Al Othaim H1 2022 profit up 31% to SAR 137.9 mln; Q2 down to SAR 46.6 mln

Abdullah Al Othaim Markets Co. posted a rise of 31% in net profit after Zakat and tax of SAR 137.9 million for the first half of 2022, from SAR 105.6 million in the year-earlier period.  

The higher profit was driven by a 10.51% rise year-on-year (YoY) in sales, and better gross margins. In addition, The company recorded its profit share from Gulf Flour Milling Co. for this period, while it was not recorded in H1 2021.

Al Othaim reported this growth despite the increase in the selling and distribution expenses driven by the new stores, and the increase in general and administrative expenses due to enhancing competencies in the senior positions. This was also despite the derecognition of its profit share from Abdullah Al-Othaim Investment Co. in the second quarter, pursuant to the board of directors’ resolution to approve the sale of this investment. 

The food retailer’s second-quarter net profit after Zakat and tax declined 3% to SAR 46.6 million, from SAR 47.93 million in Q2 2021.

Compared to the previous quarter, net profit after Zakat and tax fell 48.9% from SAR 91.31 million.

Shareholders’ equity, after minority interest, dropped to SAR 1.324 billion as of June 30, 2022, from SAR 1.358 billion a year earlier.

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