Nahdi Medical Co. reported a net profit of SAR 509.3 million in H1 2023, a slight increase of 0.65% from SAR 506 million in the year-earlier period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 4,318.96 | 4,336.52 | 0.4 % |
| Gross Income | 1,778.03 | 1,783.01 | 0.3 % |
| Operating Income | 555.15 | 524.81 | (5.5 %) |
| Net Income | 506.02 | 509.30 | 0.6 % |
| Average Shares | 130.00 | 130.00 | - |
| EPS (Riyals) | 3.89 | 3.92 | 0.6 % |
The company’s H1 revenue and gross profit remained almost flat year-on-year (YoY). However, operating profit retreated by 4.2% YoY, while operating expenses rose 2.9% YoY.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 2,239.47 | 2,231.49 | (0.4 %) |
| Gross Income | 926.30 | 896.09 | (3.3 %) |
| Operating Income | 300.00 | 266.88 | (11.0 %) |
| Net Income | 268.51 | 264.95 | (1.3 %) |
| Average Shares | 130.00 | 130.00 | - |
| EPS (Riyals) | 2.07 | 2.04 | (1.3 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 2,105.04 | 2,231.49 | 6.0 % |
| Gross Income | 889.20 | 896.09 | 0.8 % |
| Operating Income | 263.20 | 266.88 | 1.4 % |
| Net Income | 244.34 | 264.95 | 8.4 % |
| Average Shares | 130.00 | 130.00 | - |
| EPS (Riyals) | 1.88 | 2.04 | 8.4 % |
Q2 2023 net earnings dropped 1.3% YoY to SAR 265 million from SAR 268.5 million a year ago.
Revenue remained almost flat at SAR 2.23 billion compared to SAR 2.23 billion in the same quarter last year. The decline in non-pharma and Corona-related segments was offset by growth in the medicine, healthcare, and UAE businesses.
Gross profit decreased 3.3% YoY due to investments in sales promotions and maintaining price competitiveness.
Additionally, operating profit declined 7.5% YoY.
On a sequential basis, net earnings grew 8.5% from SAR 244.3 million in Q1 2023, spurred by sales growth during Hajj season and an increased number of pilgrims.
Shareholders’ equity, no minority interest, reached SAR 2.37 billion as of June 30, 2023, compared to SAR 2.14 billion in the prior-year period.
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