Logo of Abdullah Al Othaim Investment Co.

Abdullah Al Othaim Investment Co., which is expected to list its shares soon on the Saudi Exchange (Tadawul), posted a net profit of SAR 66.3 million for Q1 2022, more than double from SAR 32.7 million a year earlier.

 

Income Statement (SAR mln)

Item

Q1 2021

Q1 2022

Change%

Sales

177.0

205.8

+16%

Gross Income

75.3

94.1

+25%

Gross Profit Margins

42.5%

45.7%

+3.2%

Net Earnings

32.7

66.3

+103%

Number of Shares

100.0

100.0

--

Earnings Per Share

0.33

0.66

+103%

 

This growth was spurred by a 45.7% rise year-on-year (YoY) in gross profit margins, which pushed the first-quarter revenue higher by 16% YoY to SAR 205.8 million.

 

At the operating level, the first-quarter profit of the real estate lease segment rose 25% YoY to SAR 43.8 million, while the entertainment business’ profit reached SAR 22.1 million in Q1 2022, compared with SAR 0.9 million a year earlier on revenue growth.

 

The fashion retail segment posted SAR 0.1 million in profit during the three-month period, against a loss of SAR 3.1 million a year before, driven by an increase in the segment’s revenues.

 

Revenues and Earnings of Operating Segments (SAR mln)

Segment

Q1 2021

Q1 2022

Revenues

Earnings

Revenues

Earnings

Real Estate Lease

101.9

35.0

98.9

43.8

Entertainment

40.4

0.9

67.3

22.1

Fashion Retail

31.5

(3.1)

35.7

0.1

Foods and Beverages

3.2

0.0

3.9

0.4

Others

0.1

(0.4)

0.04

(0.0)

Total

177.0

32.7

205.8

66.3
 

The following table indicates the most important items of the income statement over the last five years:

 

Income Statement over Last 5 years (SAR mln) 

Items

2017

2018

2019

2020

2021

Sales

807.5

924.8

1008.7

686.6

818.5

Gross Income

440.0

471.5

537.7

308.7

376.8

Gross Profit Margins

54.5%

51.0%

53.3%

45.0%

46.0%

Net Earnings

316.6

249.8

232.6

113.8

221.7

Earnings Per Share

3.17

2.50

2.33

1.14

2.22
 

The following table shows the development of the operating segments’ revenues since 2018:

 

Performance of Operating Segments Since 2018 (SAR mln)

Segment

2018

2019

2020

2021

Lease

469.4

469.9

479.6

429.6

Entertainment

263.1

293.9

163.8

249.2

Retail

147.0

186.8

155.0

148.7

Services

54.9

52.9

50.4

49.1

Restaurants

22.8

24.7

14.6

15.9

Advertisements

12.4

8.8

6.7

7.7
 

The following table indicates the most important items of balance sheet since 2017:

 

Balance Sheet Since 2017

Items

2017

2018

2019

2020

2021

March 2022

Cash and its Equivalent

53.5

158.9

86.3

103.3

82.7

26.5

Current Assets

305.6

436.0

405.9

411.6

417.5

390.8

Non-current Assets

2863.6

2815.6

3406.3

3180.0

3676.7

3769.0

Total Assets

3169.3

3251.6

3812.2

3591.5

4094.2

4159.7

Short-Term Loans

115.0

136.2

134.0

212.9

270.5

305.9

Current Liabilities

380.0

452.0

1490.4

475.5

548.1

635.0

Long-Term Loans

370.8

270.8

335.9

1153.8

1383.0

1316.3

Non-current Liabilities

1376.1

1283.3

718.7

1527.7

1735.0

1655.7

Total Liabilities

1756.2

1735.3

2209.2

2003.2

2283.1

2290.7

Capital

1000.0

1000.0

1000.0

1000.0

1000.0

1000.0

Shareholders’ Equity

1412.9

1516.2

1603.0

1588.4

1811.1

1869.0
 

Al Othaim Investment operates 10 malls across the Kingdom on a gross leasable area (GLA) of 601,600 square meters. The number of vacant stores stood at 1,641, with an occupancy rate estimated at 83% by the end of September 2021.

 

The fair value of the company’s malls, based on an independent expert report, is SAR 5.587 billion.

 

The company has 19 entertainment centers, of which 13 are located inside malls as of Sept. 30, 2021.

 

In the fashion industry, the company operates through four international brands; Kiabi, OVS, Tally Weijl and Parfois, which are located in 10 cities across the Kingdom with a total of 37 retail spaces as of Sept. 30, 2021.

 

Al Othaim Investment held a 17% local market share in the family entertainment industry through 20 branches with a 13% GLA by the end of 2020.

 

Number of Branches and Market Share of Entertainment Center Operators in Saudi Arabia

Operator

Branches

Market Share

Space

(‘000 sqm)

Market Share

2019

2020

2019

2020

2019

2020

2019

2020

Al Othaim Investment

20

20

17%

17%

81

81

12%

13%

Abdul Mohsen Al Hokair

54

45

31%

26%

378

308

55%

48%

Mantech Ltd

7

7

4%

4%

25

25

4%

4%

Landmark Group

4

4

2%

2%

10

10

1%

1%

Majid Al Futtaim

2

3

1%

2%

13

20

2%

3%

Others

77

83

45%

29%

185

199

27%

31%

Total

173

170

100%

100%

692

643

100%

100%
 

The following table shows the branches of entertainment centers and the market share in other countries:

 

Entertainment Center Branches and Market Share in Other Countries by the End of 2020

Operator

Item

UAE

Oman

Qatar

Egypt

Abdul Mohsen Al Hokair

Branches

11

--

--

1

Market Share

13%

--

--

3%

Al Othaim Investment

Branches

8

3

1

5

Market Share

10%

31%

4%

17%

Mantech Ltd

Branches

--

--

--

--

Market Share

--

--

--

--

Landmark Group

Branches

22

6

7

--

Market Share

26%

21%

25%

0%

Landmark Group

Branches

19

3

--

7

Market Share

23%

10%

--

19%

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