Arab News, Monday, Mar 20, 2023 | Sha'ban 28, 1444
Saudi retail pharmacy chain Nahdi posts $236m profit for 2022
Nahdi Medical Co., one of Saudi Arabia's leading retail pharmacy chains,
recorded SR888 million ($236.40 million) in net profit for the fiscal year
2022, recording a 9.3 percent rise over the previous year.
The company recorded revenue of SR8.6 billion for
2022, representing a 6.8 percent increase over the previous year. The company
said the growth was primarily driven by the strong performance of the pharma
segment, the return of religious tourism to normal levels, and other strategic
Commenting on the strong set of operational and
financial results, CEO Yasser Joharji said: “2022 will be remembered as a
landmark year in which we set new benchmarks, accelerated the delivery of our
strategy, became a publicly listed company, grew our regional footprint, and
added beats to the lives of more guests than ever before.”
Nahdi’s gross profit for 2022 increased by 6.5
percent to reach SR3.52 billion, compared to last year. This helped the
company deliver a gross margin of 40.9 percent maintaining the same
level in 2021.
During 2022, Nahdi maintained a zero-debt position
and strong cash generation, with cash and cash equivalents sitting at over SR1
billion as of year-end.
Its total assets increased to SR4.9 billion, a
rise of 15.1 percent from SR4.3 billion at the end of 2021.
“We remain on track to deliver on our medium-term
financial guidance of achieving mid-single digit revenue growth and maintaining
bottom-line margin in our core pharmaceutical retail business, while pursuing
exponential growth in our emerging healthcare business, expanding our regional
footprint, and launching our state-of-the-art IMDAD distribution center,” said
Mohammed Alkhubani, the chief financial officer at Nahdi.
Nahdi Medical Co.’s board of directors also
declared a 30 percent cash dividend for the second half of 2022, at SR3 per
share, the company said in a statement to Tadawul.