Al Othaim H1 2022 profit up 31% to SAR 137.9 mln; Q2 down to SAR 46.6 mln

Al Othaim H1 2022 profit up 31% to SAR 137.9 mln; Q2 down to SAR 46.6 mln

18/08/2022 Argaam Exclusive

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Abdullah Al Othaim Markets Co. posted a rise of 31% in net profit after Zakat and tax of SAR 137.9 million for the first half of 2022, from SAR 105.6 million in the year-earlier period.  



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 4,268.41 4,716.91 10.5 %
Gross Income 819.71 975.82 19.0 %
Operating Income 84.03 124.39 48.0 %
Net Income 105.61 151.82 43.8 %
Average Shares 900.00 900.00 -
EPS (Riyals) 0.12 0.17 43.8 %

The higher profit was driven by a 10.51% rise year-on-year (YoY) in sales, and better gross margins. In addition, The company recorded its profit share from Gulf Flour Milling Co. for this period, while it was not recorded in H1 2021.

 

 

Al Othaim reported this growth despite the increase in the selling and distribution expenses driven by the new stores, and the increase in general and administrative expenses due to enhancing competencies in the senior positions. This was also despite the derecognition of its profit share from Abdullah Al-Othaim Investment Co. in the second quarter, pursuant to the board of directors’ resolution to approve the sale of this investment. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 2,171.27 2,254.52 3.8 %
Gross Income 400.49 468.72 17.0 %
Operating Income 36.73 40.45 10.1 %
Net Income 47.93 50.04 4.4 %
Average Shares 900.00 900.00 -
EPS (Riyals) 0.05 0.06 4.4 %

The food retailer’s second-quarter net profit after Zakat and tax declined 3% to SAR 46.6 million, from SAR 47.93 million in Q2 2021.

 

Compared to the previous quarter, net profit after Zakat and tax fell 48.9% from SAR 91.31 million.

 

Shareholders’ equity, after minority interest, dropped to SAR 1.324 billion as of June 30, 2022, from SAR 1.358 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
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 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
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

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 %


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

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

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

Analysts Estimates (Million)

Item Q2 2022 (e) Q2 2022 (a) Change‬
Average 70.77 50.04 (29.3 %)

Estimates vs Actual (Million)

Item Q2 2022 (e) Q2 2022 (a) Change
Al Rajhi Capital 59.00 50.04 (15.2) %
Hermes 61.00 50.04 (18.0) %
SNB Capital 64.00 50.04 (21.8) %
OSOOL AND BAKHEET 68.10 50.04 (26.5) %
Sico 73.20 50.04 (31.6) %
AlJazira Capital 75.20 50.04 (33.5) %
U-Capital 94.90 50.04 (47.3) %

Current
Market Cap (M Riyal) 9,828.00
Enterprise Value (EV) (M) 9,890.51
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) 25.61
P/E (TTM) 24.24
Price/book 9.46
Return on Average Assets (%) (TTM) 6.6
Return on Average Equity (%) (TTM) 36.1

Share Price

10.92
(0.04) (0.36 %)

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


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