Al Othaim’s H1 net profit rises 36%

03/08/2017 Argaam Exclusive

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Abdullah Al Othaim Markets Co. reported a net profit of SAR 131.4 million for the first half of 2017, a 36.3 percent increase year-on-year (YoY), due to a 12.8 percent growth in sales of existing and new branches, improvement in gross margin, as well as higher rental revenues. Subsidiaries and associates’ performance also improved after the company stopped some loss-making activities.



Financials (M)

Item 6m 2016 6m 2017 Change‬
Revenues 3,582.38 3,632.10 1.4 %
Gross Income 577.78 676.07 17.0 %
Operating Income 63.33 87.20 37.7 %
Net Income 96.38 131.36 36.3 %
Average Shares 900.00 900.00 -
Earnings Per Share before unusual items (Riyals) 0.12 0.15 25.1 %
EPS (Riyals) 0.11 0.15 36.3 %

Net profit for the second quarter rose 43.1 percent YoY to SAR 71.21 million, driven by improved sales in existing and new branches, higher gross margin, and an increase in rental revenues.

 

When compared to Q1 2017, Q2 profit rose 18.4 percent, on account of a 15.4 percent sales increase as a result of the occurrence of Ramadan in the second quarter. Moreover, first quarter results included a SAR 3.5 million loss from a fire incident at one branch. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2016 Q2 2017 Change‬
Revenues 1,976.23 1,935.88 (2.0 %)
Gross Income 312.31 356.38 14.1 %
Operating Income 28.75 40.26 40.0 %
Net Income 49.76 71.21 43.1 %
Average Shares 900.00 900.00 -
Earnings Per Share before unusual items (Riyals) 0.06 0.08 43.1 %
EPS (Riyals) 0.06 0.08 43.1 %

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