Al Othaim 2021 net profit drops 34% to SAR 300.1 mln; Q4 earnings at SAR 149.6 mln

Al Othaim 2021 net profit drops 34% to SAR 300.1 mln; Q4 earnings at SAR 149.6 mln

08/02/2022 Argaam Exclusive

View other reports

Abdullah Al Othaim Markets Co. posted a net profit after Zakat and tax of SAR 300.1 million in 2021, down 32% from SAR 451 million last year.



Financials (M)

Item 2020 2021 Change‬
Revenues 8,808.17 8,403.69 (4.6 %)
Gross Income 1,908.09 1,787.84 (6.3 %)
Operating Income 462.61 264.23 (42.9 %)
Net Income 450.97 300.12 (33.5 %)
Average Shares 900.00 900.00 -
EPS (Riyals) 0.50 0.33 (33.5 %)

The company attributed the decline in earnings to a drop in sales by 4.63% year-on-year (YoY), a fall in gross profit margin due to the increase in promotions and the change in consumer behavior by focusing on discounted products.

 

Higher selling and distribution expenses due to opening new stores, and general and administrative (G&A) expenses due to recording advisory fees for the acquisition transaction related to the Fourth Milling Company also contributed to the profit decline.

 

On the other hand, real estate activity started to recover after witnessing a decline in the previous year.

 

The performance of the subsidiaries and associates improved as they were affected by the preventive measures in the previous year.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 2,044.77 2,134.42 4.4 %
Gross Income 528.05 565.18 7.0 %
Operating Income 159.63 143.99 (9.8 %)
Net Income 165.48 149.64 (9.6 %)
Average Shares 900.00 900.00 -
EPS (Riyals) 0.18 0.17 (9.6 %)

Q4 2021 net profit after Zakat and tax declined 10% YoY to SAR 149.6 million, due to G&A, as well as selling and distribution expenses. 

 

Compared to the previous quarter, the fourth-quarter earnings rose three-fold.

 

Shareholders’ equity, after minority interest, dropped to SAR 1.373 billion in 2021, from SAR 1.524 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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
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
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
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
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
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
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
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
Q4 2020 2,044.77 (2.6 %) 528.05 3.1 % 165.48 16.3 % 0.18
Q1 2021 2,097.15 (11.9 %) 419.22 (8.7 %) 57.68 (42.1 %) 0.06
Q2 2021 2,171.27 (15.7 %) 400.49 (21.8 %) 47.93 (61.7 %) 0.05
Q3 2021 2,000.74 10.4 % 400.94 (2.6 %) 44.87 (26.1 %) 0.05
Q4 2021 2,134.42 4.4 % 565.18 7.0 % 149.64 (9.6 %) 0.17
2021 8,403.69 (4.6 %) 1,787.84 (6.3 %) 300.12 (33.5 %) 0.33

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
2021 21.27 % 7.16 % 3.57 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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

Business Segments (Million)

Compared With The
Period Retail and wholesale Head office and leasing and others Others
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
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

Analysts Estimates (Million)

Item Q4 2021 (e) Q4 2021 (a) Change‬
Average 127.46 149.64 17.40 %

Estimates vs Actual (Million)

Item Q4 2021 (e) Q4 2021 (a) Change
SNB Capital 152.00 149.64 (1.6) %
Sico 173.00 149.64 (13.5) %
AlJazira Capital 120.80 149.64 23.9 %
Al Rajhi Capital 101.00 149.64 48.2 %
OSOOL AND BAKHEET 90.50 149.64 65.3 %

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

Share Price

11.26
(0.06) (0.53 %)

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


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.