Nahdi 9M 2022 net profit jumps 14% to SAR 759.8 mln; Q3 at SAR 253.8 mln

02/11/2022 Argaam Exclusive

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Nahdi Medical Co. reported a rise of 14% in net profit after Zakat and tax to SAR 759.8 million in the first nine months of 2022, from SAR 669.3 million a year earlier.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	6,092.99	6,477.95	6.3 %
Gross Income	2,497.48	2,689.09	7.7 %
Operating Income	748.44	826.63	10.4 %
Net Income	669.30	759.83	13.5 %
Average Shares	130.00	130.00	-
EPS (Riyals)	5.15	5.84	13.5 %

Revenue increased by 6.3% year-on-year (YoY), mainly driven by the pharma segment growth and the increased number of pilgrims to the Two Holy Mosques in Makkah and Madinah.

Gross Profit rose 7.7% YoY on sales growth and positive product mix.

The profit margin improved by 0.7% YoY to 11.7% of revenue in the current period compared to 11.0% in 9M 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	2,041.74	2,158.98	5.7 %
Gross Income	857.80	911.06	6.2 %
Operating Income	268.95	271.48	0.9 %
Net Income	247.45	253.81	2.6 %
Average Shares	130.00	130.00	-
EPS (Riyals)	1.90	1.95	2.6 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	2,239.47	2,158.98	(3.6 %)
Gross Income	926.30	911.06	(1.6 %)
Operating Income	300.00	271.48	(9.5 %)
Net Income	268.51	253.81	(5.5 %)
Average Shares	130.00	130.00	-
EPS (Riyals)	2.07	1.95	(5.5 %)

In Q3 2022, net profit after Zakat and tax climbed 2.5% to SAR 253.8 million, from SAR 247.50 million in the prior-year period, thanks to a 5.7% rise YoY in revenue growth and a 6.2% increase YoY in gross profit.

Sequentially, Nahdi’s net profit declined by 5.5% from SAR 268.51 million.

Total shareholders’ equity, no minority interest, stood at SAR 2.099 billion by the end of September 2022, compared to SAR 1.463 billion in a year-earlier period.

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