Financial Results : Nahdi net profit up 3% to SAR 244.3 mln in Q1

Nahdi net profit up 3% to SAR 244.3 mln in Q1

10/05/2023 Argaam Exclusive

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Nahdi Medical Co. posted a net profit of SAR 244.3 million in Q1 2023, a 3% increase from SAR 237.5 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 2,079.49 2,105.04 1.2 %
Gross Income 851.73 889.20 4.4 %
Operating Income 255.15 260.20 2.0 %
Net Income 237.51 244.34 2.9 %
Average Shares 130.00 130.00 -
EPS (Riyals) 1.83 1.88 2.9 %

The positive performance was attributed to an increase of 1.2% year-on-year (YoY) in revenue to SAR 2.1 billion on growth in retail and healthcare business segments.

 

Gross profit increased by 4.1% YoY in Q1 2023 to SAR 886.9 million, driven by sales growth, private label growth, and positive product mix. As a result, the gross margin improved by 1.2% to 42.1% of revenue in Q1 from 41.0% in Q1 2022.

 

On the other hand, OpEx rose by 5.4% in Q1 2023 to SAR 629 million, mainly to support the business growth in line with the company's business plan.

 

Sequentially, net profit rose 90.9% from SAR 127.99 million in Q4 2022.

 

Shareholders’ equity, excluding minority interest, stood at SAR 2.08 billion as of March 31, 2023, compared to SAR 1.84 billion a year earlier.

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