Financial Results : Al Othaim’s 9M 2024 profit at SAR 236.6M, Q3 at SAR 75.4M

Al Othaim’s 9M 2024 profit at SAR 236.6M, Q3 at SAR 75.4M

05/11/2024 Argaam Exclusive

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Abdullah Al Othaim Markets Co.’s net profit tumbled 26% to SAR 236.6 million in the first nine months of 2024, compared to SAR 321.8 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 7,651.09 8,065.70 5.4 %
Gross Income 1,622.60 1,734.79 6.9 %
Operating Income 274.23 292.54 6.7 %
Net Income 321.82 236.60 (26.5 %)
Average Shares 900.00 900.00 -
EPS (Riyals) 0.36 0.26 (26.5 %)

The company said 9M 2023 included non-recurring capital gains from selling a land for SAR 96.99 million, after Zakat. Excluding these gains, the 9M 2024 bottom line grew 5.24% following a rise in sales by 5.42%, improved leasing activity and better associates’ performance. 

 

In addition, Al Othaim noted the reversal of Zakat provision for prior years amounting to SAR 17.7 million.

 

Meanwhile, operating profits grew by 6.68% in the first nine months of 2024.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 2,444.68 2,563.10 4.8 %
Gross Income 539.73 564.82 4.6 %
Operating Income 86.68 87.03 0.4 %
Net Income 62.38 75.39 20.9 %
Average Shares 900.00 900.00 -
EPS (Riyals) 0.07 0.08 20.9 %

The third-quarter net profit rose 21% to SAR 75.4 million from SAR 62.4 million in Q3 2023.

 

Compared to Q2 2024, Al Othaim’s bottom line grew 74.2% from SAR 43.28 million.

 

Total shareholders’ equity, after minority interest, decreased to SAR 1.03 billion as of Sept. 30, 2024, from SAR 1.20 billion in the year-earlier period.

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