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.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 8,642.21 | 8,066.22 | (6.7 %) |
| Gross Income | 3,249.67 | 3,304.68 | 1.7 % |
| Operating Income | 925.09 | 847.88 | (8.3 %) |
| Net Income | 849.12 | 812.53 | (4.3 %) |
| Average Shares | 130.00 | 130.00 | - |
| EPS (Riyals) | 6.53 | 6.25 | (4.3 %) |
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.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 1,986.14 | 1,973.23 | (0.7 %) |
| Gross Income | 765.27 | 807.21 | 5.5 % |
| Operating Income | 183.65 | 99.44 | (45.9 %) |
| Net Income | 166.81 | 143.23 | (14.1 %) |
| Average Shares | 130.00 | 130.00 | - |
| EPS (Riyals) | 1.28 | 1.10 | (14.1 %) |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 2,041.74 | 1,973.23 | (3.4 %) |
| Gross Income | 857.80 | 807.21 | (5.9 %) |
| Operating Income | 268.95 | 99.44 | (63.0 %) |
| Net Income | 247.45 | 143.23 | (42.1 %) |
| Average Shares | 130.00 | 130.00 | - |
| EPS (Riyals) | 1.90 | 1.10 | (42.1 %) |
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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