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Abdullah Al Othaim Markets Co.’s Q4 net profit of SAR 94.5 million exceeded Albilad Capital’s estimate of SAR 91 million, due to higher sales in existing outlets and opening new shops, the brokerage said in an earnings report.
Q4 net profit rose 6 percent year-on-year (YoY) and surged 158 percent quarter-on-quarter (QoQ), due to the receipt of incentives from achieving annual sales targets for the whole year, as well as sales growth and an increase in other operating income.
Meanwhile, the firm’s annual bottom line declined by 1.1 percent to SAR 228 million, compared to SAR 231 million for 2015. The drop was driven by incurring impairment of SAR 8.6 million in 2016, for a fire incident in one of its facilities in 2015.
The company also recorded higher selling, general and administrative (SG&A) expenses, in addition to higher costs for transport, fuel and electricity, as well as funding costs, Albilad Capital said.
Gross profit in Q4 2016 reached SAR 373 million, 17.6 percent higher YoY, while the annual gross profit amounted to SAR 1.3 billion.
“We expect continuing growth in sales as a result of the defensive nature of the sector and the expansions in the number of outlets,” the report noted.
Al Othaim’s outlets have reached 160 to date in Saudi Arabia, compared to 142 at the beginning of 2016. The company also opened 14 outlets in Egypt last year.
Albilad Capital recommended a “Neutral” rating on the stock with a target price of SAR 104.4 per share.
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Al Othaim’s FY16 net profit edges down 1% |
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