Nahdi H1 2022 net profit up 20% to SAR 506 mln; Q2 at SAR 269 mln

09/08/2022 Argaam Exclusive

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Nahdi Medical Co. reported a net profit after Zakat and tax of SAR 506 million in the first six months of 2022, an increase of 20%, compared to SAR 421.8 million a year earlier.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	4,051.25	4,318.96	6.6 %
Gross Income	1,639.68	1,778.03	8.4 %
Operating Income	479.49	555.15	15.8 %
Net Income	421.85	506.02	20.0 %
Average Shares	130.00	130.00	-
EPS (Riyals)	3.24	3.89	20.0 %

The earnings increase was primarily due to higher revenue, driven by the growth in the pharmaceuticals segment, which was affected by the increase in the number of COVID-19 cases as related restrictions were eased. The company also noted the increase in the number of pilgrims in Makkah and Madinah.

Meanwhile, gross profit increased by 8.4% year-on-year (YoY). Gross margins improved by 0.7% reaching 41.2% of revenue in the current period compared to 40.5% in the same period of last year due to the favorable product mix.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	2,070.14	2,239.47	8.2 %
Gross Income	859.97	926.30	7.7 %
Operating Income	255.14	300.00	17.6 %
Net Income	226.83	268.51	18.4 %
Average Shares	130.00	130.00	-
EPS (Riyals)	1.74	2.07	18.4 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	2,079.49	2,239.47	7.7 %
Gross Income	851.73	926.30	8.8 %
Operating Income	255.15	300.00	17.6 %
Net Income	237.51	268.51	13.1 %
Average Shares	130.00	130.00	-
EPS (Riyals)	1.83	2.07	13.1 %

In Q2 2022, net profit after Zakat and tax inched up 18% YoY to SAR 269 million, from SAR 226.8 million in the year-earlier period.

On a sequential basis, net profit grew 13% from nearly SAR 237.5 million in Q1 2022, on higher sales during Ramadan (increase in number of pilgrims for Umrah), and the phasing pattern of operating expenses by quarters.

Total shareholders’ equity, excluding minority interest, stood at SAR 2.143 billion by the end of H1 2022, compared to SAR 2.019 billion in a year-earlier period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
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 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	-	-	-	-	-	-
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 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	-	-	-	-	-	-
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

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	-	-	-
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	-	-	-
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	-	-	-	-
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
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

Period	P/E	Adjusted P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-

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

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

Analysts Estimates (Million)

Item	Q2 2022 (e)	Q2 2022 (a)	Change‬
Average	240.00	268.51	11.88 %

Estimates vs Actual (Million)

Item	Q2 2022 (e)	Q2 2022 (a)	Change
SNB Capital	240.00	268.51	11.9 %

Financial Ratios

	Current
Market Cap (M Riyal)	15,496.00
Enterprise Value (EV) (M)	14,748.35
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)	19.35
P/E (TTM)	18.59
Price/book	6.43
Return on Average Assets (%) (TTM)	15.1
Return on Average Equity (%) (TTM)	35.6

Nahdi Medical Co. (NAHDI)

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Nahdi H1 2022 net profit up 20% to SAR 506 mln; Q2 at SAR 269 mln

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Financials (M)

Current Quarter Comparison (M)

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)

Revenue by Business Segment (Latest) 2022 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Nahdi Medical Co. (NAHDI)

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Nahdi H1 2022 net profit up 20% to SAR 506 mln; Q2 at SAR 269 mln

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Financials (M)

Current Quarter Comparison (M)

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) Q2 2022

Revenue by Business Segment (Latest) 2022 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Nahdi Medical Co. (NAHDI)

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Business Segments (Million)