Nahdi’s 9M net profit rises to SAR 662.9M; Q3 at SAR 182.2M

30/10/2024 Argaam Exclusive

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Nahdi Medical Co. reported a net profit of SAR 662.9 million for the first nine months of 2024, an 8% growth from SAR 722.1 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	6,499.42	7,083.41	9.0 %
Gross Income	2,636.44	2,650.49	0.5 %
Operating Income	726.50	662.00	(8.9 %)
Net Income	722.10	662.87	(8.2 %)
Average Shares	130.00	130.00	-
EPS (Riyals)	5.55	5.10	(8.2 %)

Gross profit declined by 18 million year-on-year (YoY) to SAR 2.65 billion due to the sustained investment to support sales growth.

Operating expenses (OpEx) increased by SAR 78.6 million due to the company’s continuous investments in various strategic initiatives including new openings, healthcare performance, UAE expansions and digitalization. Despite the increase, the OpEx as a percentage of revenue improved by 1.3% YoY to 28.1%.

Consequently, operating profit reached SAR 681 million, a decrease of 12.3% YoY. Moreover, there was a net increase of SAR 4.3 million in the items below operating profit, mainly in financial charges and lease liability interest to support the revenue growth.

Zakat charges decreased by SAR 40.2 million mainly due to a one-time written-back provisions of SAR 32.7 million, resulting from the Zakat settlements for most of the previous years.

Revenue grew 9% YoY to SAR 7.08 billion, driven by a strong performance in the retail business. Moreover, the healthcare and UAE businesses recorded growth of 104.7% and 158.4% respectively.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	2,162.90	2,353.25	8.8 %
Gross Income	846.89	850.98	0.5 %
Operating Income	195.15	171.21	(12.3 %)
Net Income	212.81	182.19	(14.4 %)
Average Shares	130.00	130.00	-
EPS (Riyals)	1.64	1.40	(14.4 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	2,472.66	2,353.25	(4.8 %)
Gross Income	938.68	850.98	(9.3 %)
Operating Income	267.58	171.21	(36.0 %)
Net Income	247.74	182.19	(26.5 %)
Average Shares	130.00	130.00	-
EPS (Riyals)	1.91	1.40	(26.5 %)

Q3 2024 net profit stood at SAR 182.2 million, a decline of 14.4% YoY from SAR 212.8 million.

Q3 revenue grew 8.8% YoY to SAR 2.35 billion, primarily driven by the strong performance in the retail business. Moreover, healthcare and UAE businesses continued their revenue growth delivering 96.5% and 125.9%, respectively.

On a sequential basis, net earnings decreased by 26.5% from SAR 247.7 million.

Total shareholders’ equity (no minority equity) stood at SAR 2.40 billion by Sept. 30, 2024, compared to SAR 2.27 billion a year earlier.

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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 %)
Q3 2024	2,353.25	8.8 %	850.98	0.5 %	171.21	(12.3 %)

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
Q3 2024	182.19	(14.4 %)	1.40	32.70	149.49	1.15

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 %
Q3 2024	37.69 %	16.26 %	8.61 %

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 %
Q3 2024	36.16 %	14.72 %	6.35 %

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
Q3 2024	130.00	6.41	6.16	18.53

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
Q3 2024	20.53	21.37	7.10

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
Q3 2024	950.24	1,311.97	91.04

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	Q3 2024 (e)	Q3 2024 (a)	Change‬
Average	208.96	182.19	(12.8 %)

Estimates vs Actual (Million)

Item	Q3 2024 (e)	Q3 2024 (a)	Change
United Securities Company	194.00	182.19	(6.1) %
Riyad Capital	201.00	182.19	(9.4) %
SNB Capital	204.00	182.19	(10.7) %
Hermes	208.00	182.19	(12.4) %
OSOOL AND BAKHEET	221.76	182.19	(17.8) %
JP Morgan	225.00	182.19	(19.0) %

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 9M net profit rises to SAR 662.9M; Q3 at SAR 182.2M

View other reports

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 Q3

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 9M net profit rises to SAR 662.9M; Q3 at SAR 182.2M

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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) Q3 2024

Revenue by Business Segment (Latest) 2024 Q3

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)