Financial Results : Al Othaim’s Q1 2023 profit jumps 18% to SAR 120 mln

Al Othaim’s Q1 2023 profit jumps 18% to SAR 120 mln

17/05/2023 Argaam Exclusive

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Abdullah Al Othaim Markets Co. posted an 18% rise in Q1 2023 net profit to SAR 120 million, from SAR 101.8 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 2,462.38 2,784.64 13.1 %
Gross Income 507.10 574.25 13.2 %
Operating Income 83.95 101.76 21.2 %
Net Income 101.78 120.01 17.9 %
Average Shares 900.00 900.00 -
EPS (Riyals) 0.11 0.13 17.9 %

The supermarket chain reported sales growth of 12.96% year-on-year (YoY) from existing and new branches, and improved performance from leasing activity. In addition, it recorded gains from investing cash liquidity in Shariah-compliant bank deposits.

 

Compared to Q4 2022, net profit dropped 30.2% from SAR 172.02 million. Al Othaim recorded higher profit margins in the previous quarter, as it changed the method of recognizing growth incentive revenues earned from suppliers.

 

On the other hand, sales increased by 11.61% from existing and new branches.

 

Associates posted an increase in profits and the gains realized from investing cash liquidity in Shariah-compliant bank deposits.

 

Shareholders’ equity, no minority interest, reached SAR 1.27 billion by March 31, 2023, down from SAR 1.28 billion in the year-earlier period.

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