‎“Nahdi” profits decreased slightly to SR265 million, by 1.3%‎

Nahdi Medical Company revealed a decline in net profit after zakat and tax in the second quarter to 265 million riyals, compared to 268.5 million riyals in the same quarter of last year, by 1.3%. This came after today’s announcement of the preliminary financial results for the period ending in 06-2023. -30 (six months).

Operational profit amounted to 283 million riyals in the second quarter, compared to 305.8 million riyals in the same quarter of the previous year, a decrease of 7.4%.

The net profit after zakat and tax during the 6-month period amounted to 509.3 million riyals, compared to 506 million riyals in the same period last year, an increase of 0.65%.

Total shareholders’ equity “without minority rights” amounted to 2.3 billion riyals in the current period, compared to 2.1 billion riyals in the same period last year, an increase of 11%.

Earnings per share in the current period reached 3.92 riyals, compared to 2.89 riyals in the same period last year.

– “The company’s results showed stability in net profit at levels of 265.0 million Saudi riyals in the current quarter compared to 268.5 million Saudi riyals in the same quarter of last year, as this stability is due to the following reasons:

1. Revenues were approximately stable at 2,231.5 million Saudi riyals, compared to 2,239.5 million Saudi riyals for the same quarter of last year, with a slight decline of 8.0 million Saudi riyals. This decline in sales of non-pharmaceutical and coronavirus-related products was compensated by the growth in sales of pharmaceutical products and the expansion of healthcare services and retail in the UAE.
2. Gross profit decreased by 3.3% as a result of the company investing in promotions and maintaining competitive price levels.
3. Operational profit decreased by 7.5% driven by the decrease in gross profit which was partially offset by an increase in other income.
4. The decrease in operating profit was compensated by returns on future Murabaha deposits, resulting in a net profit of SAR 265.0 million at almost constant levels compared to the same quarter of last year.

– Net profit increased by 8.4% in the current quarter compared to the previous quarter of the current year, driven by sales growth due to the Hajj season and the increase in the number of pilgrims.

– The company’s results showed stability in the net profit during the current period compared to the same period last year, as it amounted to 509.3 million Saudi riyals, compared to 506.0 million Saudi riyals in the same period of the previous year, as this is due to the following reasons: ,

1. Revenues maintained stable levels at 4,336.5 million Saudi riyals, as a result of the growth in the pharmaceutical products sector despite its high levels in the past year due to (Corona Omicron), in addition to the growth in health care services and the retail field in the country UAE, where this growth partially offset the decline in sales of non-pharmaceutical products.
2. The level of gross profit maintained similar levels to last year, in line with the growth in sales, as the gross margin settled almost steadily at 41.1% of revenue in the current period compared to 41.2% in the same period last year.
3. Operational profit decreased by 4.2%, driven by the increase in operating expenses by 2.9%, mainly to support the company’s business.
4. The decrease in operating profit was compensated by the returns on future Murabaha deposits, resulting in a net profit of SAR 509.3 million, at almost constant levels, compared to the same period last year.