Financial Results : Al Othaim Investment posts net profit of SAR 66 mln in Q1 2022

Al Othaim Investment posts net profit of SAR 66 mln in Q1 2022

19/05/2022 Argaam Exclusive

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Abdullah Al Othaim Investment Co., which will list shares soon on Saudi Exchange (Tadawul), posted an over twofold rise in net profit to SAR 66.3 million in Q1 2022, from SAR 32.7 million in the prior-year period.  



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 177.03 205.83 16.3 %
Gross Income 75.30 94.07 24.9 %
Operating Income 44.68 57.32 28.3 %
Net Income 32.69 66.33 102.9 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.33 0.66 102.9 %

This growth was spurred by a 45.7% rise year-on-year (YoY) in gross profit, which pushed the first-quarter revenue higher by 16% YoY. The cost of sales-to-total sales declined to 54% from 57% in the first quarter of 2021.

 

The profit rise came despite an increase in selling, general and administrative expenses, as well as Zakat charges.

 

Shareholders’ equity stood at SAR 1.869 billion by the end of Q1 2022.

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