 0.9
Equipment Turnover
Depreciation, Depletion &
Amortization % Gross 25.4% 25.1% 27.6% 30.3% 30.6%
Property, Plant & Equip.
Depreciation, Depletion &
Amortization % Net Property, 34.1% 33.6% 38.2% 43.5% 44.2%
Plant & Equipment
Capital Expenditure % Gross
9.8% 18.2% 16.3% 11.6% 16.1%
Fixed Assets
Financial Ratio Analyses\Analytical Ratios
Analytical Ratios: Dallah Healthcare Company SJSC
Currency amounts are in millions of Saudi Riyals.
Fiscal Year 2018 2017 2016 2015 2014
Fiscal Year End Date 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014
Current Assets Turnover:
2.1 2.1 1.9 1.8 1.8
[Sales / Current Assets]
Current Assets % Total
21.3% 23.4% 27.7% 27.3% 29.3%
Assets
Cash & Short Term
Investments + Restricted 1.7% 4.7% 8.3% 4.7% 3.9%
Cash % Total Assets
Increase/Decrease in Cash &
-44.1 -96.1 93.2 28.4 15.1
Cash Equivalents
Accounts Receivable
3.2 4.2 3.9 3.6 3.6
Turnover
Accounts Receivable % Total
51.3% 50.9% 62.4% 70.1% 127.6%
Debt
Accounts Payable Turnover:
[Cost of Goods Sold / 6.6 6.6 8.2 8.1 6.6
Accounts Payable]
Current Liabilities /
2.6 0.8 1.0 1.0 1.3
Working Capital Ratio
Working Capital Turnover
Ratio: [Net Sales / Working 7.4 3.8 3.7 3.6 4.2
Capital]
Current Assets / Total Assets
0.2 0.2 0.3 0.3 0.3
Ratio
Working Capital Ratio:
[Current Assets / Current 1.4 2.2 2.0 2.0 1.8
Liabilities]
Working Capital per
Employee (in Saudi Riyals)
Total Liabilities / Total Assets
0.4 0.3 0.3 0.3 0.2
Ratio
Current Assets / Working
3.6 1.8 2.0 2.0 2.3
Capital Ratio
Total Long Term
Receivables &
5.6% 5.8% 9.0% 14.0% 8.5%
Investments % Total
Assets
Long Term Receivables %
0.0% 0.0% 0.0% 0.0% 0.3%
Total Assets
Investment in Associate
5.4% 5.6% 6.3% 7.1% 0.0%
Companies % Total Assets
Other Investments % Total
0.2% 0.2% 2.7% 6.9% 8.2%
Assets
Tangible Book Value %
98.8% 98.9% 98.7% 97.8% 97.9%
Regular Book Value
Tangible Equity % Total
58.7% 66.2% 66.3% 68.1% 74.5%
Assets
Total Asset Turnover 0.4 0.5 0.5 0.5 0.5
Total Assets per Employee
(in Saudi Riyals)
Free Asset Ratio: [Total
Assets - Total Liabilities] % 59.4% 66.9% 67.2% 69.6% 76.2%
Assets
Total Borrowing % Total
26.3% 22.3% 21.4% 19.7% 11.7%
Assets
Enterprise Value % Yield:
[EBDITA / Enterprise 5.8% 5.7% 5.3% 5.3% 3.2%
Value]
Adjusted Earnings % Yield:
3.9% 4.8% 4.1% 4.0% 2.5%
[EBIT / Enterprise Value]
Enterprise Value / Sales
3.4 5.3 5.1 4.5 7.0
Ratio
Enterprise Value / Assets
1.5 2.5 2.6 2.2 3.7
Ratio
Enterprise Value per
Employee (in Saudi Riyals)
Gross Property, Plant &
Equipment (PP&E) % Total 97.1% 93.6% 86.2% 82.1% 87.3%
Assets
Accumulated Depreciation,
Depletion & Amortization % 24.7% 23.5% 23.8% 24.9% 26.8%
Total Assets
Net Property, Plant &
1,953.2 1,771.5 1,403.6 1,144.9 1,013.5
Equipment (PP&E)
Net Property, Plant &
Equipment (PP&E) % Total 72.4% 70.1% 62.4% 57.2% 60.6%
Assets
Net Property, Plant &
Equipment Turnover: [Net 0.6 0.7 0.8 0.9 0.9
Sales / Net PP&E]
Capital Expenditures % Total
21.7% 35.6% 27.2% 19.3% 26.3%
Sales
Capital Expenditures %
9.8% 18.2% 16.3% 11.6% 16.1%
Gross Fixed Assets
Funds from Operations %
20.5% 30.9% 31.8% 27.7% 29.4%
Total Sales
Funds from Operations %
9.0% 14.8% 16.4% 13.7% 15.7%
Total Assets
Financial Ratio Analyses\Asset Utilization
Asset Utilization: Dallah Healthcare Company SJSC
Currency amounts are in millions of Saudi Riyals.
Fiscal Year 2018 2017 2016 2015 2014
Fiscal Year End Date 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014
Net Sales 1,180.9 1,212.1 1,162.8 985.4 895.1
Cash & Cash Equivalents 3.9% 9.8% 16.0% 9.5% 7.3%
Short-Term Investments 0.0% 2.3% 5.8% 0.0%
Accounts Receivable 30.8% 23.7% 25.8% 28.0% 28.0%
Inventories 7.5% 6.6% 5.9% 8.9% 10.6%
Other Current Assets 1.0% 1.5% 2.9% 4.4% 6.7%
Total Current Assets 48.7% 48.8% 53.7% 55.4% 54.8%
Total Long Term Receivables
12.8% 12.1% 17.4% 28.4% 15.9%
& Investments
Long Term Receivables 0.0% 0.0% 0.0% 0.0% 0.6%
Investments in Associated
12.3% 11.6% 12.3% 14.4% 0.0%
Companies
Other Investments 0.5% 0.4% 5.1% 14.0% 15.2%
Property, Plant & Equipment -
221.7% 195.2% 166.8% 166.7% 163.2%
Gross
Accumulated Depreciation 56.4% 49.0% 46.1% 50.5% 50.0%
Property Plant & Equipment -
165.4% 146.2% 120.7% 116.2% 113.2%
Net
Other Assets 1.6% 1.6% 1.7% 3.1% 3.0%
Total Assets 228.4% 208.6% 193.5% 203.0% 186.9%
Financial Ratio Analyses\Fixed Charges Coverage
Fixed Charges Coverage: Dallah Healthcare Company SJSC
Fiscal Year 2018 2017 2016 2015 2014
Fiscal Year End Date 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014
EBIT/Total Interest Expense 13.6 163.9 133.6 38.7 339.0
EBIT/Net Interest 13.6 163.9 133.6 38.7 339.0
EBIT/(Total Interest Exp +
13.6 163.9 133.6 38.7 339.0
Pfd Div)
EBIT/Dividends on Common
1.1 2.6 2.7 3.8 2.2
Shares
EBIT/(Dividends on Common
1.1 2.6 2.7 3.8 2.2
+ Pfd)
EBITDA/Total Interest
20.1 195.8 171.7 50.9 436.5
Expense
EBITDA/Net Interest 20.1 195.8 171.7 50.9 436.5
EBITDA/(Total Interest Exp +
20.1 195.8 171.7 50.9 436.5
Pfd Div)
EBITDA/Dividends on Com
1.6 3.1 3.5 5.0 2.8
Shares
EBITDA/(Dividends on Com +
1.6 3.1 3.5 5.0 2.8
Pfd)
Financial Ratio Analyses\Leverage Analysis
Leverage Analysis: Dallah Healthcare Company SJSC
Fiscal Year 2018 2017 2016 2015 2014
Fiscal Year End Date 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014
Long Term Debt % of EBIT 358.8% 149.3% 133.7% 136.8% 28.7%
Long Term Debt % of
243.2% 125.0% 104.0% 104.2% 22.3%
EBITDA
Long Term Debt % of Total
20.9% 18.1% 14.4% 12.3% 2.7%
Assets
Long Term Debt % of Total
26.0% 21.3% 17.6% 15.0% 3.4%
Capital
Long Term Debt % of Com
35.1% 27.1% 21.4% 17.6% 3.5%
Equity
Total Debt % of EBIT 451.7% 183.6% 199.2% 219.3% 125.5%
Total Debt % of EBITDA 306.2% 153.7% 155.0% 166.9% 97.5%
Total Debt % of Total Assets 26.3% 22.3% 21.4% 19.7% 11.7%
Total Debt % of Total Capital 32.7% 26.2% 26.2% 24.0% 14.9%
Total Debt % of Total Capital
30.7% 25.0% 24.2% 22.0% 13.4%
& Short Term Debt
Total Debt % of Common
44.2% 33.3% 31.9% 28.2% 15.4%
Equity
Minority Interest % of EBIT 0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest % of EBITDA 0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest % of Total
0.0% 0.0% 0.0% 0.0% 0.0%
Assets
Minority Interest % of Total
0.0% 0.0% 0.0% 0.0% 0.0%
Capital
Minority Interest % of Com
0.0% 0.0% 0.0% 0.0% 0.0%
Equity
Preferred Stock % of EBIT 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock % of EDITDA 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock % of Total
0.0% 0.0% 0.0% 0.0% 0.0%
Assets
Preferred Stock % of Total
0.0% 0.0% 0.0% 0.0% 0.0%
Capital
Preferred Stock % of Total
0.0% 0.0% 0.0% 0.0% 0.0%
Equity
Common Equity % of Total
59.4% 66.9% 67.2% 69.6% 76.2%
Assets
Common Equity % of Total
74.0% 78.7% 82.4% 85.0% 96.6%
Capital
Total Capital % of Total
80.2% 85.1% 81.5% 81.9% 78.8%
Assets
Capital Expenditure % of
21.7% 35.6% 27.2% 19.3% 26.3%
Sales
Fixed Assets % of Common
122.0% 104.7% 92.9% 82.2% 79.6%
Equity
Working Capital % of Total
7.3% 14.9% 17.1% 16.7% 16.0%
Capital
Dividend Payout 40.0% 39.2% 28.6% 48.1%
Funds From Operations % of
34.2% 66.4% 76.8% 69.5% 133.7%
Total Debt
Financial Ratio Analyses\Liquidity Analysis
Liquidity Analysis: Dallah Healthcare Company SJSC
Currency amounts are in millions of Saudi Riyals.
Fiscal Year 2018 2017 2016 2015 2014
Fiscal Year End Date 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014
Total Current Assets 575.0 591.1 624.1 545.6 490.2
Total Current Assets % of
48.7% 48.8% 53.7% 55.4% 54.8%
Net Sales
Current Assets / Working
3.6 1.8 2.0 2.0 2.3
Capital
Cash & Short Term
Investments % Total Current 8.1% 20.1% 29.9% 17.1% 13.3%
Assets
Cash & Short Term
1.7% 4.7% 8.3% 4.7% 3.9%
Investments % Total Assets
Liquidity Measures
Current Ratio: Current
1.38 2.18 2.01 2.00 1.76
Assets / Current Liabilities
Quick Ratio: [Current Assets -
Inventories] / Current 0.98 1.49 1.57 1.35 1.13
Liabilities
Acid Test Ratio 1.0 1.5 1.6 1.4 1.1
Absolute Liquidity Ratio 0.1 0.4 0.6 0.3 0.2
Net Receivables Turnover:
Net Sales / Net 3.2 4.2 3.9 3.6 3.6
Receivables
Inventories % Current Assets 15.4% 13.5% 11.1% 16.1% 19.3%
Inventories Turnover: Cost of
7.96 8.00 7.28 5.74 5.96
Goods Sold / Inventories
Current Liabilities % Total
15.4% 10.7% 13.8% 13.6% 16.7%
Assets
Working Capital Turnover:
7.4 3.8 3.7 3.6 4.2
Total Sales / Working Capital
Working Capital Ratio:
Working Capital % Total 5.9% 12.7% 13.9% 13.6% 12.6%
Assets
Length of Operating &
Conversion Cycles
Length of Operating Cycle in
146 134 141 161 161
Days
Length of Cash Conversion
53 41 53 58 50
Cycle in Days
Current Assets % Total
52.4% 70.7% 84.5% 89.8% 122.9%
Liabilities
Total Liabilities % Total
40.6% 33.1% 32.8% 30.4% 23.8%
Assets
Long Term Debt % Total
26.0% 21.3% 17.6% 15.0% 3.4%
Capital
Total Debt % Total Capital 32.7% 26.2% 26.2% 24.0% 14.9%
Shareholders Common
74.0% 78.7% 82.4% 85.0% 96.6%
Equity % Total Capital
Shareholders Common
59.4% 66.9% 67.2% 69.6% 76.2%
Equity % Total Assets
Capital Risk: Total Assets %
246.0% 302.4% 304.6% 329.3% 419.3%
Total Liabilities
Total Borrowing % Total
26.3% 22.3% 21.4% 19.7% 11.7%
Assets
Enterprise Value / Net Sales
3.4 5.3 5.1 4.5 7.0
Ratio
Enterprise Value / Assets
1.5 2.5 2.6 2.2 3.7
Ratio
Total Debt Coverage Ratio:
Funds From Operations % 34.2% 66.4% 76.8% 69.5% 133.7%
Total Debt
Funds From Operations %
Net Property, Plant & 12.4% 21.1% 26.3% 23.9% 25.9%
Equipment
Funds From Operations %
11.2% 17.4% 20.2% 16.7% 19.9%
Total Capital
Funds From Operations %
9.0% 14.8% 16.4% 13.7% 15.7%
Total Assets
Increase/Decrease in Cash
-44.1 -96.1 93.2 28.4 15.1
& Short Term Investment
Increase/Decrease in Cash &
Short Term Investment % of -18.2% -25.7% 25.2% 10.4% 5.7%
Funds from Operations
Financial Ratio Analyses\Per-Share Ratios
Per Share Data: Dallah Healthcare Company SJSC
Figures are expressed as per unit of respective shares.
Figures are in Saudi Riyals.
Fiscal Year 2018 2017 2016 2015 2014
Fiscal Year End Date 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014
Sales 15.75 16.16 15.51 13.14 11.94
Operating Income 1.95 4.11 2.95 2.27 1.93
Pre-tax Income 1.94 4.07 3.20 2.33 2.08
Net Income (Continuing
1.94 4.07 3.01 2.20 1.96
Operations)
Net Income Before Extra
1.89 3.93 3.01 2.20 1.96
Items
Extraordinary Items 0.00 0.00 0.00 0.00 0.00
Net Income After
1.89 3.93 3.01 2.20 1.96
Extraordinary Items
Net Income Available to
1.89 3.93 3.01 2.20 1.96
Common Shares
Fully Diluted Earnings 1.89 3.93 3.01 2.20 1.96
Common Dividends 1.97 1.57 1.18 0.63
Cash Earnings 3.23 5.00 4.93 3.64 3.51
Book Value 21.35 22.56 20.15 18.58 16.99
Retained Earnings 8.54 9.75 12.35 10.51 10.52
Assets 35.97 33.71 30.00 26.68 22.31
Financial Ratio Analyses\Profitability Analysis
Profitability Analysis: Dallah Healthcare Company SJSC
Currency figures are in Saudi Riyals.
Fiscal Year 2018 2017 2016 2015 2014
Fiscal Year End Date 12/31/2018 12/31/2017 12/31/2016 12/31/2015 12/31/2014
Gross Income Margin 36.8% 45.9% 44.9% 41.2% 44.0%
Operating Income Margin 12.4% 25.4% 19.0% 17.3% 16.2%
Pretax Income Margin 12.3% 25.2% 20.6% 17.7% 17.4%
EBIT Margin 13.3% 25.3% 20.8% 18.2% 17.5%
Net Income Margin 12.0% 24.3% 19.4% 16.7% 16.4%
Return on Equity - Total 8.6% 18.4% 15.6% 12.4% 11.9%
Return on Invested Capital 6.7% 14.0% 12.0% 10.4% 10.6%
Return on Assets 5.9% 12.4% 10.7% 9.2% 9.4%
Asset Turnover 0.4 0.5 0.5 0.5 0.5
Financial Leverage 44.2% 33.3% 31.9% 28.2% 15.4%
Interest Expense on Debt 11,532,343 1,873,398 1,809,233 4,633,556 461,993
Effective Tax Rate 0.0% 0.0% 0.0% 0.0% 0.0%
Cash Flow % Sales 20.5% 30.9% 31.8% 27.7% 29.4%
Selling, General &
Administrative Expenses % of 24.5% 20.5% 25.9% 23.9% 27.8%
Sales
Research & Development
Expense
Operating Income Return On
0.6% 17.2% 11.9% 24.2% 10.8%
Total Capital
Wright Quality Rating AnalysesWright Quality Rating Analyses\Investment Acceptance
Wright Quality Rating - Investment Acceptance: Dallah Healthcare Company
SJSC
Currency figures are in millions of U.S. Dollars.

Wright Quality Rating DBC0

Investment Acceptance Rating DBC0
Total Market Value of Shares Outstanding - Three Year Average 1,372
- Current Year 999
Public Market Value (Excludes Closely Held) - Three Year Average 549
- Current Year 400
Trading Volume - Three Year Average 0
- Current Year 0
Turnover Rate - Three Year Average 0.0%
- Current Year 0.0%

Stock Exchange Listings

Number of Institutional Investors 0

Number of Shareholders
Closely Held Shares as % of Total Shares Outstanding 60.0%
Wright Quality Rating Analyses\Financial Strength
Wright Quality Rating - Financial Strength: Dallah Healthcare Company SJSC
Wright Quality Rating D BC0
Financial Strength Rating D BC0
Total Shareholders' Equity (Millions of U.S. Dollars) 434
Total Shareholders' Equity as % Total Capital 66.4%
Preferred Stock as % of Total Capital 0.0%
Long Term Debt as % of Total Capital 25.5%
Long Term Debt (Millions of Saudi Riyals) 606
Lease Obligations (Millions of Saudi Riyals) 20
Long Term Debt including Leases (Millions of Saudi Riyals) 626
Total Debt as % of Total Capital 33.6%
Fixed Charge Coverage Ratio: Pretax Income to Interest Expense & Preferred
13.6
Dividends
Fixed Charge Coverage Ratio: Pretax Income to Net Interest Income & Preferred
13.6
Dividends
Quick Ratio (Cash & Receivables / Current Liabilities) 1.0
Current Ratio (Current Assets / Current Liabilities) 1.4
Wright Quality Rating Analyses\Profitability & Stability
Wright Quality Rating - Profitability & Stability: Dallah Healthcare Company
SJSC
Wright Quality Rating DB C0
Profitability & Stability Rating DB C0
Profit Rate of Earnings on Equity Capital - Time-Weighted Normal 14.0%
- Basic Trend 0.0%
Cash Earnings Return on Equity - Time-Weighted Average 20.5%
- Basic Trend -0.3%
Cash Earnings Return on Equity - Stability Index 44.6%
Return On Assets (Time-Weighted Average) 10.1%
Pre-Tax Income as % of Total Assets (Time-Weighted Average) 9.2%
Operating Income as % of Total Assets (Time-Weighted Average) 8.9%
Operating Income as % of Total Capital (Adjusted Rate) 11.3%
Pre-Tax Income as % of Total Assets (Time-Weighted Average) 9.2%
Operating Income as % of Total Assets (Time-Weighted Average) 8.9%
Operating Income as % of Total Capital (Adjusted Rate) 11.3%
Wright Quality Rating Analyses\Corporate Growth
Wright Quality Rating - Corporate Growth: Dallah Healthcare Company SJSC
Figures are expressed on a Per Share Basis.

Wright Quality Rating DBC 0

Growth Rating DBC 0
Normal Earnings Growth -0.4%
Cash Earnings Growth 5.4%
Cash Earnings Stability Index 52.2%
Earned Equity Growth 6.4%
Dividend Growth 22.1%
Operating Income Growth 8.8%
Assets Growth 12.1%
Sales/Revenues Growth 9.1%
Industry OverviewIndustry Overview\Wright Industry Averages - Overview
Wright Industry Averages Reports
Introduction

The following pages are comprised of seven reports which contain averages for the companies in the Health
Care Equipment & Services (Global) sector. The primary source of the data contained in these reports is the
Worldscope® Database. The “averages” reports are compiled from the fundamental data compiled on the
companies which make up this industry.

Industry Averages - Report Types

Š Sales Analysis
Š Income Statement
Š Balance Sheet
Š Sources of Capital
Š Leverage Analysis Ratios
Š Per Share Data Ratios
Š Profitability Analysis Ratios

The Wright Industry Averages Reports are compiled on a fiscal year basis. Companies ending their fiscal year
in January are grouped with the prior year’s reports. The values for 2012 for example are contributed by
those companies that ended their fiscal year after 31 January 2012 and prior to 1 February 2013. The values
shown for all reports are presented in U.S. dollars.

Data Compilation Steps

All companies in the industry with more than $1 million (U.S.) in net sales were included. Currency items in
the financial statements were converted to U.S. dollars using an average exchange rate for each fiscal year. A
sum (aggregate value) was computed for all financial statement items by totaling the values reported by each
company in the industry sector. Industry Average report values were computed by dividing the aggregate
value by the number of companies reporting.

Per share ratios were computed by using in the numerator a specific value that represents the aggregate sum
for all companies in the industry divided by the aggregate value of the average number of appropriate
common shares for each company.

Most companies in the industry reported Operating Income along with the major components that go into the
calculation of Operating Income. For the minority of companies that did not report all underlying cost
components those components were derived, where possible, utilizing the reported items. For example, if
Cost of Goods Sold was not reported it was derived on a company-specific basis from the other reported
items (i.e. Sales, Gross Income and Depreciation, Depletion & Amortization). The derived value was then
included in the calculation of the industry average.
Industry Financial Statement AnalysesIndustry Financial Statement Analyses\Summary Analysis
Summary Analysis: Health Care Equipment & Services Industry Averages
(Global)
Figures are expressed on a Per Share Basis in U.S. Dollars.
Fiscal Year 2018 2017 2016 2015 2014 2013

Market Prices
High 7.26 5.64 5.17 5.51 4.80 4.43
Low 4.68 3.70 3.42 3.49 3.21 2.89
Average 5.97 4.67 4.29 4.50 4.01 3.66
Last 5.75 4.80 4.30 4.62 4.34 4.07
Value Ratios
High Price / Earnings 43.0 38.4 31.9 43.0 33.9 27.7
Low Price / Earnings 27.7 25.2 21.1 27.2 22.7 18.1
Average Price / Earnings 35.3 31.8 26.5 35.1 28.3 22.9
Last Price / Earnings 34.0 32.7 26.6 36.1 30.7 25.5
Average Price / Book Value 3.3 3.2 3.0 3.1 3.0 2.6
Last Price / Book Value 3.1 3.3 3.1 3.2 3.2 2.9
Dividends / Average Price (Dividend Yield) 1.0% 1.1% 1.1% 1.0% 1.2% 1.3%
Dividends / Last Price (Dividend Yield) 1.0% 1.0% 1.0% 0.9% 1.1% 1.2%

Common Equity
Earned Equity Growth 7.7% 7.5% 8.7% 6.6% 7.0% 8.0%
Return on Equity 12.3% 10.6% 12.0% 10.0% 10.5% 11.4%
Book Value 1.83 1.44 1.41 1.44 1.35 1.42
Common Shares (in millions)
Common Shares Outstanding 411.3 402.7 373.1 349.7 330.5 314.6
Common Shares Used to Compute EPS 411.3 402.7 373.1 349.7 330.5 314.6

Common Stock Earnings

Earnings per Share 0.17 0.15 0.16 0.13 0.14 0.16
Percent Change 15.2% -9.3% 26.2% -9.5% -11.4% 5.8%
Income Tax Rate 23.1% 23.9% 24.7% 28.5% 28.0% 27.5%

Common Stock Dividends

Dividends per Share 0.06 0.05 0.05 0.04 0.05 0.05
Percent Change 20.8% 9.2% 3.1% -7.1% -0.7% -20.8%
 Total Common Dividends (in millions of US$) 24.5 19.9 16.8 15.3 15.6 14.9
Dividends / Earnings (% Payout) 35.3% 33.6% 27.9% 34.2% 33.3% 29.7%
Capital Expenditure (in millions of US$) 51.0 43.4 39.4 36.4 35.3 36.1
Sales
Sales (in millions of US$) 1,919.2 1,566.7 1,471.0 1,374.9 1,289.3 1,274.8
Percent Change 22.5% 6.5% 7.0% 6.6% 1.1% -3.5%
Sales per Share 4.67 3.89 3.94 3.93 3.90 4.05
Percent Change 19.9% -1.3% 0.3% 0.8% -3.7% -6.9%
Industry Financial Statement Analyses\Sales Analysis
Sales Analysis: Health Care Equipment & Services Industry Averages
(Global)
Figures are expressed in thousands of U.S. Dollars. Values per Employee are in U.S. Dollars.
Fiscal Year 2018 2017 2016 2015 2014 2013
Sales 1,919,219 1,566,677 1,470,985 1,374,886 1,289,336 1,274,807
Percent Change 22.5% 6.5% 7.0% 6.6% 1.1% -3.5%
Cost of Goods Sold 1,360,934 1,109,989 1,041,334 972,901 908,456 896,090
Percent of Sales 70.9% 70.8% 70.8% 70.8% 70.5% 70.3%
Earnings before Interest, Taxes,
Depreciation & Amortization 175,501 146,489 142,921 124,999 124,663 124,584
(EBITDA)
Percent of Sales 9.1% 9.4% 9.7% 9.1% 9.7% 9.8%
Net Income after Preferred
69,513 59,082 60,367 44,830 46,834 50,297
Dividends - available to Common
Percent of Sales 3.6% 3.8% 4.1% 3.3% 3.6% 3.9%
Employees 9,238 8,179 7,810 7,433 6,212 5,634
Sales per Employee 207,758 191,560 188,336 184,981 207,544 226,255
Net Income per Employee 7,525 7,224 7,729 6,031 7,539 8,927
Industry Financial Statement Analyses\Income Statement
Income Statement - (Actual Values): Health Care Equipment & Services
Industry Averages (Global)
All figures in millions of U.S. Dollars.
Fiscal Year 2018 2017 2016 2015 2014 2013
Net Sales or Revenues 1,919.2 1,566.7 1,471.0 1,374.9 1,289.3 1,274.8

Cost of Goods Sold 1,360.9 1,110.0 1,041.3 972.9 908.5 896.1

Depreciation, Depletion & Amortization 56.7 47.2 42.7 38.7 36.7 35.6
Other Costs -0.9 -1.4 -0.2 0.4 -0.1 0.5
Gross Income 502.5 410.9 387.1 362.9 344.3 342.6
Selling, General & Administrative Expenses 337.2 277.6 262.3 248.3 234.0 241.1
Other Operating Expenses 34.5 26.8 24.8 24.0 21.7 8.3
Operating Expenses - Total 1,789.3 1,461.6 1,371.2 1,283.9 1,200.9 1,181.1
Operating Income 130.9 106.5 100.0 90.6 88.6 93.2
Extraordinary Credit - Pretax 6.9 3.4 7.3 2.4 2.9 1.7
Extraordinary Charge - Pretax 27.9 22.2 15.2 15.1 13.3 12.2
Non-Operating Interest Income 3.5 2.2 2.0 2.1 1.8 1.7
Reserves - Increase/Decrease 0.0 0.0 0.0 0.0 0.0 0.0
Pretax Equity in Earnings 0.3 0.4 0.3 0.2 0.2 0.0
Other Income/Expense - Net -7.7 -12.1 -7.2 -6.3 -9.2 -5.6
Earnings before Interest, Taxes, Depreciation &
175.5 146.5 142.9 125.0 124.7 124.6
Amortization (EBITDA)
Earnings before Interest & Taxes(EBIT) 120.0 100.9 100.6 86.0 88.3 88.8
Interest Expense on Debt 23.7 19.5 18.4 17.5 15.9 15.7
Interest Capitalized 0.2 0.2 0.2 0.2 0.3 0.3
Pretax Income 97.9 83.1 83.5 69.1 73.8 74.5
Income Taxes 22.6 19.9 20.7 19.7 20.6 20.5
Minority Interest 6.8 5.2 4.7 4.4 4.0 4.1
Equity in Earnings 1.0 0.6 0.7 0.6 0.5 0.4
After Tax Other Income/Expense 0.4 -0.2 0.7 -1.1 -3.1 -0.0
Discontinued Operations -0.1 0.9 0.9 0.5 0.4 0.2
Net Income before Extraordinary Items/Preferred
69.8 59.3 60.5 44.9 46.9 50.5
Dividends
Extraordinary Items & Gain/Loss Sale of Assets 2.2 -3.2 -0.1 -0.3 -0.1 0.1
Preferred Dividend Requirements 0.3 0.2 0.1 0.1 0.1 0.2
Net Income after Preferred Dividends - available to
69.5 59.1 60.4 44.8 46.8 50.3
Common
Industry Financial Statement Analyses\Balance Sheet
Balance Sheet - (Actual Values): Health Care Equipment & Services Industry
Averages (Global)
All figures in millions of U.S. Dollars.
Fiscal Year 2018 2017 2016 2015 2014 2013
Assets

Total Assets 1,877.6 1,538.3 1,404.5 1,363.1 1,186.2 1,151.0

Cash & Short Term Investments 207.5 189.6 155.8 166.6 153.5 153.2
Cash 134.5 118.4 96.8 100.9 88.9 91.9
Short Term Investments 73.0 71.2 59.1 65.6 64.6 61.3
Receivables (Net) 308.0 254.9 233.7 219.4 207.2 202.8
Inventories -Total 179.7 142.9 132.8 129.0 125.0 124.3
Raw Materials 37.5 30.6 29.0 28.8 28.5 28.3
Work in Process 22.6 18.8 17.7 17.5 18.5 18.8
Finished Goods 124.7 98.4 91.3 87.6 83.4 82.5
Progress Payments & Other -5.1 -4.9 -5.2 -4.9 -5.3 -5.2
Prepaid Expenses 9.3 7.7 5.5 5.0 4.6 4.2
Other Current Assets 38.8 37.3 32.6 33.4 33.0 32.5
Current Assets - Total 727.6 619.0 548.5 542.4 514.3 507.2
Long Term Receivables 6.6 8.2 5.7 4.5 4.4 5.0
Investment in Associated Companies 23.1 19.0 12.9 10.8 9.3 8.5
Other Investments 39.7 31.7 29.8 28.9 27.3 29.8
Property Plant and Equipment - Gross 574.4 476.8 439.0 421.1 408.5 408.2
Accumulated Depreciation 281.4 231.6 212.5 201.9 201.6 204.8
Property Plant and Equipment – Net 293.1 245.2 226.5 220.4 208.5 204.9
Other Assets 771.8 601.8 569.2 545.2 413.4 390.3
Deferred Charges 4.2 3.5 2.9 2.9 3.2 2.9
Tangible Other Assets 26.8 32.5 27.6 26.6 23.4 26.3
Intangible Other Assets 740.8 565.9 538.7 515.7 388.7 357.6
Total Assets 1,877.6 1,538.3 1,404.5 1,363.1 1,186.2 1,151.0
Liabilities & Shareholders' Equity

Total Liabilities & Shareholders' Equity 1,877.6 1,538.3 1,404.5 1,363.1 1,186.2 1,151.0
Accounts Payable 238.3 192.5 179.3 165.3 156.6 154.9
Short Term Debt & Current Portion of Long Term
91.3 74.4 55.7 54.9 53.2 52.4
Debt
Accrued Payroll 31.5 26.3 23.8 22.5 19.9 18.9
Income Taxes Payable 11.0 8.6 7.8 11.5 10.5 11.0
Dividends Payable 0.8 0.6 0.6 0.6 0.8 0.6
Other Current Liabilities 134.0 112.2 104.2 107.0 90.2 84.6
Current Liabilities - Total 506.5 414.4 371.3 361.2 331.1 322.2
Long Term Debt 432.8 382.6 352.3 355.7 287.5 267.2
Long Term Debt Excluding Capitalized Leases 365.9 320.7 297.9 310.3 249.6 228.7
Capitalized Lease Obligations 66.8 62.0 54.4 45.4 37.9 38.6
Provision for Risks and Charges 36.7 24.0 26.2 25.1 24.2 21.7
Deferred Income 4.5 2.8 2.5 2.5 2.2 1.9
Deferred Taxes 25.5 23.2 24.9 24.1 14.4 12.5
Deferred Tax Liability in Untaxed Reserves 0.0 0.0
Other Liabilities 67.5 69.5 62.6 55.7 47.2 50.1
Total Liabilities 1,073.9 916.6 840.0 825.0 706.7 675.1
Non-Equity Reserves 0.5 0.5 0.5 0.5 0.5 0.4
Minority Interest 49.3 38.2 36.4 33.4 29.8 26.4
Preferred Stock 1.3 1.9 1.5 1.2 2.0 2.8
Preferred Stock Issued for ESOP 0.0 0.0 0.0
ESOP Guarantees - Preferred Issued 0.0
Common Equity 752.6 581.1 526.2 503.1 447.2 446.4
Total Liabilities & Shareholders' Equity 1,877.6 1,538.3 1,404.5 1,363.1 1,186.2 1,151.0
Industry Financial Statement Analyses\Sources of Capital
Sources of Capital: Health Care Equipment & Services Industry Averages
(Global)
Currency figures are in millions of U.S. Dollars.
Year to year % changes pertain to reported Balance Sheet values.
Fiscal Year 2018 2017 2016 2015 2014 2013
Actual Values

Total Capital 1,236.5 1,004.4 916.9 893.9 767.0 743.1

Long Term Debt 432.8 382.6 352.3 355.7 287.5 267.2

Minority Interest 49.3 38.2 36.4 33.4 29.8 26.4
Preferred Stock 1.3 1.9 1.5 1.2 2.0 2.8
Common Equity 752.6 581.1 526.2 503.1 447.2 446.4
Percent of Total Capital

Long Term Debt 35.0% 38.1% 38.4% 39.8% 37.5% 36.0%

Minority Interest 4.0% 3.8% 4.0% 3.7% 3.9% 3.6%
Preferred Stock 0.1% 0.2% 0.2% 0.1% 0.3% 0.4%
Common Equity 60.9% 57.9% 57.4% 56.3% 58.3% 60.1%
Total Capital 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Year to Year Net Changes (in millions of U.S.
Dollars)

Long Term Debt 50.1 30.3 -3.4 68.2 20.3 8.1

Minority Interest 11.1 1.8 2.9 3.7 3.4 2.0
Preferred Stock -0.6 0.4 0.3 -0.8 -0.8 0.1
Common Equity 171.5 54.9 23.1 55.8 0.9 5.8
Total Capital 232.1 87.5 23.0 126.9 23.9 16.1
Year to Year Percent Changes
Long Term Debt 13.1% 8.6% -1.0% 23.7% 7.6% 3.1%
Minority Interest 28.9% 5.1% 8.7% 12.3% 12.8% 8.0%
Preferred Stock -30.7% 23.2% 28.2% -40.3% -28.7% 4.0%
Common Equity 29.5% 10.4% 4.6% 12.5% 0.2% 1.3%
Total Capital 23.1% 9.5% 2.6% 16.5% 3.2% 2.2%
Total Liabilities & Common Equity
Total Liabilities 1,073.9 916.6 840.0 825.0 706.7 675.1
Net Change in Liabilities as
14.6% 8.4% 1.8% 14.3% 4.5% 1.8%
% of Total Liabilities
Common Equity 752.6 581.1 526.2 503.1 447.2 446.4
Net Change in Common Equity as
22.8% 9.5% 4.4% 11.1% 0.2% 1.3%
% of Common Equity
Cash Flow
Operating Activities 136.6 109.8 102.9 96.9 90.0 91.6
Financing Activities -52.3 11.7 -19.0 39.1 7.4 -9.2
Investing Activities 94.8 92.4 81.4 120.2 92.0 66.1
Industry Financial Ratio AnalysesIndustry Financial Ratio Analyses\Leverage Analysis
Leverage Analysis: Health Care Equipment & Services Industry Averages
(Global)
Fiscal Year 2018 2017 2016 2015 2014 2013
Long Term Debt % of EBIT 360.5% 379.4% 350.3% 413.6% 325.5% 300.8%
Long Term Debt % of EBITDA 246.6% 261.2% 246.5% 284.6% 230.6% 214.5%
Long Term Debt % of Total Assets 23.0% 24.9% 25.1% 26.1% 24.2% 23.2%
Long Term Debt % of Total Capital 35.0% 38.1% 38.4% 39.8% 37.5% 36.0%
Long Term Debt % of Com Equity 57.5% 65.8% 67.0% 70.7% 64.3% 59.9%
Total Debt % of EBIT 433.3% 453.0% 405.8% 477.3% 385.7% 359.8%
Total Debt % of EBITDA 296.4% 311.9% 285.5% 328.5% 273.3% 256.6%
Total Debt % of Total Assets 27.7% 29.7% 29.1% 30.1% 28.7% 27.8%
Total Debt % of Total Capital 42.1% 45.5% 44.5% 45.9% 44.4% 43.0%
Total Debt % of Total Capital & Short Term Debt 42.1% 45.5% 44.5% 45.9% 44.4% 43.0%
Total Debt % of Common Equity 69.1% 78.6% 77.6% 81.6% 76.2% 71.6%
Minority Interest % of EBIT 41.0% 37.9% 36.1% 38.9% 33.7% 29.7%
Minority Interest % of EBITDA 28.1% 26.1% 25.4% 26.8% 23.9% 21.2%
Minority Interest % of Total Assets 2.6% 2.5% 2.6% 2.5% 2.5% 2.3%
Minority Interest % of Total Capital 4.0% 3.8% 4.0% 3.7% 3.9% 3.6%
Minority Interest % of Com Equity 6.5% 6.6% 6.9% 6.6% 6.7% 5.9%
Preferred Stock % of EBIT 1.1% 1.8% 1.5% 1.4% 2.2% 3.1%
Preferred Stock % of EDITDA 0.7% 1.3% 1.1% 0.9% 1.6% 2.2%
Preferred Stock % of Total Assets 0.1% 0.1% 0.1% 0.1% 0.2% 0.2%
Preferred Stock % of Total Capital 0.1% 0.2% 0.2% 0.1% 0.3% 0.4%
Preferred Stock % of Total Equity 0.2% 0.3% 0.3% 0.2% 0.4% 0.6%
Common Equity % of Total Assets 40.1% 37.8% 37.5% 36.9% 37.7% 38.8%
Common Equity % of Total Capital 60.9% 57.9% 57.4% 56.3% 58.3% 60.1%
Total Capital % of Total Assets 65.9% 65.3% 65.3% 65.6% 64.7% 64.6%
Capital Expenditure % of Sales 2.7% 2.8% 2.7% 2.6% 2.7% 2.8%
Fixed Assets % of Common Equity 38.9% 42.2% 43.0% 43.8% 46.6% 45.9%
Working Capital % of Total Capital 17.9% 20.4% 19.3% 20.3% 23.9% 24.9%
Dividend Payout 35.3% 33.6% 27.9% 34.2% 33.3% 29.7%
Funds From Operations % of Total Debt 28.1% 26.9% 28.5% 25.4% 29.8% 33.2%
Industry Financial Ratio Analyses\Per-Share Data
Per Share Data: Health Care Equipment & Services Industry Averages
(Global)
Figures are expressed as per unit of respective shares.
Figures are in U.S. Dollars.
Fiscal Year 2018 2017 2016 2015 2014 2013
Sales 4.67 3.89 3.94 3.93 3.90 4.05
Operating Income 0.32 0.26 0.27 0.26 0.27 0.30
Pre-tax Income 0.24 0.21 0.22 0.20 0.22 0.24
Net Income (Continuing Operations) 0.20 0.16 0.18 0.16 0.18 0.19
Net Income Before Extra Items 0.17 0.15 0.16 0.13 0.14 0.16
Extraordinary Items -0.00 0.00 0.00 0.00 0.00 0.00
Net Income After Extraordinary Items 0.18 0.14 0.16 0.13 0.14 0.16
Net Income Available to Common Shares 0.17 0.15 0.16 0.13 0.14 0.16
Fully Diluted Earnings 0.17 0.15 0.16 0.13 0.14 0.16
Common Dividends 0.06 0.05 0.05 0.04 0.05 0.05
Cash Earnings 0.36 0.30 0.31 0.30 0.31 0.34
Book Value 1.83 1.44 1.41 1.44 1.35 1.42
Retained Earnings 1.06 0.82 0.91 0.92 0.85 0.91
Assets 4.56 3.82 3.76 3.90 3.59 3.66
Industry Financial Ratio Analyses\Profitability Analysis
Profitability Analysis: Health Care Equipment & Services Industry Averages
(Global)
Currency figures are in U.S. Dollars.
Fiscal Year 2018 2017 2016 2015 2014 2013
Gross Income Margin 26.2% 26.2% 26.3% 26.4% 26.7% 26.9%
Operating Income Margin 6.8% 6.8% 6.8% 6.6% 6.9% 7.3%
Pretax Income Margin 5.1% 5.3% 5.7% 5.0% 5.7% 5.8%
EBIT Margin 6.3% 6.4% 6.8% 6.3% 6.9% 7.0%
Net Income Margin 3.8% 3.6% 4.1% 3.2% 3.6% 4.0%
Return on Equity - Total 12.3% 10.6% 12.0% 10.0% 10.5% 11.4%
Return on Invested Capital 7.1% 6.1% 6.7% 5.8% 6.3% 6.9%
Return on Assets 4.7% 4.0% 4.4% 3.8% 4.1% 4.5%
Asset Turnover 1.0 1.0 1.0 1.0 1.1 1.1
Financial Leverage 69.1% 78.6% 77.6% 81.6% 76.2% 71.6%
Interest Expense on Debt 23,703,751 19,463,526 18,411,218 17,532,367 15,916,676 15,733,069
Effective Tax Rate 23.1% 23.9% 24.7% 28.5% 28.0% 27.5%
Cash Flow % Sales 7.6% 7.8% 7.9% 7.6% 7.9% 8.3%
Selling, General &
Administrative Expenses % 17.6% 17.7% 17.8% 18.1% 18.2% 18.9%
of Sales
Research & Development
1.8% 1.8% 1.8% 1.8% 1.9% 2.0%
Expense % of Sales
Operating Income Return
23.1% 9.5% 2.6% 16.5% 3.2% 2.2%
On Total Capital
Wright Quality Rating OverviewWright Quality Rating Overview\Explanation of Wright Quality Rating

Wright Quality Rating®

Since 1970, Wright Investors' Service has rated all of the companies in its database (when there is
sufficient information available). The Wright Quality Rating, measures the overall investment quality
of a company.

Wright Quality Ratings are based on numerous individual measures of quality, grouped into four
principal components: (1) Investment Acceptance (i.e. stock liquidity), (2) Financial Strength, (3)
Profitability & Stability, and (4) Growth. The ratings are based on established principles using 5-6
years of corporate record and other investment data.

The ratings consist of three letters and a number. Each letter reflects a composite qualitative
measurement of numerous individual standards which may be summarized as follows:

A = Outstanding; B = Excellent; C = Good; D = Fair; L = Limited; N = Not Rated.

The number component of the Quality Rating is also a composite measurement of the annual
corporate growth, based on earnings and modified by growth rates of equity, dividends, and sales
per common share. The Growth rating may vary from 0 (lowest) to 20 (highest). (See sample Quality
Rating below.)

Example:
Wright Quality Rating: BAC8
Investment Acceptance B Excellent
Financial Strength A Outstanding
Profitability & Stability C Good
Growth 8

The highest quality rating assigned by Wright is AAA20. This rating would be assigned to a
company that has a large and broad base of shareholders, an outstanding balance sheet and strong
and stable profitability. The company would also have experienced superior growth over the past
several years.

The Wright Quality Rating assigned to a company also takes into consideration country and industry
variations. If there is not sufficient information available, the quality rating will not be assigned or an
“N” (not-rated) will be applied for that particular quality criteria.

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