Financial Results : Nahdi sees modest hike in 2023 earnings to SAR 892.6M; Q4 profit up 33% to SAR 170.5M

Nahdi sees modest hike in 2023 earnings to SAR 892.6M; Q4 profit up 33% to SAR 170.5M

17/03/2024 Argaam Exclusive

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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 -
Earnings Per Share before unusual items 6.83 6.62 (3.0 %)
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)

Compared With The
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 -
Earnings Per Share before unusual items 1.00 1.31 31.6 %
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.

 

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