Nahdi 9M 2023 profit down 5% to SAR 722 mln; Q3 at SAR 212.8 mln
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Nahdi Medical Co. reported a net profit of SAR 722 million for the first nine months of 2023, a decline of 5% from SAR 759.8 million in the year-earlier period.
Financials (M)
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 6,477.95 | 6,499.42 | 0.3 % |
| Gross Income | 2,689.09 | 2,636.44 | (2.0 %) |
| Operating Income | 826.63 | 726.50 | (12.1 %) |
| Net Income | 759.83 | 722.10 | (5.0 %) |
| Average Shares | 130.00 | 130.00 | - |
| EPS (Riyals) | 5.84 | 5.55 | (5.0 %) |
This was driven by 1.2% lower gross profit year-on-year (YoY), mainly due to investments in sales promotions. Gross margin landed at 40.9% of revenue in the current period compared to 41.5% in the same period of last year. Revenue also stabilized at SAR 6.49 billion.
Operating profit decreased by 8.6% due to lower gross profit and a 2.4% increase YoY in operating expenses. The decline in operating profit was partially offset by the income generated from Murabaha time deposits.
Current Quarter Comparison (M)
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 2,158.98 | 2,162.90 | 0.2 % |
| Gross Income | 911.06 | 846.89 | (7.0 %) |
| Operating Income | 271.48 | 195.15 | (28.1 %) |
| Net Income | 253.81 | 212.81 | (16.2 %) |
| Average Shares | 130.00 | 130.00 | - |
| EPS (Riyals) | 1.95 | 1.64 | (16.2 %) |
Q3 2023 net earnings dropped 16% YoY to SAR 212.8 million, as revenue remained almost flat at SAR 2.16 billion with a slight increase of SAR 4 million YoY. The growth in the medicine, healthcare, and the UAE businesses was partially offset by a decline in non-pharma segments. Additionally, gross profit decreased by 4% YoY as a result of investments in sales promotions. Also, operating profit declined by 17.5% driven by lower gross profit and a slight increase in operating expenses.
On a quarterly basis, net profit fell 19.7% from SAR 264.95 million.
Total shareholders’ equity, no minority interest, stood at 2.27 billion by Sept. 30, 2023, compared to SAR 2.09 billion in a prior-year period.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 %) |
| Q3 2023 | 2,162.90 | 0.2 % | 846.89 | (7.0 %) | 195.15 | (28.1 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2023 | 244.34 | 2.9 % | 1.88 | - | 244.34 | 1.88 |
| Q2 2023 | 264.95 | (1.3 %) | 2.04 | - | 264.95 | 2.04 |
| Q3 2023 | 212.81 | (16.2 %) | 1.64 | 32.04 | 180.76 | 1.39 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | 41.46 % | 18.40 % | 10.35 % |
| Q2 2023 | 41.20 % | 18.13 % | 10.32 % |
| Q3 2023 | 40.44 % | 17.18 % | 9.49 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2023 | 130.00 | 6.88 | 6.88 | 16.05 |
| Q2 2023 | 130.00 | 6.85 | 6.85 | 18.29 |
| Q3 2023 | 130.00 | 6.54 | 6.30 | 17.51 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | 26.82 | 26.84 | 11.50 |
| Q2 2023 | 24.80 | 24.82 | 9.29 |
| Q3 2023 | 22.05 | 22.87 | 8.24 |
Business Segments (Million)
Q3 2023
| Period | Front Shop | Pharma | Other |
|---|---|---|---|
| Q1 2023 | 988.58 | 1,081.66 | 34.79 |
| Q2 2023 | 1,121.79 | 1,071.67 | 38.02 |
| Q3 2023 | 1,034.23 | 1,085.11 | 43.56 |
Analysts Estimates (Million)
| Item | Q3 2023 (e) | Q3 2023 (a) | Change |
|---|---|---|---|
| Average | 263.50 | 212.81 | (19.2 %) |
Estimates vs Actual (Million)
| Item | Q3 2023 (e) | Q3 2023 (a) | Change |
|---|---|---|---|
| SNB Capital | 254.00 | 212.81 | (16.2) % |
| Riyad Capital | 273.00 | 212.81 | (22.0) % |
| Current | |
| Market Cap (M Riyal) | 15,340.00 |
| Enterprise Value (EV) (M) | 14,592.35 |
| 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) | 19.16 |
| P/E (TTM) | 18.41 |
| Price/book | 6.37 |
| Return on Average Assets (%) (TTM) | 15.1 |
| Return on Average Equity (%) (TTM) | 35.6 |
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