Al Othaim Markets net profit up 41% to SAR 285.5 mln in 9M 2020

09/11/2020 Argaam Exclusive

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Abdullah Al Othaim Markets Co.'s net profit after Zakat and tax rose 41% year-on-year (YoY) to SAR 285.5 million for the first nine months of 2020, driven by 11.53% higher sales revenue, on increased demand for food and grocery during the lockdown period.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	6,067.34	6,766.73	11.5 %
Gross Income	1,180.64	1,383.10	17.1 %
Operating Income	173.35	299.92	73.0 %
Net Income	202.45	285.50	41.0 %
Average Shares	900.00	900.00	-
EPS (Riyals)	0.22	0.32	41.0 %

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	1,936.92	1,812.81	(6.4 %)
Gross Income	400.01	411.63	2.9 %
Operating Income	67.00	59.73	(10.9 %)
Net Income	75.38	60.69	(19.5 %)
Average Shares	900.00	900.00	-
EPS (Riyals)	0.08	0.07	(19.5 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	2,574.43	1,812.81	(29.6 %)
Gross Income	512.15	411.63	(19.6 %)
Operating Income	147.37	59.73	(59.5 %)
Net Income	125.25	60.69	(51.5 %)
Average Shares	900.00	900.00	-
EPS (Riyals)	0.14	0.07	(51.5 %)

The Q3 2020 net profit after Zakat and tax dropped 20% YoY to SAR 60.7 million, due to a 6.41% decline in sales revenue on soft demand. The company also cited the impact of the COVID-19 outbreak on the real estate activity.

On a sequential basis, Q3 2020 net profit plunged 51.5%.

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