Financial Results : Al Othaim reports 3% net profit drop to SAR 116.4M in Q1 2024

Al Othaim reports 3% net profit drop to SAR 116.4M in Q1 2024

13/05/2024 Argaam Exclusive

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Abdullah Al Othaim Markets Co. reported a net profit of SAR 116.4 million in Q1 2024, a decline of 3% from SAR 120 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 2,784.64 3,038.86 9.1 %
Gross Income 574.25 627.93 9.3 %
Operating Income 101.76 108.90 7.0 %
Net Income 120.01 117.93 (1.7 %)
Average Shares 900.00 900.00 -
EPS (Riyals) 0.13 0.13 (1.7 %)

The retailer noted higher expenses associated with opening of new stores, mainly, financing cost of lease contracts at SAR 4.7 million. The company also cited the decline in the performance of associate companies.

 

This came despite a 9% sales growth year-on-year (YoY) and a 5.6% increase YoY in operating profit.

 

On a quarterly basis, net earnings slumped by 31.1% from SAR 168.87 million in Q4 2023.

 

Shareholders’ equity, no minority interest, reached SAR 1.19 billion by March 31, 2024, compared to SAR 1.27 billion in the prior-year period.

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