Saudi: Nahdi Medical’s profit dips 6% YoY in H1-24; dividends approved

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Nahdi Medical Company’s net profit decreased by 5.61% year-on-year (YoY) to SAR 480.70 million during the first half (H1) of 2024 from SAR 509.30 million.

The company’s revenue rose by 9.07% YoY to SAR 4.73 billion in H1-24 from SAR 4.33 billion in H1-23, according to interim financial results.

The earnings per share (EPS) went down to SAR 3.70 from January until the end of June from SAR 3.92 in the corresponding period a year earlier.

Quarterly Results

During the second quarter (Q2) of 2024, Nahdi Medical’s net profit edged lower by 6.52% to SAR 247.70 million from SAR 265 million.

Sales went up by 10.80% to SAR 2.47 billion in Q2-24 from SAR 2.23 billion.

Quarter-on-quarter (QoQ), the company’s net profit grew by 6.35% in Q2-24 from SAR 232.90 million in previous quarter, while sales increased by 9.53% from SAR 2.25 billion.

Cash Dividends

Nahdi Medical’s board nodded for the distribution of SAR 325 million, SAR 2.50 per share, in cash dividends for H1-24.

Dividends are set to be paid on 25 August 2024 for 130 million shares eligible until 11 August.

Nahdi Medical logged a 4.66% YoY decline in net profit to SAR 232.90 million in Q1-24 from SAR 244.30 million.