Al Othaim H1 2020 net profit surges 77% to SAR 224.8 mln

17/08/2020 Argaam Exclusive

Abdullah Al Othaim Markets Co. reported a net profit after Zakat and tax of SAR 224.8 million for the first half of 2020, up 77% year-on-year (YoY), compared to SAR 127.1 million in the same period a year earlier.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 4,130.42 4,953.92 19.9 %
Gross Income 780.63 971.47 24.4 %
Operating Income 106.35 240.19 125.9 %
Net Income 127.07 224.80 76.9 %
Average Shares 900.00 900.00 -
EPS (Riyals) 0.14 0.25 76.9 %

The company attributed the performance to a 19.94% sales growth driven by high demand for food and grocery supplies during the curfew period imposed by the government to control the COVID-19 outbreak.

 

The firm also cited the customers’ appetite to buy supplies before the value-added tax (VAT) hike, effective from July 1, in addition to the improvement in gross margin and the savings in operating costs.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 2,171.10 2,574.43 18.6 %
Gross Income 394.15 512.15 29.9 %
Operating Income 48.24 147.37 205.5 %
Net Income 58.73 125.25 113.3 %
Average Shares 900.00 900.00 -
EPS (Riyals) 0.07 0.14 113.3 %

The firm's net profit for Q2 2020 rose more than twofold YoY to SAR 125.3 million due to an 18.58% growth in sales as well as savings in operating costs and improved gross margins.

 

On a sequential basis, Q2 net profit jumped 25.8% from the previous quarter on an 8.19% rise in sales and savings in operating costs.

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Share Price

Abdullah Al Othaim Markets Co.
10.78
(0.06) (0.55 %)

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

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Financial Ratios
Current
Market Cap (M Riyal) 9,702.00
Enterprise Value (EV) (M) 9,764.51
Shares Outstanding ((M)) 900.00
EPS ( Riyal) (TTM) 0.45
Book Value (BV) ( Riyal) 1.15
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 25.29
P/E (TTM) 23.93
Price/book 9.34
Return on Average Assets (%) (TTM) 6.6
Return on Average Equity (%) (TTM) 36.1
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