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Press Dossier    By Date   20/03/2023 Saudi retail pharmacy chain Nahdi posts $236m profit for 2022

Arab News, Monday, Mar 20, 2023 | Sha'ban 28, 1444

​​Saudi retail pharmacy chain Nahdi posts $236m profit for 2022

Saudi Arabia: 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 initiatives. 

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.

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