Al Othaim’s net profit down 31% in 9M 2018

05/11/2018 Argaam Exclusive

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Abdullah Al Othaim Markets Co . reported a net profit of SAR 195.7 million in the first nine months of 2018, a 30.6 percent year-on-year (YoY) drop, as the corresponding period last year included SAR 106.8 million in nonrecurring profit.

Financials (M)

Item	9m 2017	9m 2018	Change‬
Revenues	5,259.95	5,565.42	5.8 %
Gross Income	994.62	1,056.33	6.2 %
Operating Income	114.43	115.80	1.2 %
Net Income	281.98	195.68	(30.6 %)
Average Shares	900.00	900.00	-
EPS (Riyals)	0.31	0.22	(30.6 %)

Profit for third quarter was SAR 54.3 million, plummeting by 63.9 percent YoY, as Q3 2017 included one-off gains at SAR 100.08 million.

When compared to the previous quarter, profit for the period fell 26.7 percent on lower sales and decreased real estate revenue.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2017	Q3 2018	Change‬
Revenues	1,627.85	1,744.69	7.2 %
Gross Income	318.56	339.78	6.7 %
Operating Income	27.23	25.89	(4.9 %)
Net Income	150.62	54.31	(63.9 %)
Average Shares	900.00	900.00	-
EPS (Riyals)	0.17	0.06	(63.9 %)

Item	Q2 2018	Q3 2018	Change‬
Revenues	2,022.47	1,744.69	(13.7 %)
Gross Income	375.18	339.78	(9.4 %)
Operating Income	44.73	25.89	(42.1 %)
Net Income	74.11	54.31	(26.7 %)
Average Shares	900.00	900.00	-
EPS (Riyals)	0.08	0.06	(26.7 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2009	717.56	6.8 %	23.96	(34.7 %)	16.36	(30.4 %)	0.02
Q2 2009	723.85	1.1 %	27.48	14.7 %	19.51	35.0 %	0.02
Q3 2009	861.61	10.3 %	35.33	47.5 %	25.20	77.6 %	0.03
Q4 2009	762.12	13.5 %	51.00	51.9 %	16.46	62.5 %	0.02
2009	3,065.14	7.9 %	137.77	16.6 %	77.52	24.5 %	0.09
Q1 2010	779.56	8.6 %	37.59	56.9 %	31.74	94.1 %	0.04
Q2 2010	821.67	13.5 %	38.46	39.9 %	31.32	60.6 %	0.03
Q3 2010	941.39	9.3 %	42.72	20.9 %	45.87	82.0 %	0.05
Q4 2010	879.81	15.4 %	63.20	23.9 %	53.00	222.0 %	0.06
2010	3,422.44	11.7 %	181.96	32.1 %	161.93	108.9 %	0.18
Q1 2011	934.19	19.8 %	45.06	19.9 %	36.50	15.0 %	0.04
Q2 2011	987.16	20.1 %	43.82	13.9 %	41.10	31.2 %	0.05
Q3 2011	1,096.14	16.4 %	42.42	(0.7 %)	35.99	(21.5 %)	0.04
Q4 2011	925.31	5.2 %	43.73	(30.8 %)	36.48	(31.2 %)	0.04
2011	3,942.80	15.2 %	175.03	(3.8 %)	150.08	(7.3 %)	0.17
Q1 2012	976.27	4.5 %	35.50	(21.2 %)	33.86	(7.3 %)	0.04
Q2 2012	1,020.85	3.4 %	286.50	553.8 %	36.76	(10.6 %)	0.04
Q3 2012	1,122.32	2.4 %	184.90	335.9 %	40.68	13.0 %	0.05
Q4 2012	985.76	6.5 %	178.02	307.1 %	60.47	65.8 %	0.07
2012	4,105.20	4.1 %	684.91	291.3 %	171.77	14.4 %	0.19
Q1 2013	1,066.43	9.2 %	164.06	362.2 %	40.81	20.5 %	0.05
Q2 2013	1,161.19	13.7 %	176.39	(38.4 %)	39.73	8.1 %	0.04
Q3 2013	1,193.14	6.3 %	199.41	7.8 %	41.94	3.1 %	0.05
Q4 2013	1,159.21	17.6 %	231.29	29.9 %	70.03	15.8 %	0.08
2013	4,579.96	11.6 %	771.15	12.6 %	192.51	12.1 %	0.21
Q1 2014	1,222.98	14.7 %	204.66	24.7 %	46.47	13.9 %	0.05
Q2 2014	1,511.39	30.2 %	219.39	24.4 %	51.79	30.3 %	0.06
Q3 2014	1,208.79	1.3 %	195.07	(2.2 %)	42.29	0.8 %	0.05
Q4 2014	1,308.74	12.9 %	252.01	9.0 %	74.23	6.0 %	0.08
2014	5,251.90	14.7 %	871.13	13.0 %	214.78	11.6 %	0.24
Q1 2015	1,408.03	15.1 %	212.36	3.8 %	48.89	5.2 %	0.05
Q2 2015	1,725.54	14.2 %	247.99	13.0 %	55.66	7.5 %	0.06
Q3 2015	1,348.87	11.6 %	221.39	13.5 %	37.09	(12.3 %)	0.04
Q4 2015	1,553.36	18.7 %	316.73	25.7 %	89.23	20.2 %	0.10
2015	6,035.80	14.9 %	998.47	14.6 %	230.87	7.5 %	0.26
Q1 2016	1,606.16	14.1 %	265.48	25.0 %	46.62	(4.6 %)	0.05
Q2 2016	1,976.23	14.5 %	312.31	25.9 %	49.76	(10.6 %)	0.06
Q3 2016	1,569.57	16.4 %	271.63	22.7 %	36.19	(2.4 %)	0.04
Q4 2016	1,907.19	22.8 %	362.34	14.4 %	95.50	7.0 %	0.11
2016	7,014.54	16.2 %	1,211.30	21.3 %	228.07	(1.2 %)	0.25
Q1 2017	1,696.23	5.6 %	319.69	20.4 %	60.15	29.0 %	0.07
Q2 2017	1,935.88	(2.0 %)	356.38	14.1 %	71.21	43.1 %	0.08
Q3 2017	1,627.85	3.7 %	318.56	17.3 %	150.62	316.2 %	0.17
Q4 2017	1,971.19	3.4 %	444.98	22.8 %	167.52	75.4 %	0.19
2017	7,231.14	3.1 %	1,439.60	18.8 %	449.50	97.1 %	0.50
Q1 2018	1,798.26	6.0 %	341.54	6.8 %	67.26	11.8 %	0.07
Q2 2018	2,022.47	4.5 %	375.18	5.3 %	74.11	4.1 %	0.08
Q3 2018	1,744.69	7.2 %	339.78	6.7 %	54.31	(63.9 %)	0.06

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2008	2,840.51	24.9 %	118.20	9.4 %	62.27	4.2 %	0.07
2009	3,065.14	7.9 %	137.77	16.6 %	77.52	24.5 %	0.09
2010	3,422.44	11.7 %	181.96	32.1 %	161.93	108.9 %	0.18
2011	3,942.80	15.2 %	175.03	(3.8 %)	150.08	(7.3 %)	0.17
2012	4,105.20	4.1 %	684.91	291.3 %	171.77	14.4 %	0.19
2013	4,579.96	11.6 %	771.15	12.6 %	192.51	12.1 %	0.21
2014	5,251.90	14.7 %	871.13	13.0 %	214.78	11.6 %	0.24
2015	6,035.80	14.9 %	998.47	14.6 %	230.87	7.5 %	0.26
2016	7,014.54	16.2 %	1,211.30	21.3 %	228.07	(1.2 %)	0.25
2017	7,231.14	3.1 %	1,439.60	18.8 %	449.50	97.1 %	0.50

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	3.65 %	0.81 %	1.91 %
Q2 2009	3.77 %	1.02 %	2.08 %
Q3 2009	4.05 %	1.43 %	2.39 %
Q4 2009	4.49 %	2.09 %	3.14 %
2009	4.49 %	2.09 %	3.14 %
Q1 2010	4.84 %	2.51 %	3.57 %
Q2 2010	5.04 %	2.68 %	3.83 %
Q3 2010	5.14 %	2.62 %	4.36 %
Q4 2010	5.32 %	2.88 %	4.73 %
2010	5.32 %	2.88 %	4.73 %
Q1 2011	5.30 %	2.93 %	4.81 %
Q2 2011	5.20 %	2.96 %	4.87 %
Q3 2011	4.99 %	2.67 %	4.43 %
Q4 2011	4.44 %	2.15 %	3.81 %
2011	4.44 %	2.15 %	3.81 %
Q1 2012	4.15 %	1.79 %	3.57 %
Q2 2012	10.16 %	3.03 %	3.41 %
Q3 2012	13.61 %	3.88 %	3.51 %
Q4 2012	16.68 %	4.90 %	4.18 %
2012	16.68 %	4.90 %	4.18 %
Q1 2013	19.39 %	5.62 %	4.26 %
Q2 2013	16.22 %	4.71 %	4.19 %
Q3 2013	16.29 %	4.60 %	4.15 %
Q4 2013	16.84 %	4.65 %	4.20 %
2013	16.84 %	4.65 %	4.20 %
Q1 2014	17.14 %	4.57 %	4.18 %
Q2 2014	16.80 %	4.65 %	4.13 %
Q3 2014	16.67 %	4.66 %	4.13 %
Q4 2014	16.59 %	4.81 %	4.09 %
2014	16.59 %	4.81 %	4.09 %
Q1 2015	16.16 %	4.69 %	3.99 %
Q2 2015	16.06 %	4.53 %	3.91 %
Q3 2015	16.12 %	4.45 %	3.73 %
Q4 2015	16.54 %	4.58 %	3.83 %
2015	16.54 %	4.58 %	3.83 %
Q1 2016	16.87 %	4.62 %	3.81 %
Q2 2016	17.21 %	4.44 %	3.57 %
Q3 2016	17.39 %	4.33 %	3.44 %
Q4 2016	17.17 %	4.40 %	3.42 %
2016	17.27 %	4.49 %	3.44 %
Q1 2017	17.71 %	4.66 %	3.44 %
Q2 2017	18.43 %	4.91 %	3.76 %
Q3 2017	18.93 %	5.13 %	3.93 %
Q4 2017	19.91 %	5.69 %	4.67 %
2017	19.91 %	5.69 %	4.67 %
Q1 2018	19.93 %	5.61 %	4.70 %
Q2 2018	19.95 %	5.70 %	4.68 %
Q3 2018	19.92 %	5.61 %	4.66 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	4.16 %	1.24 %	2.19 %
2009	4.49 %	2.09 %	3.14 %
2010	5.32 %	2.88 %	4.73 %
2011	4.44 %	2.15 %	3.81 %
2012	16.68 %	4.90 %	4.18 %
2013	16.84 %	4.65 %	4.20 %
2014	16.59 %	4.81 %	4.09 %
2015	16.54 %	4.58 %	3.83 %
2016	17.27 %	4.49 %	3.44 %
2017	19.91 %	5.69 %	4.67 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	3.34 %	1.19 %	2.28 %
Q2 2009	3.80 %	1.36 %	2.69 %
Q3 2009	4.10 %	2.13 %	2.92 %
Q4 2009	6.69 %	3.60 %	4.63 %
Q1 2010	4.82 %	2.92 %	4.07 %
Q2 2010	4.68 %	2.18 %	3.81 %
Q3 2010	4.54 %	1.96 %	4.87 %
Q4 2010	7.18 %	4.47 %	6.02 %
Q1 2011	4.82 %	3.13 %	4.48 %
Q2 2011	4.44 %	2.41 %	4.22 %
Q3 2011	3.87 %	1.06 %	3.28 %
Q4 2011	4.73 %	2.18 %	3.31 %
Q1 2012	3.64 %	1.61 %	3.47 %
Q2 2012	28.06 %	7.27 %	3.60 %
Q3 2012	16.47 %	4.17 %	3.62 %
Q4 2012	18.06 %	6.51 %	6.13 %
Q1 2013	15.38 %	4.75 %	3.83 %
Q2 2013	15.19 %	3.67 %	3.42 %
Q3 2013	16.71 %	3.79 %	3.52 %
Q4 2013	19.95 %	6.44 %	6.04 %
Q1 2014	16.73 %	4.42 %	3.80 %
Q2 2014	14.52 %	4.14 %	3.43 %
Q3 2014	16.14 %	3.86 %	3.50 %
Q4 2014	19.26 %	6.83 %	5.67 %
Q1 2015	15.08 %	4.01 %	3.47 %
Q2 2015	14.37 %	3.69 %	3.23 %
Q3 2015	16.41 %	3.56 %	2.75 %
Q4 2015	20.39 %	6.98 %	5.74 %
Q1 2016	16.53 %	4.22 %	3.44 %
Q2 2016	15.80 %	3.22 %	2.52 %
Q3 2016	17.31 %	3.23 %	2.31 %
Q4 2016	19.00 %	6.74 %	5.24 %
Q1 2017	18.85 %	5.31 %	3.55 %
Q2 2017	18.41 %	4.10 %	3.68 %
Q3 2017	19.57 %	4.29 %	3.10 %
Q4 2017	22.57 %	8.74 %	7.90 %
Q1 2018	18.99 %	5.01 %	3.74 %
Q2 2018	18.55 %	4.47 %	3.66 %
Q3 2018	19.48 %	4.03 %	3.11 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2009	900.00	0.06	0.06	0.35
Q2 2009	900.00	0.07	0.07	0.33
Q3 2009	900.00	0.08	0.08	0.36
Q4 2009	900.00	0.09	0.11	0.38
Q1 2010	900.00	0.10	0.12	0.35
Q2 2010	900.00	0.12	0.14	0.39
Q3 2010	900.00	0.14	0.16	0.44
Q4 2010	900.00	0.18	0.18	0.50
Q1 2011	900.00	0.19	0.19	0.46
Q2 2011	900.00	0.20	0.20	0.51
Q3 2011	900.00	0.19	0.19	0.55
Q4 2011	900.00	0.17	0.17	0.59
Q1 2012	900.00	0.16	0.16	0.63
Q2 2012	900.00	0.16	0.15	0.67
Q3 2012	900.00	0.16	0.16	0.71
Q4 2012	900.00	0.19	0.19	0.76
Q1 2013	900.00	0.20	0.20	0.80
Q2 2013	900.00	0.20	0.20	0.77
Q3 2013	900.00	0.20	0.20	0.82
Q4 2013	900.00	0.21	0.21	0.90
Q1 2014	900.00	0.22	0.22	0.95
Q2 2014	900.00	0.23	0.23	0.93
Q3 2014	900.00	0.23	0.23	0.98
Q4 2014	900.00	0.24	0.24	1.06
Q1 2015	900.00	0.24	0.24	1.11
Q2 2015	900.00	0.25	0.25	1.09
Q3 2015	900.00	0.24	0.24	1.13
Q4 2015	900.00	0.26	0.26	1.23
Q1 2016	900.00	0.25	0.26	1.17
Q2 2016	900.00	0.25	0.26	1.23
Q3 2016	900.00	0.25	0.26	1.27
Q4 2016	900.00	0.25	0.27	1.37
Q1 2017	900.00	0.27	0.27	1.44
Q2 2017	900.00	0.29	0.30	1.41
Q3 2017	900.00	0.42	0.31	1.58
Q4 2017	900.00	0.50	0.38	1.66
Q1 2018	900.00	0.51	0.38	1.74
Q2 2018	900.00	0.51	0.39	1.67
Q3 2018	900.00	0.40	0.39	1.73

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	900.00	0.07	0.07	0.33
2009	900.00	0.09	0.11	0.38
2010	900.00	0.18	0.18	0.50
2011	900.00	0.17	0.17	0.59
2012	900.00	0.19	0.19	0.76
2013	900.00	0.21	0.21	0.90
2014	900.00	0.24	0.24	1.06
2015	900.00	0.26	0.26	1.23
2016	900.00	0.25	0.27	1.37
2017	900.00	0.50	0.38	1.66

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2009	15.48	15.48	2.70
Q2 2009	22.06	22.06	4.41
Q3 2009	14.96	14.96	3.26
Q4 2009	14.73	11.86	3.33
Q1 2010	14.47	12.04	4.22
Q2 2010	16.44	13.94	4.92
Q3 2010	12.47	10.85	3.95
Q4 2010	10.84	10.84	3.91
Q1 2011	12.46	12.07	4.97
Q2 2011	12.40	12.00	4.77
Q3 2011	13.04	12.59	4.39
Q4 2011	14.99	14.99	4.23
Q1 2012	13.89	14.41	3.62
Q2 2012	13.45	14.02	3.20
Q3 2012	13.48	14.04	3.10
Q4 2012	10.78	10.78	2.72
Q1 2013	10.48	10.48	2.60
Q2 2013	13.87	13.87	3.63
Q3 2013	16.11	16.11	4.01
Q4 2013	14.58	14.58	3.48
Q1 2014	20.10	20.10	4.67
Q2 2014	22.80	22.80	5.73
Q3 2014	24.55	24.55	5.88
Q4 2014	22.06	22.06	4.97
Q1 2015	21.92	21.92	4.75
Q2 2015	21.91	21.91	4.93
Q3 2015	19.12	19.12	4.06
Q4 2015	17.34	17.34	3.62
Q1 2016	16.93	16.32	3.67
Q2 2016	20.21	19.45	4.07
Q3 2016	15.47	14.89	3.01
Q4 2016	19.50	18.44	3.61
Q1 2017	20.49	20.12	3.83
Q2 2017	19.67	19.34	4.06
Q3 2017	14.62	19.58	3.88
Q4 2017	12.31	16.40	3.70
Q1 2018	15.18	20.11	4.44
Q2 2018	14.73	19.47	4.51
Q3 2018	17.30	17.88	4.04

Period	P/E	Adjusted P/E	Price/book
2008	14.45	14.45	3.01
2009	14.73	11.86	3.33
2010	10.84	10.84	3.91
2011	14.99	14.99	4.23
2012	10.78	10.78	2.72
2013	14.58	14.58	3.48
2014	22.06	22.06	4.97
2015	17.34	17.34	3.62
2016	19.50	18.44	3.61
2017	12.31	16.40	3.70

Business Segments (Million)

Compared With The

Period	Retail and wholesale	Head office and leasing and others	Others..
Q1 2011	934.19	32.34	-
Q2 2011	987.16	38.21	-
Q3 2011	1,096.14	40.08	-
Q4 2011	925.31	37.48	-
Q1 2012	976.27	36.44	-
Q2 2012	1,020.85	3.02	-
Q3 2012	1,122.32	20.32	-
Q4 2012	985.76	21.90	-
Q1 2013	1,066.43	21.50	-
Q2 2013	1,161.19	23.94	-
Q3 2013	1,193.14	23.78	-
Q4 2013	1,159.21	23.98	-
Q1 2014	1,222.98	24.03	-
Q2 2014	1,511.39	22.85	-
Q3 2014	1,208.79	26.42	-
Q4 2014	1,308.74	22.64	-
Q1 2015	1,408.03	26.15	-
Q2 2015	1,725.54	27.56	-
Q3 2015	1,348.57	26.93	-
Q4 2015	1,553.66	30.55	-
Q1 2016	1,640.02	28.03	-
Q2 2016	2,020.19	28.36	-
Q3 2016	1,583.28	28.54	-
Q4 2016	1,928.23	38.64	-
Q1 2017	1,875.71	-	-
Q2 2017	2,165.24	-	-
Q3 2017	1,750.81	9.20	-
Q4 2017	2,189.82	-	-
Q1 2018	1,772.52	-	25.74
Q2 2018	1,987.55	-	34.92
Q3 2018	1,701.84	-	42.85

Period	Retail and wholesale	Head office and leasing and others	Others..
2011	3,942.80	148.12	-
2012	4,105.20	81.68	-
2013	4,579.96	93.19	-
2014	5,251.90	95.93	-
2015	6,035.80	111.20	-
2016	7,171.73	123.57	-
2017	7,981.49	131.13	-

Analysts Estimates (Million)

Item	Q3 2018 (e)	Q3 2018 (a)	Change‬
Average	55.00	54.31	(1.3 %)

Estimates vs Actual (Million)

Item	Q3 2018 (e)	Q3 2018 (a)	Change
SNB Capital	54.00	54.31	0.6 %
Sico	55.00	54.31	(1.3) %
Al Rajhi Capital	56.00	54.31	(3.0) %

Financial Ratios

	Current
Market Cap (M Riyal)	9,882.00
Enterprise Value (EV) (M)	9,548.02
Shares Outstanding ((M))	900.00
EPS ( Riyal) (TTM)	0.54
Book Value (BV) ( Riyal)	1.33
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	25.76
P/E (TTM)	20.29
Price/book	8.25
Return on Average Assets (%) (TTM)	7.4
Return on Average Equity (%) (TTM)	39.5

Abdullah Al Othaim Markets Co. (A.OTHAIM MARKET)

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Al Othaim’s net profit down 31% in 9M 2018

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2018 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

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Financial Ratios

Share Price

Abdullah Al Othaim Markets Co. (A.OTHAIM MARKET)

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Al Othaim’s net profit down 31% in 9M 2018

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2018

Revenue by Business Segment (Latest) 2018 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Abdullah Al Othaim Markets Co. (A.OTHAIM MARKET)

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Business Segments (Million)