SAUDI ARABIA – Nahdi Medical Company, Saudi Arabia’s pharmaceutical retailer and healthcare company, reported SAR 888 million (US$236.40 million) in net profit for the fiscal year 2022.
Nahdi reported a net profit increase of 9.3% to SAR 888 million (US$236.40 million) for the Full Year 2022 which ended on December 31 compared to the previous amount of SAR 813 million (US$216.38 million).
Net revenue grew by 6.8% to SAR 8.6 billion (US$2.29 billion) in FY22 buoyed by a strong performance of the pharma segment and strategic initiatives as religious tourism returns to pre-pandemic levels.
FY22 gross profit increased by 6.5% to reach SAR 3.52 billion (US$940 million) compared to last year driven by revenue growth. This helped to deliver a gross margin of 40.9% which is consistent with last year.
Moreover, the Company continued to generate healthy cash flows from operations which allowed its key leaders to invest in strategic growth avenues, all the while holding a zero-debt position.
In his address, Eng. Yasser Joharji, Chief Executive Officer (CEO) of Nahdi Medical Company said: “At Nahdi, we are driven by our purpose, inspired by our Guests, and led by our strategy.”
He pointed out that the company’s strong set of operational and financial results for the 2022 fiscal year show that Nahdi employees created the best possible levels of value for their stakeholders.
“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,” added Eng. Joharji.
Furthermore, the Nahdi CEO acknowledged the Board of Directors for its strategic counsel, Nahdi employees for passionately giving their best efforts to serve clients, and partners for their commitment and support.
The Saudi retail pharmacy chain is set to deliver on its medium-term financial guidance of achieving mid-single-digit revenue growth and maintaining a bottom-line margin in the core pharmaceutical retail business.
Moreover, Nahdi intends to pursue exponential growth in its emerging healthcare business, expand its regional footprint, and launch a state-of-the-art IMDAD distribution center to increase efficiency and productivity returns.
The pharmacy chain has already expanded its presence in the UAE from one pharmacy in 2021 to seven pharmacies by the end of 2022, with further expansion plans underway.
In February 2023, Nahdi Medical Company unveiled its fourth Nahdi Care clinic located in Obhur, Jeddah that will benefit over 500,000 guests within the Kingdom of Saudi Arabia.
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