Financial Results : Al Othaim makes SAR 135M profit in 9M 2025, SAR 17.5M in Q3

Al Othaim makes SAR 135M profit in 9M 2025, SAR 17.5M in Q3

04/11/2025 Argaam Exclusive

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Abdullah Al Othaim Markets Co. (Al Othaim) generated SAR 135 million in net earnings for 9M 2025, down from SAR 225.5 million in the prior-year period.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 8,065.70 8,384.50 4.0 %
Gross Income 1,732.20 1,776.02 2.5 %
Operating Income 222.51 163.97 (26.3 %)
Net Income 225.51 134.98 (40.1 %)
Average Shares 900.00 900.00 -
Earnings Per Share before unusual items (Riyals) 0.23 0.15 (35.0 %)
EPS (Riyal) 0.25 0.15 (40.1 %)

The company reported that its lower profit for the current period was attributed mainly to weaker profit margins following promotional offers and discounts introduced to preserve market share. These initiatives supported a 3.9% increase in sales.

 

Operating costs also rose across sales channels, reflecting higher expenses associated with new openings —those operating for less than two years—particularly lease financing costs in line with IFRS 16 standards.

 

Despite these factors, sales grew on the back of branch expansion and greater diversification of sales channels.

 

The performance of associate companies also improved, with leasing revenues rising as new retail spaces were rented out and real estate financing income increasing after the renewal of a commercial complex lease in Dammam. In addition, the company’s subsidiary, Mueen Recruitment Co. (Mueen) posted higher earnings from its labor services operations.



Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 2,563.10 2,711.29 5.8 %
Gross Income 563.92 565.15 0.2 %
Operating Income 63.16 26.03 (58.8 %)
Net Income 69.16 17.48 (74.7 %)
Average Shares 900.00 900.00 -
Earnings Per Share before unusual items (Riyal) 0.06 0.02 (66.0 %)
EPS (Riyal) 0.08 0.02 (74.7 %)

In Q3, Al Othaim’s net earnings fell by 74.7% to SAR 17.4 million, from SAR 69.1 million in the corresponding period of 2024.

 

Similarly, net earnings dropped 57.5% from SAR 41.1 million in Q2 2025.

 

Total shareholders’ equity, after minority interest, reached SAR 1.20 billion as of Sept. 30, 2025, up from SAR 1.08 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 1,606.16 14.1 % 265.48 25.0 % 34.64 22.4 %
Q2 2016 1,976.23 14.5 % 312.31 25.9 % 28.75 (17.9 %)
Q3 2016 1,569.57 16.4 % 271.63 22.7 % 14.30 (18.2 %)
Q4 2016 1,907.19 22.8 % 362.34 14.4 % 88.29 32.3 %
Q1 2017 1,696.23 5.6 % 319.69 20.4 % 47.29 36.5 %
Q2 2017 1,935.88 (2.0 %) 356.38 14.1 % 40.26 40.0 %
Q3 2017 1,627.85 3.7 % 318.56 17.3 % 27.23 90.4 %
Q4 2017 1,971.19 3.4 % 444.98 22.8 % 130.85 48.2 %
Q1 2018 1,798.26 6.0 % 341.54 6.8 % 45.33 (4.1 %)
Q2 2018 2,022.47 4.5 % 375.18 5.3 % 44.73 11.1 %
Q3 2018 1,744.69 7.2 % 339.78 6.7 % 25.89 (4.9 %)
Q4 2018 1,939.04 (1.6 %) 474.84 6.7 % 132.16 1.0 %
Q1 2019 1,959.32 9.0 % 386.48 13.2 % 58.11 28.2 %
Q2 2019 2,171.10 7.3 % 394.15 5.1 % 48.24 7.9 %
Q3 2019 1,936.92 11.0 % 400.01 17.7 % 67.00 158.8 %
Q4 2019 2,098.53 8.2 % 512.27 7.9 % 143.68 8.7 %
Q1 2020 2,379.50 21.4 % 459.32 18.8 % 92.82 59.7 %
Q2 2020 2,574.43 18.6 % 512.15 29.9 % 147.37 205.5 %
Q3 2020 1,812.81 (6.4 %) 411.63 2.9 % 59.73 (10.9 %)
Q4 2020 2,044.77 (2.6 %) 528.05 3.1 % 159.63 11.1 %
Q1 2021 2,097.15 (11.9 %) 419.22 (8.7 %) 47.30 (49.0 %)
Q2 2021 2,171.27 (15.7 %) 400.49 (21.8 %) 36.73 (75.1 %)
Q3 2021 2,000.74 10.4 % 400.94 (2.6 %) 36.21 (39.4 %)
Q4 2021 2,134.42 4.4 % 565.18 7.0 % 143.99 (9.8 %)
Q1 2022 2,462.38 17.4 % 507.10 21.0 % 83.95 77.5 %
Q2 2022 2,254.52 3.8 % 468.72 17.0 % 40.45 10.1 %
Q3 2022 2,340.54 17.0 % 481.25 20.0 % 45.65 26.1 %
Q4 2022 2,492.10 16.8 % 628.55 11.2 % 159.98 11.1 %
Q1 2023 2,784.64 13.1 % 574.25 13.2 % 101.76 21.2 %
Q2 2023 2,421.77 7.4 % 508.63 8.5 % 42.16 4.2 %
Q3 2023 2,444.68 4.4 % 539.73 12.2 % 64.21 40.7 %
Q4 2023 2,582.63 3.6 % 646.19 2.8 % 162.80 1.8 %
Q1 2024 3,038.86 9.1 % 627.22 9.2 % 108.90 7.0 %
Q2 2024 2,463.73 1.7 % 541.07 6.4 % 50.45 19.7 %
Q3 2024 2,563.10 4.8 % 563.92 4.5 % 63.16 (1.6 %)
Q4 2024 2,650.02 2.6 % 678.53 5.0 % 170.91 5.0 %
Q1 2025 3,137.97 3.3 % 632.04 0.8 % 85.92 (21.1 %)
Q2 2025 2,535.24 2.9 % 578.84 7.0 % 52.02 3.1 %
Q3 2025 2,711.29 5.8 % 565.15 0.2 % 26.03 (58.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 46.62 (4.6 %) 0.05 (8.60) 55.22 0.06
Q2 2016 49.76 (10.6 %) 0.06 - 49.76 0.06
Q3 2016 36.19 (2.4 %) 0.04 - 36.19 0.04
Q4 2016 95.50 7.0 % 0.11 (4.42) 99.92 0.11
Q1 2017 60.15 29.0 % 0.07 - 60.15 0.07
Q2 2017 71.21 43.1 % 0.08 - 71.21 0.08
Q3 2017 150.62 316.2 % 0.17 100.08 50.54 0.06
Q4 2017 167.52 75.4 % 0.19 11.87 155.66 0.17
Q1 2018 67.26 11.8 % 0.07 - 67.26 0.07
Q2 2018 74.11 4.1 % 0.08 - 74.11 0.08
Q3 2018 54.31 (63.9 %) 0.06 - 54.31 0.06
Q4 2018 106.92 (36.2 %) 0.12 (6.97) 113.89 0.13
Q1 2019 68.34 1.6 % 0.08 - 68.34 0.08
Q2 2019 58.73 (20.7 %) 0.07 - 58.73 0.07
Q3 2019 75.38 38.8 % 0.08 - 75.38 0.08
Q4 2019 142.23 33.0 % 0.16 - 142.23 0.16
Q1 2020 99.55 45.7 % 0.11 - 99.55 0.11
Q2 2020 125.25 113.3 % 0.14 - 125.25 0.14
Q3 2020 60.69 (19.5 %) 0.07 - 60.69 0.07
Q4 2020 165.48 16.3 % 0.18 6.87 158.61 0.18
Q1 2021 57.68 (42.1 %) 0.06 - 57.68 0.06
Q2 2021 47.93 (61.7 %) 0.05 - 47.93 0.05
Q3 2021 44.87 (26.1 %) 0.05 - 44.87 0.05
Q4 2021 149.64 (9.6 %) 0.17 - 149.64 0.17
Q1 2022 101.78 76.5 % 0.11 - 101.78 0.11
Q2 2022 50.04 4.4 % 0.06 - 50.04 0.06
Q3 2022 756.90 1586.9 % 0.84 719.18 37.72 0.04
Q4 2022 170.80 14.1 % 0.19 - 170.80 0.19
Q1 2023 120.01 17.9 % 0.13 - 120.01 0.13
Q2 2023 139.43 178.6 % 0.15 99.48 39.95 0.04
Q3 2023 62.38 (91.8 %) 0.07 - 62.38 0.07
Q4 2023 160.23 (6.2 %) 0.18 4.07 156.16 0.17
Q1 2024 115.50 (3.8 %) 0.13 - 115.50 0.13
Q2 2024 40.86 (70.7 %) 0.05 - 40.86 0.05
Q3 2024 69.16 10.9 % 0.08 17.69 51.46 0.06
Q4 2024 284.32 77.4 % 0.32 161.30 123.02 0.14
Q1 2025 76.36 (33.9 %) 0.08 - 76.36 0.08
Q2 2025 41.14 0.7 % 0.05 - 41.14 0.05
Q3 2025 17.48 (74.7 %) 0.02 - 17.48 0.02

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2016 16.87 % 4.62 % 3.81 %
Q2 2016 17.21 % 4.44 % 3.57 %
Q3 2016 17.39 % 4.33 % 3.44 %
Q4 2016 17.17 % 4.40 % 3.42 %
Q1 2017 17.71 % 4.66 % 3.44 %
Q2 2017 18.43 % 4.91 % 3.76 %
Q3 2017 18.93 % 5.13 % 3.93 %
Q4 2017 19.91 % 5.69 % 4.67 %
Q1 2018 19.93 % 5.61 % 4.70 %
Q2 2018 19.95 % 5.70 % 4.68 %
Q3 2018 19.92 % 5.61 % 4.66 %
Q4 2018 20.41 % 5.79 % 4.13 %
Q1 2019 20.56 % 6.26 % 4.05 %
Q2 2019 20.41 % 6.59 % 3.78 %
Q3 2019 20.68 % 7.38 % 3.95 %
Q4 2019 20.73 % 7.79 % 4.22 %
Q1 2020 20.57 % 7.86 % 4.38 %
Q2 2020 20.96 % 8.68 % 4.92 %
Q3 2020 21.38 % 8.76 % 4.82 %
Q4 2020 21.69 % 8.99 % 5.04 %
Q1 2021 21.94 % 8.77 % 4.72 %
Q2 2021 21.65 % 7.84 % 4.00 %
Q3 2021 21.03 % 7.40 % 3.72 %
Q4 2021 21.25 % 7.16 % 3.57 %
Q1 2022 21.37 % 7.32 % 3.93 %
Q2 2022 21.94 % 7.34 % 3.91 %
Q3 2022 22.00 % 7.24 % 3.69 %
Q4 2022 21.84 % 7.25 % 3.77 %
Q1 2023 21.81 % 7.30 % 3.83 %
Q2 2023 21.84 % 7.31 % 3.67 %
Q3 2023 22.19 % 7.49 % 3.88 %
Q4 2023 22.17 % 7.32 % 3.70 %
Q1 2024 22.14 % 7.22 % 3.57 %
Q2 2024 22.36 % 7.30 % 3.56 %
Q3 2024 22.34 % 7.26 % 3.42 %
Q4 2024 22.50 % 7.51 % 3.09 %
2024 22.50 % 7.27 % 3.10 %
Q1 2025 22.34 % 7.35 % 2.70 %
Q2 2025 22.54 % 7.40 % 2.68 %
Q3 2025 22.24 % 7.02 % 2.34 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 900.00 0.25 0.26 1.17
Q2 2016 900.00 0.25 0.26 1.23
Q3 2016 900.00 0.25 0.26 1.27
Q4 2016 900.00 0.25 0.27 1.37
Q1 2017 900.00 0.27 0.27 1.44
Q2 2017 900.00 0.29 0.30 1.41
Q3 2017 900.00 0.42 0.31 1.58
Q4 2017 900.00 0.50 0.38 1.66
Q1 2018 900.00 0.51 0.38 1.74
Q2 2018 900.00 0.51 0.39 1.67
Q3 2018 900.00 0.40 0.39 1.73
Q4 2018 900.00 0.34 0.34 1.84
Q1 2019 900.00 0.34 0.35 1.79
Q2 2019 900.00 0.32 0.33 1.56
Q3 2019 900.00 0.34 0.35 1.64
Q4 2019 900.00 0.38 0.38 1.65
Q1 2020 900.00 0.42 0.42 1.61
Q2 2020 900.00 0.49 0.49 1.75
Q3 2020 900.00 0.48 0.48 1.51
Q4 2020 900.00 0.50 0.49 1.69
Q1 2021 900.00 0.45 0.45 1.45
Q2 2021 900.00 0.37 0.36 1.51
Q3 2021 900.00 0.35 0.34 1.36
Q4 2021 900.00 0.33 0.33 1.52
Q1 2022 900.00 0.38 0.38 1.42
Q2 2022 900.00 0.38 0.38 1.49
Q3 2022 900.00 1.18 0.38 2.13
Q4 2022 900.00 1.20 0.40 1.56
Q1 2023 900.00 1.22 0.42 1.41
Q2 2023 900.00 1.32 0.41 1.57
Q3 2023 900.00 0.55 0.44 1.34
Q4 2023 900.00 0.54 0.42 1.57
Q1 2024 900.00 0.53 0.42 1.39
Q2 2024 900.00 0.42 0.42 1.28
Q3 2024 900.00 0.43 0.40 1.20
Q4 2024 900.00 0.57 0.37 1.53
Q1 2025 900.00 0.52 0.32 1.50
Q2 2025 900.00 0.52 0.32 1.44
Q3 2025 900.00 0.47 0.29 1.34

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2016 16.93 16.32 3.67
Q2 2016 20.21 19.45 4.07
Q3 2016 15.47 14.89 3.01
Q4 2016 19.50 18.44 3.61
Q1 2017 20.49 20.12 3.83
Q2 2017 19.67 19.34 4.06
Q3 2017 14.62 19.58 3.88
Q4 2017 12.31 16.40 3.70
Q1 2018 15.18 20.11 4.44
Q2 2018 14.73 19.47 4.51
Q3 2018 17.30 17.88 4.04
Q4 2018 20.88 20.41 3.81
Q1 2019 21.37 20.89 4.02
Q2 2019 24.19 23.62 4.98
Q3 2019 24.03 23.50 5.03
Q4 2019 21.28 21.28 4.93
Q1 2020 22.22 22.22 5.76
Q2 2020 22.74 22.74 6.40
Q3 2020 27.27 27.27 8.57
Q4 2020 24.51 24.89 7.25
Q1 2021 27.81 28.28 8.70
Q2 2021 33.64 34.35 8.21
Q3 2021 32.07 32.79 8.30
Q4 2021 32.45 32.45 7.12
Q1 2022 30.59 30.59 8.23
Q2 2022 26.82 26.82 6.94
Q3 2022 10.49 32.74 5.79
Q4 2022 8.67 25.98 6.65
Q1 2023 10.49 30.43 9.06
Q2 2023 10.57 34.05 8.87
Q3 2023 24.77 31.04 10.11
Q4 2023 24.64 31.39 8.41
Q1 2024 25.07 32.01 9.57
Q2 2024 27.07 27.37 8.90
Q3 2024 27.81 29.47 9.91
Q4 2024 18.54 28.56 6.88
Q1 2025 18.70 30.17 6.51
Q2 2025 14.87 23.98 5.41
Q3 2025 16.63 27.03 5.80

Business Segments (Million)

Compared With The
Period Retail and wholesale Leasing Others
Q1 2016 1,640.02 28.03 -
Q2 2016 2,020.19 28.36 -
Q3 2016 1,583.28 28.54 -
Q4 2016 1,928.23 38.64 -
Q1 2017 1,875.71 - -
Q2 2017 2,165.24 - -
Q3 2017 1,750.81 9.20 -
Q4 2017 2,189.82 - -
Q1 2018 1,772.52 - 25.74
Q2 2018 1,987.55 - 34.92
Q3 2018 1,701.84 - 42.85
Q4 2018 1,897.55 - 52.15
Q1 2019 1,902.26 - 57.40
Q2 2019 2,113.62 - 57.98
Q3 2019 1,871.89 - 65.47
Q4 2019 2,028.50 - 68.77
Q1 2020 2,307.18 - 72.31
Q2 2020 2,508.53 - 65.89
Q3 2020 1,750.05 - 62.76
Q4 2020 1,987.30 - 54.14
Q1 2021 2,042.29 - 54.85
Q2 2021 2,117.96 - 53.31
Q3 2021 1,949.68 - 51.17
Q4 2021 2,084.42 - 50.01
Q1 2022 2,410.51 - 51.87
Q2 2022 2,194.53 - 59.99
Q3 2022 2,275.72 - 64.82
Q4 2022 2,428.34 - 63.76
Q1 2023 2,725.04 - 59.61
Q2 2023 2,361.10 - 60.67
Q3 2023 2,382.60 - 62.07
Q4 2023 2,526.43 - 56.20
Q1 2024 2,970.36 - 68.50
Q3 2024 2,484.94 - 78.16
Q4 2024 2,552.92 - 97.10
Q1 2025 3,017.66 - 115.38
Q2 2025 - - 131.09
Q3 2025 2,585.41 - 125.88

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 50.90 17.48

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
AlJazira Capital 36.10 17.48
SNB Capital 50.00 17.48
Sico 55.70 17.48
U-Capital 61.80 17.48

Current
Market Cap (M Riyal) 6,003.01
Enterprise Value (EV) (M Riyal) 6,419.34
Shares Outstanding ((M)) 900.00
EPS ( Riyal) (TTM) 0.47
Book Value (BV) ( Riyal) 1.34
Par Value ( Riyal) 1.00
Recurring P/E 23.27
P/E (TTM) 14.32
Price/book 4.99
Return on Average Assets (%) (TTM) 6.2
Return on Average Equity (%) (TTM) 36.7
EV/adj EBITDA 8.28
EV/Revenues 0.58

Share Price

Abdullah Al Othaim Markets Co. (A.OTHAIM MARKET)


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