Al Othaim’s profit surges to SAR 1.07 bln in 2022; Q4 at SAR 197 mln

Al Othaim’s profit surges to SAR 1.07 bln in 2022; Q4 at SAR 197 mln

09/02/2023 Argaam Exclusive

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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.



Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
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 %

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.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q1 2022 2,462.38 17.4 % 507.10 21.0 % 101.78 76.5 % 0.11
Q2 2022 2,254.52 3.8 % 468.72 17.0 % 50.04 4.4 % 0.06
Q3 2022 2,340.54 17.0 % 481.25 20.0 % 756.90 1586.9 % 0.84
Q4 2022 2,492.10 16.8 % 628.55 11.2 % 170.80 14.1 % 0.19
2022 9,549.55 13.6 % 2,085.62 16.7 % 1,079.51 259.7 % 1.20

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
2022 21.84 % 7.25 % 3.77 %


Per Share Data (Riyal)

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

Multiple Ratios (End of Period Price)

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

Business Segments (Million)

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

Analysts Estimates (Million)

Item Q4 2022 (e) Q4 2022 (a) Change‬
Average 152.83 170.80 11.76 %

Estimates vs Actual (Million)

Item Q4 2022 (e) Q4 2022 (a) Change
SNB Capital 159.00 170.80 7.4 %
Hermes 188.00 170.80 (9.2) %
Sico 156.40 170.80 9.2 %
Al Rajhi Capital 155.00 170.80 10.2 %
Goldman Sachs 150.30 170.80 13.6 %
AlJazira Capital 150.20 170.80 13.7 %
OSOOL AND BAKHEET 138.33 170.80 23.5 %
U-Capital 125.40 170.80 36.2 %

Current
Market Cap (M Riyal) 10,116.00
Enterprise Value (EV) (M) 9,782.02
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) 26.37
P/E (TTM) 20.77
Price/book 8.45
Return on Average Assets (%) (TTM) 7.4
Return on Average Equity (%) (TTM) 39.5

Share Price

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


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