Nahdi H1 2022 net profit up 20% to SAR 506 mln; Q2 at SAR 269 mln

Nahdi Medical Co. reported a net profit after Zakat and tax of SAR 506 million in the first six months of 2022, an increase of 20%, compared to SAR 421.8 million a year earlier.

The earnings increase was primarily due to higher revenue, driven by the growth in the pharmaceuticals segment, which was affected by the increase in the number of COVID-19 cases as related restrictions were eased. The company also noted the increase in the number of pilgrims in Makkah and Madinah.

Meanwhile, gross profit increased by 8.4% year-on-year (YoY). Gross margins improved by 0.7% reaching 41.2% of revenue in the current period compared to 40.5% in the same period of last year due to the favorable product mix.

In Q2 2022, net profit after Zakat and tax inched up 18% YoY to SAR 269 million, from SAR 226.8 million in the year-earlier period.

On a sequential basis, net profit grew 13% from nearly SAR 237.5 million in Q1 2022, on higher sales during Ramadan (increase in number of pilgrims for Umrah), and the phasing pattern of operating expenses by quarters.

Total shareholders’ equity, excluding minority interest, stood at SAR 2.143 billion by the end of H1 2022, compared to SAR 2.019 billion in a year-earlier period.

View More Financial Results