Abdullah Al Othaim Markets Co. reported a net profit of SAR 161.2 million in H1 2024, a decline of 37.9% from SAR 259.4 million in a year-earlier period.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 5,206.41 | 5,502.59 | 5.7 % |
| Gross Income | 1,082.87 | 1,169.97 | 8.0 % |
| Operating Income | 187.54 | 205.52 | 9.6 % |
| Net Income | 259.44 | 161.21 | (37.9 %) |
| Average Shares | 900.00 | 900.00 | - |
| EPS (Riyals) | 0.29 | 0.18 | (37.9 %) |
Abdullah Al Othaim Markets Co. reported a net profit of SAR 161.2 million in H1 2024, a decline of 37.9% from SAR 259.4 million in the year-earlier period.
The profit fall was driven by a SAR 10.32 million increase in the expenses related to new store openings and rent contract costs.
The results of the corresponding period included non-recurring capital gains of SAR 96.99 million after Zakat from selling a land plot. Adjusting for these gains, net profit would decline 0.77%.
Further, gains from investing the surplus cash in Sharia-compliant bank deposits dropped by SAR 9 million, while profit share from associates increased by SAR 4.98 million.
Sales from existing and new branches grew by 5.69% year-on-year (YoY).
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 2,421.77 | 2,463.73 | 1.7 % |
| Gross Income | 508.63 | 542.04 | 6.6 % |
| Operating Income | 64.84 | 74.48 | 14.9 % |
| Net Income | 139.43 | 43.28 | (69.0 %) |
| Average Shares | 900.00 | 900.00 | - |
| EPS (Riyals) | 0.15 | 0.05 | (69.0 %) |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 3,038.86 | 2,463.73 | (18.9 %) |
| Gross Income | 627.93 | 542.04 | (13.7 %) |
| Operating Income | 131.04 | 74.48 | (43.2 %) |
| Net Income | 117.93 | 43.28 | (63.3 %) |
| Average Shares | 900.00 | 900.00 | - |
| EPS (Riyals) | 0.13 | 0.05 | (63.3 %) |
The Q2 2024 net profit reached SAR 43.3 million, down 69% from SAR 139.4 million a year ago due to non-recurring capital gains of SAR 96.99 million after Zakat from selling a land plot. The company also cited higher expenses associated with opening new stores and higher finance costs of lease contracts.
On a quarterly basis, Q2 2024 net earnings decreased by 63.3% from SAR 117.9 million in Q1 2024.
Total shareholders’ equity, excluding minority interest, reached SAR 1.1 billion by June 30, 2024, compared to SAR 1.4 billion a year ago.
| Company | Estimated | Actual | Change |
|---|---|---|---|
| SAUDI ARAMCO | 104,019.94 | 106,158.00 | 2.1 % |
| SAUDI CEMENT | 90.58 | 87.30 | (3.6 %) |
| DAR ALARKAN | 173.60 | 165.12 | (4.9 %) |
| LUMI | 54.61 | 46.01 | (15.8 %) |
| SPCC | 45.14 | 30.00 | (33.5 %) |
| SAVOLA GROUP | 258.90 | 135.39 | (47.7 %) |
| Company | Estimated | Actual | Change |
|---|---|---|---|
| ALAMAR | 11.00 | 13.05 | 18.6 % |
| SAUDI ARAMCO | 104,019.94 | 106,158.00 | 2.1 % |
| JAMJOOM PHARMA | 106.61 | 106.95 | 0.3 % |
| Company | Estimated | Actual | Change |
|---|---|---|---|
| SAVOLA GROUP | 258.90 | 135.39 | (47.7 %) |
| SPCC | 45.14 | 30.00 | (33.5 %) |
| A.OTHAIM MARKET | 58.76 | 43.28 | (26.3 %) |
| LUMI | 54.61 | 46.01 | (15.8 %) |
| YSCC | 98.89 | 84.62 | (14.4 %) |
| DAR ALARKAN | 173.60 | 165.12 | (4.9 %) |
| SAUDI CEMENT | 90.58 | 87.30 | (3.6 %) |
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