Nahdi H1 profit up marginally to SAR 509.3 mln; Q2 at SAR 265 mln

02/08/2023 Argaam Exclusive
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Nahdi Medical Co. reported a net profit of SAR 509.3 million in H1 2023, a slight increase of 0.65% from SAR 506 million in the year-earlier period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 4,318.96 4,336.52 0.4 %
Gross Income 1,778.03 1,789.56 0.6 %
Operating Income 555.15 531.35 (4.3 %)
Net Income 506.02 509.30 0.6 %
Average Shares 130.00 130.00 -
Earnings Per Share before unusual items 3.89 3.92 0.6 %
EPS (Riyals) 3.89 3.92 0.6 %

The company’s H1 revenue and gross profit remained almost flat year-on-year (YoY). However, operating profit retreated by 4.2% YoY, while operating expenses rose 2.9% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 2,239.47 2,231.49 (0.4 %)
Gross Income 926.30 900.35 (2.8 %)
Operating Income 300.00 271.15 (9.6 %)
Net Income 268.51 264.95 (1.3 %)
Average Shares 130.00 130.00 -
Earnings Per Share before unusual items 2.07 2.04 (1.3 %)
EPS (Riyals) 2.07 2.04 (1.3 %)

Q2 2023 net earnings dropped 1.3% YoY to SAR 265 million from SAR 268.5 million a year ago.

 

Revenue remained almost flat at SAR 2.23 billion compared to SAR 2.23 billion in the same quarter last year. The decline in non-pharma and Corona-related segments was offset by growth in the medicine, healthcare, and UAE businesses.

 

Gross profit decreased 3.3% YoY due to investments in sales promotions and maintaining price competitiveness.

 

Additionally, operating profit declined 7.5% YoY.

 

On a sequential basis, net earnings grew 8.5% from SAR 244.3 million in Q1 2023, spurred by sales growth during Hajj season and an increased number of pilgrims.

 

Shareholders’ equity, no minority interest, reached SAR 2.37 billion as of June 30, 2023, compared to SAR 2.14 billion in the prior-year period.

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Share Price

Nahdi Medical Co.
115.20
0.20 0.17 %

Nahdi Medical Co. (NAHDI)

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Financial Ratios
Current
Market Cap (M Riyal) 14,976.00
Enterprise Value (EV) (M) 14,019.19
Shares Outstanding ((M)) 130.00
EPS ( Riyal) (TTM) 6.31
Book Value (BV) ( Riyal) 19.89
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 19.00
P/E (TTM) 18.25
Price/book 5.79
Return on Average Assets (%) (TTM) 14.2
Return on Average Equity (%) (TTM) 20.6
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