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Al Othaim likely to realize higher profit in Q3 2024
In this report, Argaam highlights the expected results of Abdullah Al Othaim Markets Co. for the third quarter of 2024, its key events, quarterly revenue, as well as performance and profitability indicators.
The three-month revenue is expected to jump 6% year-on-year (YoY) to SAR 2.58 billion.
Quarter Revenue Changes (M Riyal)
| Item | Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 (Average Estimate) |
|---|---|---|---|---|---|
| Sales | 2,444.68 | 2,563.43 | 3,038.86 | 2,463.73 | 2,586.80 |
| Change % | 4.45% | 2.86% | 9.13% | 1.73% | 5.81% |
| Income from Affiliate | 4.09 | 13.42 | 16.33 | 3.48 | NA |
| Change % | (66.21%) | (3.55%) | (12.37%) | NA | NA |
Quarter Net Income Changes (M Riyal)
| Item | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 (Average Estimate) |
|---|---|---|---|---|---|
| Net Income | 62.38 | 168.87 | 117.93 | 43.28 | 69.85 |
| Extraordinary income/expense | 0.00 | 4.07 | 0.00 | 0.00 | - |
| Net Profit Before Unusual Items | 62.38 | 164.80 | 117.93 | 43.28 | - |
| EPS Before Unusual Items (Riyal/Share) | 0.07 | 0.18 | 0.13 | 0.05 | 0.08 |
Key Events in Q3 2024
- Al Othaim expected the sector to recover from the growth contraction in the second quarter to provide more positive figures in the third quarter, supported by the back-to-school season and the National Day.
- The company’s board of directors decided to distribute interim cash dividends of SAR 0.15 per share, or 15% of capital, for the second quarter of 2024.
- The firm signed two contracts worth SAR 422.71 million with the General Organization for Social Insurance (GOSI) to renew lease agreements for the latter’s two properties in Dammam. These contracts will have a positive financial impact on the company's results, with the effects expected to be realized from the effective date of the new contracts.
Quarterly Profit and Revenue (M Riyal)
Average Estimates
Al Othaim’s profits are projected to climb 12% YoY to SAR 69.9 million in Q3 2024, from SAR 62.4 million in Q3 2023, according to the average estimates by eight research firms.
Quarterly Actuals vs Estimates (M Riyal)
Average Estimate (M Riyal)
| Analyst | Million Riyals |
|---|---|
| Osool and Bakheet Investment Co. | 75.16 |
| Al Rajhi Capital Company | 74.00 |
| Goldman Sachs Group, Inc. | 72.00 |
| AlJazira Capital Company | 71.40 |
| Securities & Investment Company | 68.50 |
| EFG-Hermes KSA | 68.00 |
| U-Capital Co. | 65.50 |
| SNB Capital Company | 64.20 |
| Average | 69.85 |
| Net Profit Before Unusual Items (2023 - Q3) | 62.38 |
| Change % | 11.97% |
Performance and profitability indicators
The following table shows the stock’s performance trailing 12 months (TTM) and year to date, as well as its P/E and earnings per share:
Stock Performance
| Item | The Company | TASI |
|---|---|---|
| YTD | (17.42 %) | (0.15 %) |
| Change(12M) | (14.98 %) | 14.08 % |
| Previous Close | 11.82 | 12,018.81 |
| P/E adjusted (x) | 27.39 | 25.51 |
| EPS (TTM) before unusual items (SAR/Share) | 0.43 | - |
Valuation Data (Latest Share Price)
| P/E (TTM) | 24.19 |
| P/E Before Unusual Items (TTM) | 25.57 |
| P/BV | 9.44 |
| Dividend Yield | 4.55 % |
| Market Cap. (M) | 9,810.00 |
| Return on Average Assets | 6.64 % |
| Return on Average Equity | 36.10 % |
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