Al Othaim Markets net profit up 41% to SAR 285.5 mln in 9M 2020

09/11/2020 Argaam Exclusive

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Abdullah Al Othaim Markets Co.'s net profit after Zakat and tax rose 41% year-on-year (YoY) to SAR 285.5 million for the first nine months of 2020, driven by 11.53% higher sales revenue, on increased demand for food and grocery during the lockdown period.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	6,067.34	6,766.73	11.5 %
Gross Income	1,180.64	1,383.10	17.1 %
Operating Income	173.35	299.92	73.0 %
Net Income	202.45	285.50	41.0 %
Average Shares	900.00	900.00	-
EPS (Riyals)	0.22	0.32	41.0 %

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	1,936.92	1,812.81	(6.4 %)
Gross Income	400.01	411.63	2.9 %
Operating Income	67.00	59.73	(10.9 %)
Net Income	75.38	60.69	(19.5 %)
Average Shares	900.00	900.00	-
EPS (Riyals)	0.08	0.07	(19.5 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	2,574.43	1,812.81	(29.6 %)
Gross Income	512.15	411.63	(19.6 %)
Operating Income	147.37	59.73	(59.5 %)
Net Income	125.25	60.69	(51.5 %)
Average Shares	900.00	900.00	-
EPS (Riyals)	0.14	0.07	(51.5 %)

The Q3 2020 net profit after Zakat and tax dropped 20% YoY to SAR 60.7 million, due to a 6.41% decline in sales revenue on soft demand. The company also cited the impact of the COVID-19 outbreak on the real estate activity.

On a sequential basis, Q3 2020 net profit plunged 51.5%.

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2011	934.19	19.8 %	45.06	19.9 %	36.50	15.0 %	0.04
Q2 2011	987.16	20.1 %	43.82	13.9 %	41.10	31.2 %	0.05
Q3 2011	1,096.14	16.4 %	42.42	(0.7 %)	35.99	(21.5 %)	0.04
Q4 2011	925.31	5.2 %	43.73	(30.8 %)	36.48	(31.2 %)	0.04
2011	3,942.80	15.2 %	175.03	(3.8 %)	150.08	(7.3 %)	0.17
Q1 2012	976.27	4.5 %	35.50	(21.2 %)	33.86	(7.3 %)	0.04
Q2 2012	1,020.85	3.4 %	286.50	553.8 %	36.76	(10.6 %)	0.04
Q3 2012	1,122.32	2.4 %	184.90	335.9 %	40.68	13.0 %	0.05
Q4 2012	985.76	6.5 %	178.02	307.1 %	60.47	65.8 %	0.07
2012	4,105.20	4.1 %	684.91	291.3 %	171.77	14.4 %	0.19
Q1 2013	1,066.43	9.2 %	164.06	362.2 %	40.81	20.5 %	0.05
Q2 2013	1,161.19	13.7 %	176.39	(38.4 %)	39.73	8.1 %	0.04
Q3 2013	1,193.14	6.3 %	199.41	7.8 %	41.94	3.1 %	0.05
Q4 2013	1,159.21	17.6 %	231.29	29.9 %	70.03	15.8 %	0.08
2013	4,579.96	11.6 %	771.15	12.6 %	192.51	12.1 %	0.21
Q1 2014	1,222.98	14.7 %	204.66	24.7 %	46.47	13.9 %	0.05
Q2 2014	1,511.39	30.2 %	219.39	24.4 %	51.79	30.3 %	0.06
Q3 2014	1,208.79	1.3 %	195.07	(2.2 %)	42.29	0.8 %	0.05
Q4 2014	1,308.74	12.9 %	252.01	9.0 %	74.23	6.0 %	0.08
2014	5,251.90	14.7 %	871.13	13.0 %	214.78	11.6 %	0.24
Q1 2015	1,408.03	15.1 %	212.36	3.8 %	48.89	5.2 %	0.05
Q2 2015	1,725.54	14.2 %	247.99	13.0 %	55.66	7.5 %	0.06
Q3 2015	1,348.87	11.6 %	221.39	13.5 %	37.09	(12.3 %)	0.04
Q4 2015	1,553.36	18.7 %	316.73	25.7 %	89.23	20.2 %	0.10
2015	6,035.80	14.9 %	998.47	14.6 %	230.87	7.5 %	0.26
Q1 2016	1,606.16	14.1 %	265.48	25.0 %	46.62	(4.6 %)	0.05
Q2 2016	1,976.23	14.5 %	312.31	25.9 %	49.76	(10.6 %)	0.06
Q3 2016	1,569.57	16.4 %	271.63	22.7 %	36.19	(2.4 %)	0.04
Q4 2016	1,907.19	22.8 %	362.34	14.4 %	95.50	7.0 %	0.11
2016	7,014.54	16.2 %	1,211.30	21.3 %	228.07	(1.2 %)	0.25
Q1 2017	1,696.23	5.6 %	319.69	20.4 %	60.15	29.0 %	0.07
Q2 2017	1,935.88	(2.0 %)	356.38	14.1 %	71.21	43.1 %	0.08
Q3 2017	1,627.85	3.7 %	318.56	17.3 %	150.62	316.2 %	0.17
Q4 2017	1,971.19	3.4 %	444.98	22.8 %	167.52	75.4 %	0.19
2017	7,231.14	3.1 %	1,439.60	18.8 %	449.50	97.1 %	0.50
Q1 2018	1,798.26	6.0 %	341.54	6.8 %	67.26	11.8 %	0.07
Q2 2018	2,022.47	4.5 %	375.18	5.3 %	74.11	4.1 %	0.08
Q3 2018	1,744.69	7.2 %	339.78	6.7 %	54.31	(63.9 %)	0.06
Q4 2018	1,939.04	(1.6 %)	474.84	6.7 %	106.92	(36.2 %)	0.12
2018	7,504.46	3.8 %	1,531.17	6.4 %	302.60	(32.7 %)	0.34
Q1 2019	1,959.32	9.0 %	386.48	13.2 %	68.34	1.6 %	0.08
Q2 2019	2,171.10	7.3 %	394.15	5.1 %	58.73	(20.7 %)	0.07
Q3 2019	1,936.92	11.0 %	400.01	17.7 %	75.38	38.8 %	0.08
Q4 2019	2,098.53	8.2 %	512.27	7.9 %	142.23	33.0 %	0.16
2019	8,165.88	8.8 %	1,692.91	10.6 %	344.67	13.9 %	0.38
Q1 2020	2,379.50	21.4 %	459.32	18.8 %	99.55	45.7 %	0.11
Q2 2020	2,574.43	18.6 %	512.15	29.9 %	125.25	113.3 %	0.14
Q3 2020	1,812.81	(6.4 %)	411.63	2.9 %	60.69	(19.5 %)	0.07

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2010	3,422.44	11.7 %	181.96	32.1 %	161.93	108.9 %	0.18
2011	3,942.80	15.2 %	175.03	(3.8 %)	150.08	(7.3 %)	0.17
2012	4,105.20	4.1 %	684.91	291.3 %	171.77	14.4 %	0.19
2013	4,579.96	11.6 %	771.15	12.6 %	192.51	12.1 %	0.21
2014	5,251.90	14.7 %	871.13	13.0 %	214.78	11.6 %	0.24
2015	6,035.80	14.9 %	998.47	14.6 %	230.87	7.5 %	0.26
2016	7,014.54	16.2 %	1,211.30	21.3 %	228.07	(1.2 %)	0.25
2017	7,231.14	3.1 %	1,439.60	18.8 %	449.50	97.1 %	0.50
2018	7,504.46	3.8 %	1,531.17	6.4 %	302.60	(32.7 %)	0.34
2019	8,165.88	8.8 %	1,692.91	10.6 %	344.67	13.9 %	0.38

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	5.30 %	2.93 %	4.81 %
Q2 2011	5.20 %	2.96 %	4.87 %
Q3 2011	4.99 %	2.67 %	4.43 %
Q4 2011	4.44 %	2.15 %	3.81 %
2011	4.44 %	2.15 %	3.81 %
Q1 2012	4.15 %	1.79 %	3.57 %
Q2 2012	10.16 %	3.03 %	3.41 %
Q3 2012	13.61 %	3.88 %	3.51 %
Q4 2012	16.68 %	4.90 %	4.18 %
2012	16.68 %	4.90 %	4.18 %
Q1 2013	19.39 %	5.62 %	4.26 %
Q2 2013	16.22 %	4.71 %	4.19 %
Q3 2013	16.29 %	4.60 %	4.15 %
Q4 2013	16.84 %	4.65 %	4.20 %
2013	16.84 %	4.65 %	4.20 %
Q1 2014	17.14 %	4.57 %	4.18 %
Q2 2014	16.80 %	4.65 %	4.13 %
Q3 2014	16.67 %	4.66 %	4.13 %
Q4 2014	16.59 %	4.81 %	4.09 %
2014	16.59 %	4.81 %	4.09 %
Q1 2015	16.16 %	4.69 %	3.99 %
Q2 2015	16.06 %	4.53 %	3.91 %
Q3 2015	16.12 %	4.45 %	3.73 %
Q4 2015	16.54 %	4.58 %	3.83 %
2015	16.54 %	4.58 %	3.83 %
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 %
2016	17.27 %	4.49 %	3.44 %
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 %
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 %
2018	20.40 %	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 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2010	5.32 %	2.88 %	4.73 %
2011	4.44 %	2.15 %	3.81 %
2012	16.68 %	4.90 %	4.18 %
2013	16.84 %	4.65 %	4.20 %
2014	16.59 %	4.81 %	4.09 %
2015	16.54 %	4.58 %	3.83 %
2016	17.27 %	4.49 %	3.44 %
2017	19.91 %	5.69 %	4.67 %
2018	20.40 %	5.79 %	4.13 %
2019	20.73 %	7.79 %	4.22 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	4.82 %	3.13 %	4.48 %
Q2 2011	4.44 %	2.41 %	4.22 %
Q3 2011	3.87 %	1.06 %	3.28 %
Q4 2011	4.73 %	2.18 %	3.31 %
Q1 2012	3.64 %	1.61 %	3.47 %
Q2 2012	28.06 %	7.27 %	3.60 %
Q3 2012	16.47 %	4.17 %	3.62 %
Q4 2012	18.06 %	6.51 %	6.13 %
Q1 2013	15.38 %	4.75 %	3.83 %
Q2 2013	15.19 %	3.67 %	3.42 %
Q3 2013	16.71 %	3.79 %	3.52 %
Q4 2013	19.95 %	6.44 %	6.04 %
Q1 2014	16.73 %	4.42 %	3.80 %
Q2 2014	14.52 %	4.14 %	3.43 %
Q3 2014	16.14 %	3.86 %	3.50 %
Q4 2014	19.26 %	6.83 %	5.67 %
Q1 2015	15.08 %	4.01 %	3.47 %
Q2 2015	14.37 %	3.69 %	3.23 %
Q3 2015	16.41 %	3.56 %	2.75 %
Q4 2015	20.39 %	6.98 %	5.74 %
Q1 2016	16.53 %	4.22 %	3.44 %
Q2 2016	15.80 %	3.22 %	2.52 %
Q3 2016	17.31 %	3.23 %	2.31 %
Q4 2016	19.00 %	6.74 %	5.24 %
Q1 2017	18.85 %	5.31 %	3.55 %
Q2 2017	18.41 %	4.10 %	3.68 %
Q3 2017	19.57 %	4.29 %	3.10 %
Q4 2017	22.57 %	8.74 %	7.90 %
Q1 2018	18.99 %	5.01 %	3.74 %
Q2 2018	18.55 %	4.47 %	3.66 %
Q3 2018	19.48 %	4.03 %	3.11 %
Q4 2018	24.49 %	9.47 %	5.87 %
Q1 2019	19.73 %	6.91 %	3.49 %
Q2 2019	18.15 %	5.78 %	2.71 %
Q3 2019	20.65 %	7.57 %	3.89 %
Q4 2019	24.41 %	10.90 %	6.78 %
Q1 2020	19.30 %	7.33 %	4.18 %
Q2 2020	19.89 %	8.96 %	4.87 %
Q3 2020	22.71 %	7.90 %	3.35 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2011	900.00	0.19	0.19	0.46
Q2 2011	900.00	0.20	0.20	0.51
Q3 2011	900.00	0.19	0.19	0.55
Q4 2011	900.00	0.17	0.17	0.59
Q1 2012	900.00	0.16	0.16	0.63
Q2 2012	900.00	0.16	0.15	0.67
Q3 2012	900.00	0.16	0.16	0.71
Q4 2012	900.00	0.19	0.19	0.76
Q1 2013	900.00	0.20	0.20	0.80
Q2 2013	900.00	0.20	0.20	0.77
Q3 2013	900.00	0.20	0.20	0.82
Q4 2013	900.00	0.21	0.21	0.90
Q1 2014	900.00	0.22	0.22	0.95
Q2 2014	900.00	0.23	0.23	0.93
Q3 2014	900.00	0.23	0.23	0.98
Q4 2014	900.00	0.24	0.24	1.06
Q1 2015	900.00	0.24	0.24	1.11
Q2 2015	900.00	0.25	0.25	1.09
Q3 2015	900.00	0.24	0.24	1.13
Q4 2015	900.00	0.26	0.26	1.23
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2010	900.00	0.18	0.18	0.50
2011	900.00	0.17	0.17	0.59
2012	900.00	0.19	0.19	0.76
2013	900.00	0.21	0.21	0.90
2014	900.00	0.24	0.24	1.06
2015	900.00	0.26	0.26	1.23
2016	900.00	0.25	0.27	1.37
2017	900.00	0.50	0.38	1.66
2018	900.00	0.34	0.34	1.84
2019	900.00	0.38	0.38	1.65

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2011	12.46	12.07	4.97
Q2 2011	12.40	12.00	4.77
Q3 2011	13.04	12.59	4.39
Q4 2011	14.99	14.99	4.23
Q1 2012	13.89	14.41	3.62
Q2 2012	13.45	14.02	3.20
Q3 2012	13.48	14.04	3.10
Q4 2012	10.78	10.78	2.72
Q1 2013	10.48	10.48	2.60
Q2 2013	13.87	13.87	3.63
Q3 2013	16.11	16.11	4.01
Q4 2013	14.58	14.58	3.48
Q1 2014	20.10	20.10	4.67
Q2 2014	22.80	22.80	5.73
Q3 2014	24.55	24.55	5.88
Q4 2014	22.06	22.06	4.97
Q1 2015	21.92	21.92	4.75
Q2 2015	21.91	21.91	4.93
Q3 2015	19.12	19.12	4.06
Q4 2015	17.34	17.34	3.62
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

Period	P/E	Adjusted P/E	Price/book
2010	10.84	10.84	3.91
2011	14.99	14.99	4.23
2012	10.78	10.78	2.72
2013	14.58	14.58	3.48
2014	22.06	22.06	4.97
2015	17.34	17.34	3.62
2016	19.50	18.44	3.61
2017	12.31	16.40	3.70
2018	20.88	20.41	3.81
2019	21.28	21.28	4.93

Business Segments (Million)

Compared With The

Period	Retail and wholesale	Head office and leasing and others	Others
Q1 2011	934.19	32.34	-
Q2 2011	987.16	38.21	-
Q3 2011	1,096.14	40.08	-
Q4 2011	925.31	37.48	-
Q1 2012	976.27	36.44	-
Q2 2012	1,020.85	3.02	-
Q3 2012	1,122.32	20.32	-
Q4 2012	985.76	21.90	-
Q1 2013	1,066.43	21.50	-
Q2 2013	1,161.19	23.94	-
Q3 2013	1,193.14	23.78	-
Q4 2013	1,159.21	23.98	-
Q1 2014	1,222.98	24.03	-
Q2 2014	1,511.39	22.85	-
Q3 2014	1,208.79	26.42	-
Q4 2014	1,308.74	22.64	-
Q1 2015	1,408.03	26.15	-
Q2 2015	1,725.54	27.56	-
Q3 2015	1,348.57	26.93	-
Q4 2015	1,553.66	30.55	-
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

Period	Retail and wholesale	Head office and leasing and others	Others
2011	3,942.80	148.12	-
2012	4,105.20	81.68	-
2013	4,579.96	93.19	-
2014	5,251.90	95.93	-
2015	6,035.80	111.20	-
2016	7,171.73	123.57	-
2017	7,981.49	131.13	-
2018	7,359.46	-	155.67
2019	7,916.26	-	249.61

Analysts Estimates (Million)

Item	Q3 2020 (e)	Q3 2020 (a)	Change‬
Average	95.27	60.69	(36.3 %)

Estimates vs Actual (Million)

Item	Q3 2020 (e)	Q3 2020 (a)	Change
SNB Capital	85.00	60.69	(28.6) %
AlJazira Capital	97.80	60.69	(37.9) %
Al Rajhi Capital	103.00	60.69	(41.1) %

Financial Ratios

	Current
Market Cap (M Riyal)	10,134.00
Enterprise Value (EV) (M)	9,800.02
Shares Outstanding ((M))	900.00
EPS ( Riyal) (TTM)	0.54
Book Value (BV) ( Riyal)	1.33
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	26.42
P/E (TTM)	20.80
Price/book	8.46
Return on Average Assets (%) (TTM)	7.4
Return on Average Equity (%) (TTM)	39.5

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

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Al Othaim Markets net profit up 41% to SAR 285.5 mln in 9M 2020

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2020 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

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

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Al Othaim Markets net profit up 41% to SAR 285.5 mln in 9M 2020

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2020

Revenue by Business Segment (Latest) 2020 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

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

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Business Segments (Million)