Nahdi H1 profit up marginally to SAR 509.3 mln; Q2 at SAR 265 mln

02/08/2023 Argaam Exclusive

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Nahdi Medical Co. reported a net profit of SAR 509.3 million in H1 2023, a slight increase of 0.65% from SAR 506 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	4,318.96	4,336.52	0.4 %
Gross Income	1,778.03	1,789.56	0.6 %
Operating Income	555.15	531.35	(4.3 %)
Net Income	506.02	509.30	0.6 %
Average Shares	130.00	130.00	-
EPS (Riyals)	3.89	3.92	0.6 %

The company’s H1 revenue and gross profit remained almost flat year-on-year (YoY). However, operating profit retreated by 4.2% YoY, while operating expenses rose 2.9% YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	2,239.47	2,231.49	(0.4 %)
Gross Income	926.30	900.35	(2.8 %)
Operating Income	300.00	271.15	(9.6 %)
Net Income	268.51	264.95	(1.3 %)
Average Shares	130.00	130.00	-
EPS (Riyals)	2.07	2.04	(1.3 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	2,105.04	2,231.49	6.0 %
Gross Income	889.20	900.35	1.3 %
Operating Income	260.20	271.15	4.2 %
Net Income	244.34	264.95	8.4 %
Average Shares	130.00	130.00	-
EPS (Riyals)	1.88	2.04	8.4 %

Q2 2023 net earnings dropped 1.3% YoY to SAR 265 million from SAR 268.5 million a year ago.

Revenue remained almost flat at SAR 2.23 billion compared to SAR 2.23 billion in the same quarter last year. The decline in non-pharma and Corona-related segments was offset by growth in the medicine, healthcare, and UAE businesses.

Gross profit decreased 3.3% YoY due to investments in sales promotions and maintaining price competitiveness.

Additionally, operating profit declined 7.5% YoY.

On a sequential basis, net earnings grew 8.5% from SAR 244.3 million in Q1 2023, spurred by sales growth during Hajj season and an increased number of pilgrims.

Shareholders’ equity, no minority interest, reached SAR 2.37 billion as of June 30, 2023, compared to SAR 2.14 billion in the prior-year period.

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Financial results (Million)

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 %
Q2 2023	2,231.49	(0.4 %)	900.35	(2.8 %)	271.15	(9.6 %)

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
Q2 2023	264.95	(1.3 %)	2.04	-	264.95	2.04

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 %
Q2 2023	41.20 %	18.13 %	10.32 %

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 %
Q2 2023	40.35 %	18.84 %	11.87 %

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
Q2 2023	130.00	6.85	6.85	18.29

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
Q2 2023	24.80	24.82	9.29

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
Q2 2023	1,121.79	1,071.67	38.02

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	Q2 2023 (e)	Q2 2023 (a)	Change‬
Average	286.33	264.95	(7.5 %)

Estimates vs Actual (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change
HSBC	279.00	264.95	(5.0) %
SNB Capital	284.00	264.95	(6.7) %
Hermes	296.00	264.95	(10.5) %

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 profit up marginally to SAR 509.3 mln; Q2 at SAR 265 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) 2023 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 profit up marginally to SAR 509.3 mln; Q2 at SAR 265 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 2023

Revenue by Business Segment (Latest) 2023 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)