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.
| 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 % |
| 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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