Financial Results : Al Othaim’s profit surges to SAR 1.07 bln in 2022; Q4 at SAR 197 mln

Al Othaim’s profit surges to SAR 1.07 bln in 2022; Q4 at SAR 197 mln

09/02/2023 Argaam Exclusive

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Abdullah Al Othaim Markets Co. ’s net profit skyrocketed to SAR 1.07 billion in 2022, from SAR 300.1 million in 2021 on a 13.64% rise year-on-year (YoY) in sales from existing and new branches along with improved profit margins.



Financials (M)

Item 2021 2022 Change‬
Revenues 8,403.69 9,549.55 13.6 %
Gross Income 1,787.84 2,085.62 16.7 %
Operating Income 264.23 330.02 24.9 %
Net Income 300.12 1,079.51 259.7 %
Average Shares 900.00 900.00 -
EPS (Riyals) 0.33 1.20 259.7 %

Further, the company reported a share in the profits of the Gulf Flour Milling Co. for the full year, while it recorded its share in 2021 for December only.

 

On the other hand, the company derecognized its profit share in Abdullah Al-Othaim Investment Co. (AOIC) from the date of board’s resolution to sell this investment.

 

The company realized nonrecurring capital gains of SAR 701.2 million, net of Zakat, from the sale of its investment in (AOIC) and the sale of land in Madinah, as announced earlier. Adjusting for the non-recurring capital gains, Al Othaim would have posted a profit growth of 26.05% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 2,134.42 2,492.10 16.8 %
Gross Income 565.18 628.55 11.2 %
Operating Income 143.99 159.98 11.1 %
Net Income 149.64 170.80 14.1 %
Average Shares 900.00 900.00 -
EPS (Riyals) 0.17 0.19 14.1 %

The fourth-quarter net profit jumped 31.6% to SAR 196.97 million, from SAR 149.64 million in Q4 2021.

 

Al Othaim’s net profit fell 73.5% from SAR 744.59 million in Q3 2022.

 

Shareholders’ equity, after minority interest, rose to SAR 1.40 billion as of Dec. 31, 2022, from SAR 1.36 billion a year earlier.

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