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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