reports
- Nauman Khan
Nahdi Medical Co: Q3 22 Results Analysis | In-line results on higher r...
Nahdi reported an in-line set of Q3 22 results with a net income increasing by 2.6% yoy (-5.5% qoq) to SAR254mn. This compares to the SNB Capital estimates of SAR260mn. Revenues increased by 5.7% yoy (-3.6% qoq) to SAR2.16bn and came in-line with our estimates of SAR2.13bn. The growth was led by increase in pharma revenues due to increased number of pilgrims to the holy mosques. Opex increased by 8.4% yoy to SAR633mn vs our estimates of SAR595mn while opex to sales stood at 29.3% vs 28.6% in ...
- Nauman Khan
Nahdi Medical Co: Better results on higher revenue and margins
Nahdi reported a better than expected set of Q2 22 results, with net income increasing by 18.4% yoy (+13.1% qoq) to SAR269mn. This compares to the SNB Capital estimates of SAR240mn. The positive variance in earnings is mainly driven by 1) higher-than-expected revenues which increased by 8.2% yoy (+7.7% qoq) to SAR2.24bn vs our estimates of SAR2.15bn, led by strong growth in pharma revenues and 2) improved operational efficiencies. As a result, operating margins increased by 111bps yoy to 13.7...
- Alia El Mehelmy
- Passant Mohamed
Saudi pharma retailers | Initiating coverage: Back to growth
Plays on wellness, maternity, and baby care. We foresee growth starting 2022 vs. a lacklustre 2021 for the two pharma retailers (sales/branch fell 6.7% and EPS -3.7%). Non-pharma sales wind up at ~85% of GP, as the two chains follow the Western format, uniquely positioning them as plays on two developing themes – Saudi’s rising health awareness and social reforms. Pharma retailers capture c86% of wellness, c55% of mom and baby, and c30% of cosmetics industry turnover. Chains grab the bulk of thi...
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