Al Othaim Markets net profit rises 31% to SAR 451 mln in 2020

11/02/2021 Argaam Exclusive

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Abdullah Al Othaim Markets Co. posted net profit after Zakat and tax of SAR 451 million in 2020, an increase of 31% compared to a profit of SAR 344.7 million last year.

The increase was driven by a growth in sales on the back of high demand for food and grocery supplies during the COVID-19 precautionary lockdown in H1 2020. In addition, gross margin and operating costs benefitted from the government’s efforts to mitigate the impact of the coronavirus pandemic.

The firm also realized SAR 6.67 million profits from discontinued agricultural activity.

On the other hand, the real estate activity was negatively affected as the company granted discounts and exemptions to tenants.

Financials (M)

Item	2019	2020	Change‬
Revenues	8,165.88	8,808.17	7.9 %
Gross Income	1,692.91	1,908.09	12.7 %
Operating Income	317.03	462.61	45.9 %
Net Income	344.67	450.97	30.8 %
Average Shares	900.00	900.00	-
EPS (Riyals)	0.38	0.50	30.8 %

Q4 2020 net profit after Zakat and tax rose 16% year-on-year (YoY) to SAR 165.5 million, despite a decline in sales as customer demand eased after the hike in the value-added tax (VAT) and as students moved to online education.

Compared to the previous quarter, the fourth-quarter earnings rose 172.7%.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	2,098.53	2,044.77	(2.6 %)
Gross Income	512.27	528.05	3.1 %
Operating Income	143.68	159.63	11.1 %
Net Income	142.23	165.48	16.3 %
Average Shares	900.00	900.00	-
EPS (Riyals)	0.16	0.18	16.3 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	1,812.81	2,044.77	12.8 %
Gross Income	411.63	528.05	28.3 %
Operating Income	59.73	159.63	167.3 %
Net Income	60.69	165.48	172.6 %
Average Shares	900.00	900.00	-
EPS (Riyals)	0.07	0.18	172.6 %

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