Nahdi reports 5% net profit decline to SAR 232.9M in Q1 2024

Nahdi reports 5% net profit decline to SAR 232.9M in Q1 2024

08/05/2024 Argaam Exclusive

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Nahdi Medical Co. reported a net profit of SAR 232.9 million in Q1 2024, a slump of 5% from SAR 244.3 million in the year-earlier period.


Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 2,105.04 2,257.50 7.2 %
Gross Income 889.20 860.83 (3.2 %)
Operating Income 260.20 223.20 (14.2 %)
Net Income 244.34 232.95 (4.7 %)
Average Shares 130.00 130.00 -
EPS (Riyals) 1.88 1.79 (4.7 %)

Nahdi recorded a gross profit of SAR 860.8 million in the first quarter of 2024 compared to SAR 889.2 million for the same period of the previous year. This reflected a gross margin of 38.1% of revenue. Additionally, operating profit declined to SAR 231.6 million in Q1 2024, from SAR 263.2 million a year earlier.

 

On a quarterly basis, net earnings jumped 36.6% from SAR 170.5 million in Q4 2023, on higher gross sales to SAR 2.25 billion in Q1 2024, from SAR 2.21 billion in Q4 2023, on continued investments to support sales growth.

 
Shareholders’ equity, no minority interest, reached SAR 2.31 billion by March 31, 2024, compared to SAR 2.08 billion in the prior-year period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
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 %)
Q4 2023 2,214.25 3.6 % 853.76 (0.3 %) 178.49 19.9 %
Q1 2024 2,257.50 7.2 % 860.83 (3.2 %) 223.20 (14.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
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
Q4 2023 170.52 33.2 % 1.31 - 170.52 1.31
Q1 2024 232.95 (4.7 %) 1.79 - 232.95 1.79

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2023 41.20 % 18.13 % 10.32 %
Q3 2023 40.44 % 17.18 % 9.49 %
Q4 2023 40.05 % 17.48 % 9.88 %
Q1 2024 39.05 % 16.81 % 9.58 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2023 130.00 6.54 6.30 17.51
Q4 2023 130.00 6.87 6.62 18.94
Q1 2024 130.00 6.78 6.53 17.82

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2023 22.05 22.87 8.24
Q4 2023 19.95 20.70 7.23
Q1 2024 21.69 22.50 8.25

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
Q3 2023 1,034.23 1,085.11 43.56
Q4 2023 985.27 1,173.29 55.70
Q1 2024 981.17 1,198.88 77.44

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 250.70 232.95 (7.1 %)

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
OSOOL AND BAKHEET 230.50 232.95 1.1 %
Riyad Capital 244.00 232.95 (4.5) %
SNB Capital 249.00 232.95 (6.4) %
United Securities Company 264.00 232.95 (11.8) %
Hermes 266.00 232.95 (12.4) %


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
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Share Price

Nahdi Medical Co.
119.20
0.60 0.51 %

Nahdi Medical Co. (NAHDI)

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