Financial Results : Nahdi’s 9M net profit rises to SAR 662.9M; Q3 at SAR 182.2M

Nahdi’s 9M net profit rises to SAR 662.9M; Q3 at SAR 182.2M

30/10/2024 Argaam Exclusive

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Nahdi Medical Co. reported a net profit of SAR 662.9 million for the first nine months of 2024, an 8% growth from SAR 722.1 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 6,499.42 7,083.41 9.0 %
Gross Income 2,636.44 2,650.49 0.5 %
Operating Income 726.50 662.00 (8.9 %)
Net Income 722.10 662.87 (8.2 %)
Average Shares 130.00 130.00 -
EPS (Riyals) 5.55 5.10 (8.2 %)

Gross profit declined by 18 million year-on-year (YoY) to SAR 2.65 billion due to the sustained investment to support sales growth.

 

Operating expenses (OpEx) increased by SAR 78.6 million due to the company’s continuous investments in various strategic initiatives including new openings, healthcare performance, UAE expansions and digitalization. Despite the increase, the OpEx as a percentage of revenue improved by 1.3% YoY to 28.1%.

 

Consequently, operating profit reached SAR 681 million, a decrease of 12.3% YoY. Moreover, there was a net increase of SAR 4.3 million in the items below operating profit, mainly in financial charges and lease liability interest to support the revenue growth.

 

Zakat charges decreased by SAR 40.2 million mainly due to a one-time written-back provisions of SAR 32.7 million, resulting from the Zakat settlements for most of the previous years.

 

Revenue grew 9% YoY to SAR 7.08 billion, driven by a strong performance in the retail business. Moreover, the healthcare and UAE businesses recorded growth of 104.7% and 158.4% respectively.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 2,162.90 2,353.25 8.8 %
Gross Income 846.89 850.98 0.5 %
Operating Income 195.15 171.21 (12.3 %)
Net Income 212.81 182.19 (14.4 %)
Average Shares 130.00 130.00 -
EPS (Riyals) 1.64 1.40 (14.4 %)

Q3 2024 net profit stood at SAR 182.2 million, a decline of 14.4% YoY from SAR 212.8 million.

 

Q3 revenue grew 8.8% YoY to SAR 2.35 billion, primarily driven by the strong performance in the retail business. Moreover, healthcare and UAE businesses continued their revenue growth delivering 96.5% and 125.9%, respectively.

 

On a sequential basis, net earnings decreased by 26.5% from SAR 247.7 million.

 

Total shareholders’ equity (no minority equity) stood at SAR 2.40 billion by Sept. 30, 2024, compared to SAR 2.27 billion a year earlier.

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