Nahdi’s H1 2024 profit down 6% to SAR 480.7M; Q2 at SAR 247.7M

31/07/2024 Argaam Exclusive

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Nahdi Medical Co. reported a net profit decline of 6% to SAR 480.7 million in H1 2024, from SAR 509.3 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	4,336.52	4,730.16	9.1 %
Gross Income	1,789.56	1,799.52	0.6 %
Operating Income	531.35	490.79	(7.6 %)
Net Income	509.30	480.69	(5.6 %)
Average Shares	130.00	130.00	-
EPS (Riyals)	3.92	3.70	(5.6 %)

Operating profit reached SAR 505.1 million in H1 2024, compared to SAR 546.2 million a year earlier This came after the company continued to invest in various strategic initiatives including new openings, healthcare acceleration, UAE expansion and digitalization. Savings generated from ongoing efficiency programs allowed the company to accelerate these strategic investments.

This has led to a notable enhancement in operating expenses as a percentage of revenue, which improved by 1.3% to 27.7% compared to 29.0% in the same period last year.

However, gross profit reached SAR 1.79 billion in the six-month period, compared to SAR 1.78 billion in H1 2023, driven by the continuous investment to support sales growth. Thus, the company maintained a gross margin of 38.0%.

Nahdi continued to maintain its sales performance momentum, achieving 9.1% growth in the first half of 2024. Total revenue rose by SAR 393.6 million to SAR 4.73 billion compared to SAR 4.33 billion in H1 2023, driven by a strong performance in the retail sector supported by the ongoing pharma growth momentum and the company’s investment into front shop categories. Moreover, the healthcare and UAE businesses recorded growth of 109.7% and 180.1%, respectively.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	2,231.49	2,472.66	10.8 %
Gross Income	900.35	938.68	4.3 %
Operating Income	271.15	267.58	(1.3 %)
Net Income	264.95	247.74	(6.5 %)
Average Shares	130.00	130.00	-
EPS (Riyals)	2.04	1.91	(6.5 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	2,257.50	2,472.66	9.5 %
Gross Income	860.83	938.68	9.0 %
Operating Income	223.20	267.58	19.9 %
Net Income	232.95	247.74	6.3 %
Average Shares	130.00	130.00	-
EPS (Riyals)	1.79	1.91	6.3 %

The second-quarter net profit declined 7% to SAR 247.7 million, from SAR 264.9 million in Q2 2023.

On the other hand, the Q2 bottom line grew 6.3% from SAR 232.9 million in Q1 2024, as sales increased by 9.5% quarter-on-quarter.

Shareholders’ equity, no minority interest, reached SAR 2.57 billion by June 30, 2024, compared to SAR 2.37 billion in the prior-year period.

Attached Documents

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
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 %
2023	8,713.68	1.1 %	3,490.20	(1.6 %)	904.99	(7.2 %)
Q1 2024	2,257.50	7.2 %	860.83	(3.2 %)	223.20	(14.2 %)
Q2 2024	2,472.66	10.8 %	938.68	4.3 %	267.58	(1.3 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2023	8,713.68	1.1 %	3,490.20	(1.6 %)	904.99	(7.2 %)

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	-	-	-	-	-	-
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
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
2023	892.62	0.5 %	6.87	32.04	860.58	6.62
Q1 2024	232.95	(4.7 %)	1.79	-	232.95	1.79
Q2 2024	247.74	(6.5 %)	1.91	-	247.74	1.91

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2023	892.62	0.5 %	6.87	32.04	860.58	6.62

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2023	40.44 %	17.18 %	9.49 %
Q4 2023	40.05 %	17.48 %	9.88 %
2023	40.05 %	17.48 %	9.88 %
Q1 2024	39.05 %	16.81 %	9.58 %
Q2 2024	38.43 %	16.61 %	9.14 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2023	40.05 %	17.48 %	9.88 %

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	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 %
Q3 2023	39.16 %	16.08 %	8.36 %
Q4 2023	38.56 %	15.24 %	7.70 %
Q1 2024	38.13 %	17.06 %	10.32 %
Q2 2024	37.96 %	17.90 %	10.02 %

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
Q2 2024	130.00	6.65	6.40	19.83

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2023	130.00	6.87	6.62	18.94

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
Q2 2024	19.83	20.59	6.65

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	24.48	24.50	9.69
2023	19.95	20.70	7.23

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
Q2 2024	1,089.15	1,298.46	85.05

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
2023	4,129.87	4,411.73	172.07

Analysts Estimates (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change‬
Average	232.80	247.74	6.42 %

Estimates vs Actual (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change
Hermes	254.00	247.74	(2.5) %
SNB Capital	240.00	247.74	3.2 %
OSOOL AND BAKHEET	260.98	247.74	(5.1) %
United Securities Company	209.00	247.74	18.5 %
Riyad Capital	200.00	247.74	23.9 %

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

Nahdi Medical Co. (NAHDI)

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Nahdi’s H1 2024 profit down 6% to SAR 480.7M; Q2 at SAR 247.7M

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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) 2024 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’s H1 2024 profit down 6% to SAR 480.7M; Q2 at SAR 247.7M

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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 2024

Revenue by Business Segment (Latest) 2024 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)