Al Othaim H1 2024 net profit down to SAR 161.2M; Q2 at SAR 43.3M

06/08/2024 Argaam Exclusive

Abdullah Al Othaim Markets Co. reported a net profit of SAR 161.2 million in H1 2024, a decline of 37.9% from SAR 259.4 million in a year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 5,206.41 5,502.59 5.7 %
Gross Income 1,082.88 1,169.97 8.0 %
Operating Income 143.92 159.36 10.7 %
Net Income 259.44 161.21 (37.9 %)
Average Shares 900.00 900.00 -
EPS (Riyals) 0.29 0.18 (37.9 %)

Abdullah Al Othaim Markets Co. reported a net profit of SAR 161.2 million in H1 2024, a decline of 37.9% from SAR 259.4 million in the year-earlier period.

 

The profit fall was driven by a SAR 10.32 million increase in the expenses related to new store openings and rent contract costs.

 

The results of the corresponding period included non-recurring capital gains of SAR 96.99 million after Zakat from selling a land plot. Adjusting for these gains, net profit would decline 0.77%.

 

Further, gains from investing the surplus cash in Sharia-compliant bank deposits dropped by SAR 9 million, while profit share from associates increased by SAR 4.98 million.

 

Sales from existing and new branches grew by 5.69% year-on-year (YoY).



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 2,421.77 2,463.73 1.7 %
Gross Income 508.63 542.04 6.6 %
Operating Income 42.16 74.48 76.7 %
Net Income 139.43 43.28 (69.0 %)
Average Shares 900.00 900.00 -
EPS (Riyals) 0.15 0.05 (69.0 %)

The Q2 2024 net profit reached SAR 43.3 million, down 69% from SAR 139.4 million a year ago due to non-recurring capital gains of SAR 96.99 million after Zakat from selling a land plot. The company also cited higher expenses associated with opening new stores and higher finance costs of lease contracts.

 

On a quarterly basis, Q2 2024 net earnings decreased by 63.3% from SAR 117.9 million in Q1 2024.

 

Total shareholders’ equity, excluding minority interest, reached SAR 1.1 billion by June 30, 2024, compared to SAR 1.4 billion a year ago.

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Share Price

Abdullah Al Othaim Markets Co.
11.02
0.04 0.36 %

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

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Financial Ratios
Current
Market Cap (M Riyal) 9,918.00
Enterprise Value (EV) (M) 9,980.51
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) 25.85
P/E (TTM) 24.46
Price/book 9.55
Return on Average Assets (%) (TTM) 6.6
Return on Average Equity (%) (TTM) 36.1
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