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

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

10/05/2023 Argaam Exclusive

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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 %

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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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 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 -
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 %)
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 %
Q1 2023 2,105.04 1.2 % 889.20 4.4 % 260.20 2.0 %


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 - - - - - -
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 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
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
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
Q1 2023 244.34 2.9 % 1.88 - 244.34 1.88

Profitability

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 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 37.60 % 13.58 % 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 %
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 %
Q1 2023 41.46 % 18.40 % 10.35 %


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

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

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

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) %


Financial Ratios
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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Share Price

Nahdi Medical Co.
118.60
(1.20) (1.00 %)

Nahdi Medical Co. (NAHDI)

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