Nahdi Medical Co. reported a net profit of SAR 722 million for the first nine months of 2023, a decline of 5% from SAR 759.8 million in the year-earlier period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 6,477.95 | 6,499.42 | 0.3 % |
| Gross Income | 2,689.09 | 2,625.14 | (2.4 %) |
| Operating Income | 826.63 | 715.20 | (13.5 %) |
| Net Income | 759.83 | 722.10 | (5.0 %) |
| Average Shares | 130.00 | 130.00 | - |
| EPS (Riyals) | 5.84 | 5.55 | (5.0 %) |
This was driven by 1.2% lower gross profit year-on-year (YoY), mainly due to investments in sales promotions. Gross margin landed at 40.9% of revenue in the current period compared to 41.5% in the same period of last year. Revenue also stabilized at SAR 6.49 billion.
Operating profit decreased by 8.6% due to lower gross profit and a 2.4% increase YoY in operating expenses. The decline in operating profit was partially offset by the income generated from Murabaha time deposits.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 2,158.98 | 2,162.90 | 0.2 % |
| Gross Income | 911.06 | 842.13 | (7.6 %) |
| Operating Income | 271.48 | 190.40 | (29.9 %) |
| Net Income | 253.81 | 212.81 | (16.2 %) |
| Average Shares | 130.00 | 130.00 | - |
| EPS (Riyals) | 1.95 | 1.64 | (16.2 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 2,231.49 | 2,162.90 | (3.1 %) |
| Gross Income | 896.09 | 842.13 | (6.0 %) |
| Operating Income | 266.88 | 190.40 | (28.7 %) |
| Net Income | 264.95 | 212.81 | (19.7 %) |
| Average Shares | 130.00 | 130.00 | - |
| EPS (Riyals) | 2.04 | 1.64 | (19.7 %) |
Q3 2023 net earnings dropped 16% YoY to SAR 212.8 million, as revenue remained almost flat at SAR 2.16 billion with a slight increase of SAR 4 million YoY. The growth in the medicine, healthcare, and the UAE businesses was partially offset by a decline in non-pharma segments. Additionally, gross profit decreased by 4% YoY as a result of investments in sales promotions. Also, operating profit declined by 17.5% driven by lower gross profit and a slight increase in operating expenses.
On a quarterly basis, net profit fell 19.7% from SAR 264.95 million.
Total shareholders’ equity, no minority interest, stood at 2.27 billion by Sept. 30, 2023, compared to SAR 2.09 billion in a prior-year period.
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