Al Othaim H1 2020 net profit surges 77% to SAR 224.8 mln

Al Othaim H1 2020 net profit surges 77% to SAR 224.8 mln

17/08/2020 Argaam Exclusive

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Abdullah Al Othaim Markets Co. reported a net profit after Zakat and tax of SAR 224.8 million for the first half of 2020, up 77% year-on-year (YoY), compared to SAR 127.1 million in the same period a year earlier.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 4,130.42 4,953.92 19.9 %
Gross Income 780.63 971.47 24.4 %
Operating Income 106.35 240.19 125.9 %
Net Income 127.07 224.80 76.9 %
Average Shares 900.00 900.00 -
EPS (Riyals) 0.14 0.25 76.9 %

The company attributed the performance to a 19.94% sales growth driven by high demand for food and grocery supplies during the curfew period imposed by the government to control the COVID-19 outbreak.

 

The firm also cited the customers’ appetite to buy supplies before the value-added tax (VAT) hike, effective from July 1, in addition to the improvement in gross margin and the savings in operating costs.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 2,171.10 2,574.43 18.6 %
Gross Income 394.15 512.15 29.9 %
Operating Income 48.24 147.37 205.5 %
Net Income 58.73 125.25 113.3 %
Average Shares 900.00 900.00 -
EPS (Riyals) 0.07 0.14 113.3 %

The firm's net profit for Q2 2020 rose more than twofold YoY to SAR 125.3 million due to an 18.58% growth in sales as well as savings in operating costs and improved gross margins.

 

On a sequential basis, Q2 net profit jumped 25.8% from the previous quarter on an 8.19% rise in sales and savings in operating costs.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 934.19 19.8 % 45.06 19.9 % 10.86 2.6 %
Q2 2011 987.16 20.1 % 43.82 13.9 % 5.40 (13.3 %)
Q3 2011 1,096.14 16.4 % 42.42 (0.7 %) (7.41) (229.9 %)
Q4 2011 925.31 5.2 % 43.73 (30.8 %) 0.66 (97.5 %)
Q1 2012 976.27 4.5 % 35.50 (21.2 %) (4.40) (140.6 %)
Q2 2012 1,020.85 3.4 % 286.50 553.8 % 53.35 888.1 %
Q3 2012 1,122.32 2.4 % 184.90 335.9 % 25.55 444.8 %
Q4 2012 985.76 6.5 % 178.02 307.1 % 42.40 6333.7 %
Q1 2013 1,066.43 9.2 % 164.06 362.2 % 28.81 754.3 %
Q2 2013 1,161.19 13.7 % 176.39 (38.4 %) 19.51 (63.4 %)
Q3 2013 1,193.14 6.3 % 199.41 7.8 % 22.07 (13.6 %)
Q4 2013 1,159.21 17.6 % 231.29 29.9 % 50.21 18.4 %
Q1 2014 1,222.98 14.7 % 204.66 24.7 % 29.16 1.2 %
Q2 2014 1,511.39 30.2 % 219.39 24.4 % 37.34 91.4 %
Q3 2014 1,208.79 1.3 % 195.07 (2.2 %) 20.67 (6.3 %)
Q4 2014 1,308.74 12.9 % 252.01 9.0 % 62.57 24.6 %
Q1 2015 1,408.03 15.1 % 212.36 3.8 % 28.31 (2.9 %)
Q2 2015 1,725.54 14.2 % 247.99 13.0 % 35.03 (6.2 %)
Q3 2015 1,348.87 11.6 % 221.39 13.5 % 17.48 (15.5 %)
Q4 2015 1,553.36 18.7 % 316.73 25.7 % 66.74 6.7 %
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 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2011 36.50 15.0 % 0.04 (5.31) 41.81 0.05
Q2 2011 41.10 31.2 % 0.05 (0.58) 41.69 0.05
Q3 2011 35.99 (21.5 %) 0.04 - 35.99 0.04
Q4 2011 36.48 (31.2 %) 0.04 - 30.59 0.03
Q1 2012 33.86 (7.3 %) 0.04 - 33.86 0.04
Q2 2012 36.76 (10.6 %) 0.04 - 36.76 0.04
Q3 2012 40.68 13.0 % 0.05 - 40.68 0.05
Q4 2012 60.47 65.8 % 0.07 - 60.47 0.07
Q1 2013 40.81 20.5 % 0.05 - 40.81 0.05
Q2 2013 39.73 8.1 % 0.04 - 39.73 0.04
Q3 2013 41.94 3.1 % 0.05 - 41.94 0.05
Q4 2013 70.03 15.8 % 0.08 - 70.03 0.08
Q1 2014 46.47 13.9 % 0.05 - 46.47 0.05
Q2 2014 51.79 30.3 % 0.06 - 51.79 0.06
Q3 2014 42.29 0.8 % 0.05 - 42.29 0.05
Q4 2014 74.23 6.0 % 0.08 - 74.23 0.08
Q1 2015 48.89 5.2 % 0.05 - 48.89 0.05
Q2 2015 55.66 7.5 % 0.06 - 55.66 0.06
Q3 2015 37.09 (12.3 %) 0.04 - 37.09 0.04
Q4 2015 89.23 20.2 % 0.10 - 89.23 0.10
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

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 %
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 %


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

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

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

Analysts Estimates (Million)

Item Q2 2020 (e) Q2 2020 (a) Change‬
Average 97.93 125.25 27.89 %

Estimates vs Actual (Million)

Item Q2 2020 (e) Q2 2020 (a) Change
SNB Capital 110.00 125.25 13.9 %
AlJazira Capital 92.80 125.25 35.0 %
Al Rajhi Capital 91.00 125.25 37.6 %


Financial Ratios
Current
Market Cap (M Riyal) 9,396.00
Enterprise Value (EV) (M) 9,458.51
Shares Outstanding ((M)) 900.00
EPS ( Riyal) (TTM) 0.45
Book Value (BV) ( Riyal) 1.15
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 24.49
P/E (TTM) 23.17
Price/book 9.04
Return on Average Assets (%) (TTM) 6.6
Return on Average Equity (%) (TTM) 36.1
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Share Price

Abdullah Al Othaim Markets Co.
10.44
(0.04) (0.38 %)

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

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