Nahdi Medical Co.’s 2023 net profit surged to SAR 892.6 million, from SAR 887.8 million in the previous year.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 8,616.19 | 8,713.68 | 1.1 % |
| Gross Income | 3,545.39 | 3,490.20 | (1.6 %) |
| Operating Income | 975.52 | 904.99 | (7.2 %) |
| Net Income | 887.81 | 892.62 | 0.5 % |
| Average Shares | 130.00 | 130.00 | - |
| EPS (Riyals) | 6.83 | 6.87 | 0.5 % |
The annual profit growth was spurred by gains generated from Islamic Murabaha time deposits, which resulted in a net profit of SAR 892.6 million in 2023.
The net profit margin remained almost flat in 2023 at 10.2% versus last year.
This was offset by the 0.7% year-on-year (YoY) drop in gross profit for 2023, mainly due to the company investing in promotions to support sales of non-pharmaceutical products.
On the other hand, the gross profit margin constituted 40.4% of Nahdi’s 2023 revenues, compared to 41.1% a year ago.
Moreover, operating income decreased by 4.2% YoY in 2023, primarily because of the YoY decrease in gross profit for the same year.
Operating expenses, however, held steady at 29.7% of revenues in 2023, despite the company investing in its strategic initiatives of healthcare services, UAE retail business, and e-commerce platforms. Nahdi has reinvested the savings resulting from operational efficiency improvement programs in bolstering and financing most of these initiatives.
In Q4 2023, Nahdi’s net income soared 33% to SAR 170.5 million, from SAR 127.99 million in the year-ago period.
On a quarterly basis, the company’s bottom line retreated 19.9% from SAR 212.81 million.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 2,138.24 | 2,214.25 | 3.6 % |
| Gross Income | 856.31 | 865.06 | 1.0 % |
| Operating Income | 148.89 | 185.00 | 24.3 % |
| Net Income | 127.99 | 170.52 | 33.2 % |
| Average Shares | 130.00 | 130.00 | - |
| EPS (Riyals) | 0.98 | 1.31 | 33.2 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 2,162.90 | 2,214.25 | 2.4 % |
| Gross Income | 842.13 | 865.06 | 2.7 % |
| Operating Income | 190.40 | 185.00 | (2.8 %) |
| Net Income | 212.81 | 170.52 | (19.9 %) |
| Average Shares | 130.00 | 130.00 | - |
| EPS (Riyals) | 1.64 | 1.31 | (19.9 %) |
Total shareholders’ equity, after minority interest, grew to SAR 2.46 billion by the end of Dec. 31, 2023, from SAR 2.24 billion in the year before.
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