Saudi pharma operator Nahdi posts 22% profit increase driven by higher revenue

RIYADH: Nahdi Medical Co., the operator of one of the largest pharmacy chains in Saudi Arabia, reported a 22 percent increase in its profits in the first quarter of 2022, driven by growth in revenue and gross profit margin.

Profits increased to SR237.5 million ($63.3 million) from SR195 million in the same quarter a year earlier, according to a bourse filing.

The Jeddah-based operator attributed the result to higher revenues of SR2 billion, up 4.9 percent when compared to the first quarter last year.

Also contributing to the increase in profit was an uptick in gross profit margins, which increased by 9.2 percent to SR851 million, compared to SR779.7 million for the same quarter last year.