Financial Results : Al Othaim 2024 earnings up 7% to SAR 523.1M; Q4 at SAR 286.5M on MC4 IPO gains

Al Othaim 2024 earnings up 7% to SAR 523.1M; Q4 at SAR 286.5M on MC4 IPO gains

11/02/2025 Argaam Exclusive

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Abdullah Al Othaim Markets Co. posted a net profit of SAR 523.1 million for 2024, rising 7% from SAR 490.7 million in 2023



Financials (M)

Item 2023 2024 Change‬
Revenues 10,233.72 10,715.72 4.7 %
Gross Income 2,268.79 2,410.73 6.3 %
Operating Income 460.31 471.19 2.4 %
Net Income 490.77 523.09 6.6 %
Average Shares 900.00 900.00 -
Earnings Per Share before unusual items (Riyals) 0.43 0.38 (11.1 %)
EPS (Riyals) 0.55 0.58 6.6 %

Sales grew by 4.71% year-on-year (YoY) in 2024 amid higher profit margins and improved rental revenues.

 

In addition, an increase in share of associates’ profits was recorded in 2024, as the company realized about SAR 161.3 million (after Zakat) from the IPO of Fourth Milling Co. (MC4).

 

Also in 2024, the Saudi-listed firm reversed Zakat provisions worth SAR 17.7 million for prior years.

 

Meanwhile, expenses related to new store openings, mainly finance cost of lease contracts, jumped by SAR 28.6 million, coming in accordance with IFRS 16 “Leases”.

 

Borrowing costs also surged by SAR 13.3 million in 2024, in tandem with a SAR 10.8 million decline in income from Shariah-compliant deposits.

 

The fourth-quarter net profit soared 73% to SAR 286.5 million, from SAR 165.7 million in Q4 2023, fueled by strong sales and higher share from associates' earnings.

 

Sequentially, Al Othaim’s bottom line leapt 280% from SAR 75.39 million in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 2,582.63 2,650.02 2.6 %
Gross Income 648.02 678.53 4.7 %
Operating Income 186.71 178.65 (4.3 %)
Net Income 165.70 286.49 72.9 %
Average Shares 900.00 900.00 -
Earnings Per Share before unusual items (Riyals) 0.18 0.14 (22.5 %)
EPS (Riyals) 0.18 0.32 72.9 %

Total shareholders’ equity, after minority interest, decreased to SAR 1.33 billion as of Dec. 31, 2024, from SAR 1.35 billion in the year-earlier period.

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