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

28/03/2022 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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