Nahdi's market share grows by 50 bps in Q3: CEO

Nahdi Medical Co.’s CEO Yasser Joharji

Nahdi Medical Co.’s CEO Yasser Joharji said he will invest in the company's shares and buy heavily during the current period.   

In an interview with Asharq News, he explained that the company has a widespread geographical presence and diverse resources through the sale of its products, indicating that it has a clear strategy in the medium and long term. 

He noted that Nahdi's rise in the third quarter of 2023 was driven by the pharmaceutical segment and the health segment growth, which doubled on a significant increase in the number of clinics and remote digital services provided for specialized medical consultations. 

The CEO added that the digital sales segment, a key company segment, accounted for more than SAR 1 billion, equivalent to 16% of total sales, with a growth of more than 22%. He indicated that the company aims to compete on pricing, necessitating further investments in the segment. 

Joharji explained that Nahdi faced challenges in consumer products due to economic pressure and intense competition.  

However, the company was able to grow its market share in Q3 2023 by 50 basis points as a result of its new competitive plans and investment in all segments, which began to show results in the past months and will continue in the coming months.  

He further disclosed plans for the opening of Nahdi's sixth clinic in Taif, followed by one in Medina, as well as continued expansion within the pharmacy segment, particularly in Riyadh and other cities across the Kingdom. 

According to data available on Argaam, Nahdi’s profit fell 5% to SAR 722.1 million in the nine months of 2023, compared to SAR 759.8 million in the same period of 2022. Q3 2023 profit stood at SAR 212.8 million.