Nahdi Medical's ongoing investments in new openings, healthcare acceleration, and expansion in the United Arab Emirates, coupled with a strong emphasis on digitalization, have contributed to an 8.1% decline in profit year-over-year for the fiscal year 2024. Despite this setback, the company's revenue experienced an impressive rise of 8.4%, primarily driven by robust performance in the pharmacy retail sector.
Net profit for the 12 months ending December 31, 2024, decreased to 820.7 million Saudi riyals, compared to the previous year's profit of 892.6 million riyals, as stated in a corporate announcement on Monday. The company's revenue climbed to 9.45 billion riyals, up from 8.71 billion riyals, thanks to digital investments and a notable 6.5% increase in the pharmacy retail division.
Nahdi attributed its revenue growth to several key factors, including an increase in prescription flow, expanded insurance partnerships, and a broader assortment of products. Furthermore, both the healthcare and UAE divisions have consistently generated substantial revenue, achieving revenue increases of 98.3% and 132.6%, respectively, for the third consecutive year.
In light of these strategic initiatives, the board of directors has proposed a consistent dividend of 3 riyals per share for the second half of 2024, which is scheduled to be paid on March 25, 2025, to shareholders on record as of March 17, 2025. The total full-year dividend remains stable at 5.5 riyals per share on an annual basis.
Looking ahead, Chief Financial Officer Mohammed Alkhubani expressed optimism regarding the company's prospects, stating that Nahdi anticipates steady growth in a competitive market. This growth is expected to be driven by the company's strategic growth initiatives and sound financial management practices.
"Our focus will remain on both topline and bottom-line growth, supported by our ongoing investments in pivotal strategic initiatives. For 2025, we intend to enhance our retail presence, reinforce our position as a national leader in healthcare, and boost our capabilities to better serve our guests," Alkhubani added.
While continuous investment in digital platforms and the UAE market remains crucial, Chief Executive Officer Yasser Joharji noted that the primary areas of focus for 2025 will include guest satisfaction, geographic expansion, and the improvement of the Omnihealth platform. In the latest trading session, shares of the pharmaceutical retailer saw a decline of 2%..