Al Othaim H1 2020 net profit surges 77% to SAR 224.8 mln

17/08/2020 Argaam Exclusive

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Abdullah Al Othaim Markets Co. reported a net profit after Zakat and tax of SAR 224.8 million for the first half of 2020, up 77% year-on-year (YoY), compared to SAR 127.1 million in the same period a year earlier.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	4,130.42	4,953.92	19.9 %
Gross Income	780.63	971.47	24.4 %
Operating Income	106.35	240.19	125.9 %
Net Income	127.07	224.80	76.9 %
Average Shares	900.00	900.00	-
EPS (Riyals)	0.14	0.25	76.9 %

The company attributed the performance to a 19.94% sales growth driven by high demand for food and grocery supplies during the curfew period imposed by the government to control the COVID-19 outbreak.

The firm also cited the customers’ appetite to buy supplies before the value-added tax (VAT) hike, effective from July 1, in addition to the improvement in gross margin and the savings in operating costs.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	2,171.10	2,574.43	18.6 %
Gross Income	394.15	512.15	29.9 %
Operating Income	48.24	147.37	205.5 %
Net Income	58.73	125.25	113.3 %
Average Shares	900.00	900.00	-
EPS (Riyals)	0.07	0.14	113.3 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	2,379.50	2,574.43	8.2 %
Gross Income	459.32	512.15	11.5 %
Operating Income	92.82	147.37	58.8 %
Net Income	99.55	125.25	25.8 %
Average Shares	900.00	900.00	-
EPS (Riyals)	0.11	0.14	25.8 %

The firm's net profit for Q2 2020 rose more than twofold YoY to SAR 125.3 million due to an 18.58% growth in sales as well as savings in operating costs and improved gross margins.

On a sequential basis, Q2 net profit jumped 25.8% from the previous quarter on an 8.19% rise in sales and savings in operating costs.

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