Net income – SAR52mn, -5% Y-o-Y, -15% Q-o-Q, -21% vs. EFGe Revenue – SAR316mn, +14% Y-o-Y, +16% Q-o-Q, 0% vs. EFGe Gross profit – SAR151mn, +30% Y-o-Y, +23% Q-o-Q, +8% vs. EFGe   Dallah announced its preliminary 4Q16 headline figures. Earnings fell 5% Y-o-Y to SAR52mn and came in 21% below our estimate due to the booking of provisions and impairments related to intangible assets, collection of receivables and inventory (exact amount not disclosed).   Operationally the results were solid on higher revenue and margin expansion. Revenue grew 14% to SAR316mn (in line), driven by higher number inpatients admitted and outpatient visits as well as better contractual terms for medical services. Gross profit grew 30% Y-o-Y to SAR151mn (8% above our estimate) as the GPM expanded 5.6pp to 47.8% (+3.5pp vs. estimate). Net operating profit inched up 2% to SAR58.2mn as the company books provisions and impairments above the EBIT line. (Tarek El-Shawarby, Adham El Badrawy)   Dallah Healthcare: SAR93.51 as of 16 January 2017, Rating: Buy, TP: SAR103.00 per share, MCap: USD1,471 million, DALLAH AB / 4004.SE