Nahdi 2021 net profit down 4% to SAR 812.5 mln; Q4 at SAR 143.2 mln

Nahdi Medical Co. reported a net profit after Zakat and tax of SAR 812.5 million in 2021, a decline of 4% from SAR 849.1 million a year earlier.  

The company attributed the decline in net profit to a drop of 6.7% year-on-year (YoY) in revenue to SAR 8.06 billion.

Meanwhile, the impact of lower was partially offset by the favorable product mix and reversal of inventory provision for COVID-19 related items. Additionally, the annual profit was positively impacted by one-off non-recurring items of SAR 60 million related to the reversal of provision for operated pharmacies, other provisions and adjustment to IFRS-15 for Loyalty accruals.

In Q4 2021, net profit after Zakat and tax declined by 14% YoY to SAR 143.2 million.

When compared to the previous quarter, net profit fell by 42.1% from SAR 247.45 million.

Shareholders’ equity, after minority interest, dropped to SAR 1.603 billion as of Dec. 31, 2021, from SAR 2.078 billion a year earlier.

Accumulated losses stood at SAR 200.4 million in 2021, accounting for 16% of the company’s capital.

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