Nahdi net profit up 3% to SAR 244.3 mln in Q1

Nahdi Medical Co. posted a net profit of SAR 244.3 million in Q1 2023, a 3% increase from SAR 237.5 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2022	Q1 2023	Change‬
Revenues	2,079.49	2,105.04	1.2 %
Gross Income	851.73	889.20	4.4 %
Operating Income	255.15	260.20	2.0 %
Net Income	237.51	244.34	2.9 %
Average Shares	130.00	130.00	-
EPS (Riyals)	1.83	1.88	2.9 %

Item	Q4 2022	Q1 2023	Change‬
Revenues	2,138.24	2,105.04	(1.6 %)
Gross Income	856.31	889.20	3.8 %
Operating Income	148.89	260.20	74.8 %
Net Income	127.99	244.34	90.9 %
Average Shares	130.00	130.00	-
EPS (Riyals)	0.98	1.88	90.9 %

The positive performance was attributed to an increase of 1.2% year-on-year (YoY) in revenue to SAR 2.1 billion on growth in retail and healthcare business segments.

Gross profit increased by 4.1% YoY in Q1 2023 to SAR 886.9 million, driven by sales growth, private label growth, and positive product mix. As a result, the gross margin improved by 1.2% to 42.1% of revenue in Q1 from 41.0% in Q1 2022.

On the other hand, OpEx rose by 5.4% in Q1 2023 to SAR 629 million, mainly to support the business growth in line with the company's business plan.

Sequentially, net profit rose 90.9% from SAR 127.99 million in Q4 2022.

Shareholders’ equity, excluding minority interest, stood at SAR 2.08 billion as of March 31, 2023, compared to SAR 1.84 billion a year earlier.

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Share Price

Nahdi Medical Co. (NAHDI)

	Current
Market Cap (M Riyal)	15,340.00
Enterprise Value (EV) (M)	14,592.35
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)	19.16
P/E (TTM)	18.41
Price/book	6.37
Return on Average Assets (%) (TTM)	15.1
Return on Average Equity (%) (TTM)	35.6

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	7,056.42	-	2,096.30	-	756.79	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	7,350.00	4.2 %	2,073.86	(1.1 %)	666.28	(12.0 %)
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	7,824.67	6.5 %	2,463.71	18.8 %	801.29	20.3 %
Q1 2020	2,096.94	-	759.19	-	327.66	-
Q2 2020	2,423.57	-	946.98	-	301.33	-
Q3 2020	2,135.55	-	778.23	-	112.45	-
Q4 2020	1,986.14	-	765.27	-	183.65	-
2020	8,642.21	10.4 %	3,249.67	31.9 %	925.09	15.5 %
Q1 2021	1,981.11	(5.5 %)	779.71	2.7 %	224.35	(31.5 %)
Q2 2021	2,070.14	(14.6 %)	859.97	(9.2 %)	255.14	(15.3 %)
Q3 2021	2,041.74	(4.4 %)	857.80	10.2 %	268.95	139.2 %
Q4 2021	1,973.23	(0.7 %)	807.21	5.5 %	99.44	(45.9 %)
2021	8,066.22	(6.7 %)	3,304.68	1.7 %	847.88	(8.3 %)
Q1 2022	2,079.49	5.0 %	851.73	9.2 %	255.15	13.7 %
Q2 2022	2,239.47	8.2 %	926.30	7.7 %	300.00	17.6 %
Q3 2022	2,158.98	5.7 %	911.06	6.2 %	271.48	0.9 %
Q4 2022	2,138.24	8.4 %	856.31	6.1 %	148.89	49.7 %
2022	8,616.19	6.8 %	3,545.39	7.3 %	975.52	15.1 %
Q1 2023	2,105.04	1.2 %	889.20	4.4 %	260.20	2.0 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	7,056.42	-	2,096.30	-	756.79	-
2018	7,350.00	4.2 %	2,073.86	(1.1 %)	666.28	(12.0 %)
2019	7,824.67	6.5 %	2,463.71	18.8 %	801.29	20.3 %
2020	8,642.21	10.4 %	3,249.67	31.9 %	925.09	15.5 %
2021	8,066.22	(6.7 %)	3,304.68	1.7 %	847.88	(8.3 %)
2022	8,616.19	6.8 %	3,545.39	7.3 %	975.52	15.1 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	721.24	-	5.55	-	721.24	5.55
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	610.65	(15.3 %)	4.70	(34.25)	644.91	4.96
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	692.00	13.3 %	5.32	-	692.00	5.32
Q1 2020	315.77	-	2.43	-	315.77	2.43
Q2 2020	268.73	-	2.07	-	268.73	2.07
Q3 2020	97.81	-	0.75	-	97.81	0.75
Q4 2020	166.81	-	1.28	18.00	148.81	1.14
2020	849.12	22.7 %	6.53	18.00	831.12	6.39
Q1 2021	195.02	(38.2 %)	1.50	-	195.02	1.50
Q2 2021	226.83	(15.6 %)	1.74	-	226.83	1.74
Q3 2021	247.45	153.0 %	1.90	-	247.45	1.90
Q4 2021	143.23	(14.1 %)	1.10	6.70	136.54	1.05
2021	812.53	(4.3 %)	6.25	6.70	805.83	6.20
Q1 2022	237.51	21.8 %	1.83	-	237.51	1.83
Q2 2022	268.51	18.4 %	2.07	-	268.51	2.07
Q3 2022	253.81	2.6 %	1.95	2.06	251.75	1.94
Q4 2022	127.99	(10.6 %)	0.98	(1.55)	129.53	1.00
2022	887.81	9.3 %	6.83	0.51	887.30	6.83
Q1 2023	244.34	2.9 %	1.88	-	244.34	1.88

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	721.24	-	5.55	-	721.24	5.55
2018	610.65	(15.3 %)	4.70	(34.25)	644.91	4.96
2019	692.00	13.3 %	5.32	-	692.00	5.32
2020	849.12	22.7 %	6.53	18.00	831.12	6.39
2021	812.53	(4.3 %)	6.25	6.70	805.83	6.20
2022	887.81	9.3 %	6.83	0.51	887.30	6.83

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	29.71 %	12.66 %	10.22 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	28.22 %	11.01 %	8.77 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	31.49 %	16.57 %	8.84 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	37.60 %	13.58 %	9.62 %
2020	37.60 %	16.57 %	9.62 %
Q1 2021	38.35 %	14.17 %	8.33 %
Q2 2021	38.95 %	15.99 %	8.18 %
Q3 2021	40.38 %	18.24 %	10.13 %
Q4 2021	40.97 %	17.60 %	9.99 %
2021	40.97 %	17.60 %	9.99 %
Q1 2022	41.36 %	17.85 %	10.39 %
Q2 2022	41.31 %	18.03 %	10.68 %
Q3 2022	41.37 %	17.96 %	10.58 %
Q4 2022	41.15 %	18.25 %	10.30 %
2022	41.15 %	18.25 %	10.30 %
Q1 2023	41.46 %	18.40 %	10.35 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	29.71 %	12.66 %	10.22 %
2018	28.22 %	11.01 %	8.77 %
2019	31.49 %	16.57 %	8.84 %
2020	37.60 %	16.57 %	9.62 %
2021	40.97 %	17.60 %	9.99 %
2022	41.15 %	18.25 %	10.30 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	36.20 %	-	15.06 %
Q2 2020	39.07 %	-	11.09 %
Q3 2020	36.44 %	11.57 %	4.58 %
Q4 2020	38.53 %	14.99 %	7.49 %
Q1 2021	39.36 %	18.26 %	9.84 %
Q2 2021	41.54 %	19.34 %	10.96 %
Q3 2021	42.01 %	20.26 %	12.12 %
Q4 2021	40.91 %	12.35 %	6.92 %
Q1 2022	40.96 %	19.23 %	11.42 %
Q2 2022	41.36 %	19.88 %	11.99 %
Q3 2022	42.20 %	19.86 %	11.66 %
Q4 2022	40.05 %	13.96 %	6.06 %
Q1 2023	42.24 %	19.83 %	11.61 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	130.00	-	-	-
Q2 2020	130.00	-	-	-
Q3 2020	130.00	-	-	-
Q4 2020	130.00	6.53	6.39	15.99
Q1 2021	130.00	5.60	5.46	17.49
Q2 2021	130.00	5.28	5.14	15.54
Q3 2021	130.00	6.43	6.29	11.26
Q4 2021	130.00	6.25	6.20	12.34
Q1 2022	130.00	6.58	6.53	14.15
Q2 2022	130.00	6.90	6.85	16.49
Q3 2022	130.00	6.95	6.88	16.15
Q4 2022	130.00	6.83	6.83	17.26
Q1 2023	130.00	6.88	6.88	16.05

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	130.00	5.55	5.55	12.52
2018	130.00	4.70	4.96	12.91
2019	130.00	5.32	5.32	13.73
2020	130.00	6.53	6.39	15.99
2021	130.00	6.25	6.20	12.34
2022	130.00	6.83	6.83	17.26

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	23.57	23.75	10.95
Q2 2022	23.46	23.63	9.81
Q3 2022	27.32	27.59	11.75
Q4 2022	24.48	24.50	9.69
Q1 2023	26.82	26.84	11.50

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	24.48	24.50	9.69

Business Segments (Million)

Compared With The

Period	Front Shop	Pharma	Other
Q3 2020	1,149.16	983.85	2.54
Q4 2020	1,061.26	923.31	1.57
Q1 2021	1,065.84	913.56	1.71
Q2 2021	1,135.41	924.12	10.61
Q3 2021	1,081.26	950.21	10.27
Q4 2021	1,016.84	944.85	11.54
Q1 2022	1,017.79	1,044.51	17.20
Q2 2022	1,138.04	1,085.84	15.58
Q3 2022	1,114.55	1,026.61	17.82
Q4 2022	1,008.13	1,106.09	24.02
Q1 2023	988.58	1,081.66	34.79

Period	Front Shop	Pharma	Other
2020	4,797.40	3,839.44	5.37
2021	4,299.34	3,732.74	34.13
2022	4,278.50	4,263.06	74.63

Analysts Estimates (Million)

Item	Q1 2023 (e)	Q1 2023 (a)	Change‬
Average	254.00	244.34	(3.8 %)

Estimates vs Actual (Million)

Item	Q1 2023 (e)	Q1 2023 (a)	Change
SNB Capital	254.00	244.34	(3.8) %

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Nahdi net profit up 3% to SAR 244.3 mln in Q1

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Nahdi net profit up 3% to SAR 244.3 mln in Q1

Current Quarter Comparison (M)

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Share Price

Nahdi Medical Co. (NAHDI)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2023

Revenue by Business Segment (Latest) 2023 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

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