Al Othaim reports 53% profit decline to SAR 105.6 mln for H1 2021

19/08/2021 Argaam Exclusive

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Abdullah Al Othaim Markets Co. reported net profit after Zakat and tax of SAR 105.6 million for H1 2021, a decline of 53%, from SAR 224.80 million in prior-year period, driven by lower sales and decreased gross margins.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	4,953.92	4,268.41	(13.8 %)
Gross Income	971.47	819.71	(15.6 %)
Operating Income	240.19	84.03	(65.0 %)
Net Income	224.80	105.61	(53.0 %)
Average Shares	900.00	900.00	-
EPS (Riyals)	0.25	0.12	(53.0 %)

Q2 2021 net profit dropped 62% year-on-year (YoY) to SAR 47.9 million, due to a 15.66% YoY slump in sales and lower gross margin.

The second quarter of 2020 witnessed higher retail sales driven by stronger demand on the COVID-19 lockdown.

On a sequential basis, Q2 net profit fell 16.9%.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	2,574.43	2,171.27	(15.7 %)
Gross Income	512.15	400.49	(21.8 %)
Operating Income	147.37	36.73	(75.1 %)
Net Income	125.25	47.93	(61.7 %)
Average Shares	900.00	900.00	-
EPS (Riyals)	0.14	0.05	(61.7 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	2,097.15	2,171.27	3.5 %
Gross Income	419.22	400.49	(4.5 %)
Operating Income	47.30	36.73	(22.3 %)
Net Income	57.68	47.93	(16.9 %)
Average Shares	900.00	900.00	-
EPS (Riyals)	0.06	0.05	(16.9 %)

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