Abdullah Al Othaim Markets Co. ’s net profit skyrocketed to SAR 1.07 billion in 2022, from SAR 300.1 million in 2021 on a 13.64% rise year-on-year (YoY) in sales from existing and new branches along with improved profit margins.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 8,403.69 | 9,549.55 | 13.6 % |
| Gross Income | 1,787.84 | 2,085.62 | 16.7 % |
| Operating Income | 264.23 | 330.02 | 24.9 % |
| Net Income | 300.12 | 1,079.51 | 259.7 % |
| Average Shares | 900.00 | 900.00 | - |
| EPS (Riyals) | 0.33 | 1.20 | 259.7 % |
Further, the company reported a share in the profits of the Gulf Flour Milling Co. for the full year, while it recorded its share in 2021 for December only.
On the other hand, the company derecognized its profit share in Abdullah Al-Othaim Investment Co. (AOIC) from the date of board’s resolution to sell this investment.
The company realized nonrecurring capital gains of SAR 701.2 million, net of Zakat, from the sale of its investment in (AOIC) and the sale of land in Madinah, as announced earlier. Adjusting for the non-recurring capital gains, Al Othaim would have posted a profit growth of 26.05% YoY.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 2,134.42 | 2,492.10 | 16.8 % |
| Gross Income | 565.18 | 628.55 | 11.2 % |
| Operating Income | 143.99 | 159.98 | 11.1 % |
| Net Income | 149.64 | 170.80 | 14.1 % |
| Average Shares | 900.00 | 900.00 | - |
| EPS (Riyals) | 0.17 | 0.19 | 14.1 % |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 2,340.54 | 2,492.10 | 6.5 % |
| Gross Income | 481.25 | 628.55 | 30.6 % |
| Operating Income | 45.65 | 159.98 | 250.5 % |
| Net Income | 756.90 | 170.80 | (77.4 %) |
| Average Shares | 900.00 | 900.00 | - |
| EPS (Riyals) | 0.84 | 0.19 | (77.4 %) |
The fourth-quarter net profit jumped 31.6% to SAR 196.97 million, from SAR 149.64 million in Q4 2021.
Al Othaim’s net profit fell 73.5% from SAR 744.59 million in Q3 2022.
Shareholders’ equity, after minority interest, rose to SAR 1.40 billion as of Dec. 31, 2022, from SAR 1.36 billion a year earlier.
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