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Nahdi Medical Co. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 2,257.5 | 2,105 | 7.244 | 2,214.3 | 1.95 |
| Gross Profit (Loss) | 860.8 | 889.2 | -3.193 | 865.1 | -0.497 |
| Operational Profit (Loss) | 231.6 | 263.2 | -12.006 | 185 | 25.189 |
| Net profit (Loss) | 232.9 | 244.3 | -4.666 | 170.5 | 36.598 |
| Total Comprehensive Income | 244.2 | 233.7 | 4.492 | 186.9 | 30.658 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 2,317 | 2,087.1 | 11.015 |
| Profit (Loss) per Share | 1.79 | 1.88 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Revenue: In the first quarter of 2024, the company’s total revenue grew by 7.2% or SAR 152.5 million, reaching SAR 2,257.5 million compared to SAR 2,105.0 million for the same quarter last year, driven by a strong performance in the core Pharma segment and a solid recovery in Front Shop segment led by the Beauty categories. Moreover, the Healthcare and UAE businesses continued their growth momentum, delivering 120.7% growth & 172.7%, respectively (please refer to the attached press release for detailed analysis). |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net Profit: The company reported a net profit of SAR 232.9 million representing 10.3% of revenue in the first quarter of 2024, compared to SAR 244.3 million for the same quarter of last year, lower by 4.7% or -11.4 million, attributable to the following reasons: -Gross Profit: The company continued its investment to support the sales growth, as a result, Nahdi recorded a gross profit of SAR 860.8 million in the first quarter of 2024 compared to SAR 889.2 million for the same period of the previous year. This reflects a gross margin of 38.1% of revenue. -Operating Profit: The company’s operating expenses % of revenue improved by 1.6% reaching to 28.2% in the first quarter of 2024 compared to 29.9% for the same quarter last year, while investing in different strategic initiatives such as new openings, healthcare acceleration, UAE expansion and digitalization. Nahdi continues to reinvest the savings generated from its established efficiency programs to fund these initiatives. As a result, operating profit reached SAR 231.6 million, compared to SAR 263.2 million for the same period last year. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Revenue: The company’s total revenue grew by 2% or SAR 43.2 million to reach to SAR 2,257.5 million in the first quarter of 2024 compared to SAR 2,214.3 million in the previous quarter, mainly driven by the continuous investment to support sales growth. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Net Profit: The company’s net profit increased by 36.6% or 62.4 million, as a result of the phasing pattern in its operating expenses. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | N/A |
| Reclassification of Comparison Items | Certain comparative information has been reclassified to align with the current presentation for the period ending 31 March 2024. |
| Additional Information | Other Comprehensive Income increased as a result of normal business activities which impacted the actuarial estimate for the end-of-service indemnity. |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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