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Nahdi sees modest hike in 2023 earnings to SAR 892.6M; Q4 profit up 33% to SAR 170.5M
Nahdi Medical Co.’s 2023 net profit surged to SAR 892.6 million, from SAR 887.8 million in the previous year.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 8,616.19 | 8,713.68 | 1.1 % |
| Gross Income | 3,545.39 | 3,490.20 | (1.6 %) |
| Operating Income | 975.52 | 904.99 | (7.2 %) |
| Net Income | 887.81 | 892.62 | 0.5 % |
| Average Shares | 130.00 | 130.00 | - |
| EPS (Riyals) | 6.83 | 6.87 | 0.5 % |
The annual profit growth was spurred by gains generated from Islamic Murabaha time deposits, which resulted in a net profit of SAR 892.6 million in 2023.
The net profit margin remained almost flat in 2023 at 10.2% versus last year.
This was offset by the 0.7% year-on-year (YoY) drop in gross profit for 2023, mainly due to the company investing in promotions to support sales of non-pharmaceutical products.
On the other hand, the gross profit margin constituted 40.4% of Nahdi’s 2023 revenues, compared to 41.1% a year ago.
Moreover, operating income decreased by 4.2% YoY in 2023, primarily because of the YoY decrease in gross profit for the same year.
Operating expenses, however, held steady at 29.7% of revenues in 2023, despite the company investing in its strategic initiatives of healthcare services, UAE retail business, and e-commerce platforms. Nahdi has reinvested the savings resulting from operational efficiency improvement programs in bolstering and financing most of these initiatives.
In Q4 2023, Nahdi’s net income soared 33% to SAR 170.5 million, from SAR 127.99 million in the year-ago period.
On a quarterly basis, the company’s bottom line retreated 19.9% from SAR 212.81 million.
Current Quarter Comparison (M)
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 2,138.24 | 2,214.25 | 3.6 % |
| Gross Income | 856.31 | 853.76 | (0.3 %) |
| Operating Income | 148.89 | 178.49 | 19.9 % |
| Net Income | 127.99 | 170.52 | 33.2 % |
| Average Shares | 130.00 | 130.00 | - |
| EPS (Riyals) | 0.98 | 1.31 | 33.2 % |
Total shareholders’ equity, after minority interest, grew to SAR 2.46 billion by the end of Dec. 31, 2023, from SAR 2.24 billion in the year before.
Attached Documents:
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Share Price
Nahdi Medical Co. (NAHDI)
| Current | |
| Market Cap (M Riyal) | 15,080.00 |
| Enterprise Value (EV) (M) | 14,332.35 |
| Shares Outstanding ((M)) | 130.00 |
| EPS ( Riyal) (TTM) | 6.41 |
| Book Value (BV) ( Riyal) | 18.53 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 18.83 |
| P/E (TTM) | 18.09 |
| Price/book | 6.26 |
| Return on Average Assets (%) (TTM) | 15.1 |
| Return on Average Equity (%) (TTM) | 35.6 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2023 | 2,105.04 | 1.2 % | 889.20 | 4.4 % | 260.20 | 2.0 % |
| Q2 2023 | 2,231.49 | (0.4 %) | 900.35 | (2.8 %) | 271.15 | (9.6 %) |
| Q3 2023 | 2,162.90 | 0.2 % | 846.89 | (7.0 %) | 195.15 | (28.1 %) |
| Q4 2023 | 2,214.25 | 3.6 % | 853.76 | (0.3 %) | 178.49 | 19.9 % |
| 2023 | 8,713.68 | 1.1 % | 3,490.20 | (1.6 %) | 904.99 | (7.2 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2023 | 244.34 | 2.9 % | 1.88 | - | 244.34 | 1.88 |
| Q2 2023 | 264.95 | (1.3 %) | 2.04 | - | 264.95 | 2.04 |
| Q3 2023 | 212.81 | (16.2 %) | 1.64 | 32.04 | 180.76 | 1.39 |
| Q4 2023 | 170.52 | 33.2 % | 1.31 | - | 170.52 | 1.31 |
| 2023 | 892.62 | 0.5 % | 6.87 | 32.04 | 860.58 | 6.62 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | 41.46 % | 18.40 % | 10.35 % |
| Q2 2023 | 41.20 % | 18.13 % | 10.32 % |
| Q3 2023 | 40.44 % | 17.18 % | 9.49 % |
| Q4 2023 | 40.05 % | 17.48 % | 9.88 % |
| 2023 | 40.05 % | 17.48 % | 9.88 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2023 | 130.00 | 6.88 | 6.88 | 16.05 |
| Q2 2023 | 130.00 | 6.85 | 6.85 | 18.29 |
| Q3 2023 | 130.00 | 6.54 | 6.30 | 17.51 |
| Q4 2023 | 130.00 | 6.87 | 6.62 | 18.94 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | 26.82 | 26.84 | 11.50 |
| Q2 2023 | 24.80 | 24.82 | 9.29 |
| Q3 2023 | 22.05 | 22.87 | 8.24 |
| Q4 2023 | 19.95 | 20.70 | 7.23 |
Business Segments (Million)
Q4 2023
| Period | Front Shop | Pharma | Other |
|---|---|---|---|
| Q1 2023 | 988.58 | 1,081.66 | 34.79 |
| Q2 2023 | 1,121.79 | 1,071.67 | 38.02 |
| Q3 2023 | 1,034.23 | 1,085.11 | 43.56 |
| Q4 2023 | 985.27 | 1,173.29 | 55.70 |
Analysts Estimates (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| Average | 185.50 | 170.52 | (8.1 %) |
Estimates vs Actual (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| Riyad Capital | 181.00 | 170.52 | (5.8) % |
| SNB Capital | 190.00 | 170.52 | (10.3) % |
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