Nahdi profit dips 8% to SAR 820.7M in 2024; Q4 at SAR 157.9M

Nahdi Medical Co. reported a net profit of SAR 820.7 million for 2024, an 8% decline from SAR 892.6 million a year earlier.

Operating expenses increased by SAR 103.9 million reflecting the company’s ongoing investment in various strategic initiatives that include new openings, healthcare acceleration, UAE expansion and digitalization. However, the company improved its operating expenses as a percentage of revenue by 1.2%, reaching 28.5% in 2024. Additionally, other operating revenue edged higher.

Consequently, the company’s operating profit reached SAR 873.2 million, a decrease of SAR 87.8 million year-on-year (YoY).

Revenue grew 8.4% YoY to SAR 9.44 billion, driven by 6.5% growth in the retail business, investments in its digital capabilities, network expansion and commitment to providing competitive value to patients. Healthcare and UAE businesses nearly doubled revenue for the third consecutive year, with increases of 98.3% and 132.6%, respectively.

Gross profit rose by SAR 10.6 million to SAR 3.5 billion in 2024. The company noted that the gross profit in 2023 included a non-recurring inventory provisions release of SAR 33 million due to a change in the inventory provision policy.

Zakat charges decreased by SAR 37.8 million, mainly due to a one-time provision release of SAR 32.7 million following the closure of Zakat assessments for previous years.

Q4 2024 net earnings slipped 7% YoY to SAR 157.9 million, as operating expenses increased by 3.8%. Moreover, there was an increase of SAR 17.6 million in the items below operating profit, mainly in financial charges to support the revenue growth, along with an increase of SAR 2.4 million in Zakat accruals.

On a sequential basis, net profit slumped 13.3% from SAR 182.19 million in Q3 2024.

Total shareholders’ equity, no minority interest, stood at SAR 2.58 billion by Dec. 31, 2024, compared to SAR 2.46 billion a year earlier.

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