Financial Results : Nahdi reports 5% net profit decline to SAR 232.9M in Q1 2024

Nahdi reports 5% net profit decline to SAR 232.9M in Q1 2024

08/05/2024 Argaam Exclusive

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Nahdi Medical Co. reported a net profit of SAR 232.9 million in Q1 2024, a slump of 5% from SAR 244.3 million in the year-earlier period.


Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 2,105.04 2,257.50 7.2 %
Gross Income 889.20 860.83 (3.2 %)
Operating Income 260.20 223.20 (14.2 %)
Net Income 244.34 232.95 (4.7 %)
Average Shares 130.00 130.00 -
EPS (Riyals) 1.88 1.79 (4.7 %)

Nahdi recorded a gross profit of SAR 860.8 million in the first quarter of 2024 compared to SAR 889.2 million for the same period of the previous year. This reflected a gross margin of 38.1% of revenue. Additionally, operating profit declined to SAR 231.6 million in Q1 2024, from SAR 263.2 million a year earlier.

 

On a quarterly basis, net earnings jumped 36.6% from SAR 170.5 million in Q4 2023, on higher gross sales to SAR 2.25 billion in Q1 2024, from SAR 2.21 billion in Q4 2023, on continued investments to support sales growth.

 
Shareholders’ equity, no minority interest, reached SAR 2.31 billion by March 31, 2024, compared to SAR 2.08 billion in the prior-year period.

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