Al Othaim H1 2024 net profit down to SAR 161.2M; Q2 at SAR 43.3M

06/08/2024 Argaam Exclusive

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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.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	5,206.41	5,502.59	5.7 %
Gross Income	1,082.88	1,169.97	8.0 %
Operating Income	143.92	159.36	10.7 %
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).

Current Quarter Comparison (M)

Compared With The

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	42.16	74.48	76.7 %
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	108.90	74.48	(31.6 %)
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.

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