Nahdi 9M 2022 net profit jumps 14% to SAR 759.8 mln; Q3 at SAR 253.8 mln
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Nahdi Medical Co. reported a rise of 14% in net profit after Zakat and tax to SAR 759.8 million in the first nine months of 2022, from SAR 669.3 million a year earlier.
Financials (M)
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 6,092.99 | 6,477.95 | 6.3 % |
| Gross Income | 2,497.48 | 2,689.09 | 7.7 % |
| Operating Income | 748.44 | 826.63 | 10.4 % |
| Net Income | 669.30 | 759.83 | 13.5 % |
| Average Shares | 130.00 | 130.00 | - |
| EPS (Riyals) | 5.15 | 5.84 | 13.5 % |
Revenue increased by 6.3% year-on-year (YoY), mainly driven by the pharma segment growth and the increased number of pilgrims to the Two Holy Mosques in Makkah and Madinah.
Gross Profit rose 7.7% YoY on sales growth and positive product mix.
The profit margin improved by 0.7% YoY to 11.7% of revenue in the current period compared to 11.0% in 9M 2021.
Current Quarter Comparison (M)
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 2,041.74 | 2,158.98 | 5.7 % |
| Gross Income | 857.80 | 911.06 | 6.2 % |
| Operating Income | 268.95 | 271.48 | 0.9 % |
| Net Income | 247.45 | 253.81 | 2.6 % |
| Average Shares | 130.00 | 130.00 | - |
| EPS (Riyals) | 1.90 | 1.95 | 2.6 % |
In Q3 2022, net profit after Zakat and tax climbed 2.5% to SAR 253.8 million, from SAR 247.50 million in the prior-year period, thanks to a 5.7% rise YoY in revenue growth and a 6.2% increase YoY in gross profit.
Sequentially, Nahdi’s net profit declined by 5.5% from SAR 268.51 million.
Total shareholders’ equity, no minority interest, stood at SAR 2.099 billion by the end of September 2022, compared to SAR 1.463 billion in a year-earlier period.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2022 | 41.36 % | 17.85 % | 10.39 % |
| Q2 2022 | 41.31 % | 18.03 % | 10.68 % |
| Q3 2022 | 41.37 % | 17.96 % | 10.58 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | 23.57 | 23.75 | 10.95 |
| Q2 2022 | 23.46 | 23.63 | 9.81 |
| Q3 2022 | 27.32 | 27.59 | 11.75 |
Business Segments (Million)
Q3 2022
| Period | Front Shop | Pharma | Other |
|---|---|---|---|
| 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 |
Analysts Estimates (Million)
| Item | Q3 2022 (e) | Q3 2022 (a) | Change |
|---|---|---|---|
| Average | 260.00 | 253.81 | (2.4 %) |
Estimates vs Actual (Million)
| Item | Q3 2022 (e) | Q3 2022 (a) | Change |
|---|---|---|---|
| SNB Capital | 260.00 | 253.81 | (2.4) % |
| Current | |
| Market Cap (M Riyal) | 15,418.00 |
| Enterprise Value (EV) (M) | 14,670.35 |
| 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) | 19.26 |
| P/E (TTM) | 18.50 |
| Price/book | 6.40 |
| Return on Average Assets (%) (TTM) | 15.1 |
| Return on Average Equity (%) (TTM) | 35.6 |
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