Al Othaim 2024 earnings up 7% to SAR 523.1M; Q4 at SAR 286.5M on MC4 IPO gains

Al Othaim 2024 earnings up 7% to SAR 523.1M; Q4 at SAR 286.5M on MC4 IPO gains

11/02/2025 Argaam Exclusive

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Abdullah Al Othaim Markets Co. posted a net profit of SAR 523.1 million for 2024, rising 7% from SAR 490.7 million in 2023



Financials (M)

Item 2023 2024 Change‬
Revenues 10,233.72 10,715.72 4.7 %
Gross Income 2,268.79 2,410.73 6.3 %
Operating Income 460.31 471.19 2.4 %
Net Income 490.77 523.09 6.6 %
Average Shares 900.00 900.00 -
Earnings Per Share before unusual items (Riyals) 0.43 0.38 (11.1 %)
EPS (Riyals) 0.55 0.58 6.6 %

Sales grew by 4.71% year-on-year (YoY) in 2024 amid higher profit margins and improved rental revenues.

 

In addition, an increase in share of associates’ profits was recorded in 2024, as the company realized about SAR 161.3 million (after Zakat) from the IPO of Fourth Milling Co. (MC4).

 

Also in 2024, the Saudi-listed firm reversed Zakat provisions worth SAR 17.7 million for prior years.

 

Meanwhile, expenses related to new store openings, mainly finance cost of lease contracts, jumped by SAR 28.6 million, coming in accordance with IFRS 16 “Leases”.

 

Borrowing costs also surged by SAR 13.3 million in 2024, in tandem with a SAR 10.8 million decline in income from Shariah-compliant deposits.

 

The fourth-quarter net profit soared 73% to SAR 286.5 million, from SAR 165.7 million in Q4 2023, fueled by strong sales and higher share from associates' earnings.

 

Sequentially, Al Othaim’s bottom line leapt 280% from SAR 75.39 million in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 2,582.63 2,650.02 2.6 %
Gross Income 648.02 678.53 4.7 %
Operating Income 186.71 178.65 (4.3 %)
Net Income 165.70 286.49 72.9 %
Average Shares 900.00 900.00 -
Earnings Per Share before unusual items (Riyals) 0.18 0.14 (22.5 %)
EPS (Riyals) 0.18 0.32 72.9 %

Total shareholders’ equity, after minority interest, decreased to SAR 1.33 billion as of Dec. 31, 2024, from SAR 1.35 billion in the year-earlier period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2022 2,340.54 17.0 % 481.25 20.0 % 45.65 26.1 %
Q4 2022 2,492.10 16.8 % 628.55 11.2 % 159.98 11.1 %
Q1 2023 2,784.64 13.1 % 574.25 13.2 % 101.76 21.2 %
Q2 2023 2,421.77 7.4 % 508.63 8.5 % 42.16 4.2 %
Q3 2023 2,444.68 4.4 % 539.73 12.2 % 64.21 40.7 %
Q4 2023 2,582.63 3.6 % 648.02 3.1 % 186.71 16.7 %
Q1 2024 3,038.86 9.1 % 627.93 9.3 % 108.90 7.0 %
Q2 2024 2,463.73 1.7 % 542.04 6.6 % 50.45 19.7 %
Q3 2024 2,563.10 4.8 % 564.82 4.6 % 63.16 (1.6 %)
Q4 2024 2,650.02 2.6 % 678.53 4.7 % 178.65 (4.3 %)
2024 10,715.72 4.7 % 2,410.73 6.3 % 471.19 2.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
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
Q3 2022 756.90 1586.9 % 0.84 719.18 37.72 0.04
Q4 2022 170.80 14.1 % 0.19 - 170.80 0.19
Q1 2023 120.01 17.9 % 0.13 - 120.01 0.13
Q2 2023 139.43 178.6 % 0.15 99.48 39.95 0.04
Q3 2023 62.38 (91.8 %) 0.07 - 62.38 0.07
Q4 2023 165.70 (3.0 %) 0.18 4.07 161.63 0.18
Q1 2024 117.93 (1.7 %) 0.13 - 117.93 0.13
Q2 2024 43.28 (69.0 %) 0.05 - 43.28 0.05
Q3 2024 75.39 20.9 % 0.08 17.69 57.70 0.06
Q4 2024 286.49 72.9 % 0.32 161.30 125.19 0.14
2024 523.09 6.6 % 0.58 178.99 344.10 0.38

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2023 21.81 % 7.30 % 3.83 %
Q2 2023 21.84 % 7.31 % 3.67 %
Q3 2023 22.19 % 7.49 % 3.88 %
Q4 2023 22.19 % 7.74 % 3.75 %
Q1 2024 22.16 % 7.68 % 3.64 %
Q2 2024 22.39 % 7.80 % 3.66 %
Q3 2024 22.38 % 7.79 % 3.57 %
Q4 2024 22.52 % - 3.21 %
2024 22.50 % - 3.21 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q1 2023 900.00 1.22 0.42 1.41
Q2 2023 900.00 1.32 0.41 1.57
Q3 2023 900.00 0.55 0.44 1.34
Q4 2023 900.00 0.54 0.43 1.51
Q1 2024 900.00 0.54 0.42 1.33
Q2 2024 900.00 0.43 0.43 1.23
Q3 2024 900.00 0.45 0.42 1.15
Q4 2024 900.00 0.58 0.38 1.48

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2023 10.49 30.43 9.06
Q2 2023 10.57 34.05 8.87
Q3 2023 24.77 31.04 10.11
Q4 2023 24.37 30.94 8.75
Q1 2024 24.66 31.34 10.00
Q2 2024 26.36 26.63 9.30
Q3 2024 26.67 28.19 10.33
Q4 2024 18.07 27.46 7.10

Business Segments (Million)

Compared With The
Period Retail and wholesale Head office and leasing and others Others
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
Q1 2023 2,725.04 - 59.61
Q2 2023 2,361.10 - 60.67
Q3 2023 2,382.60 - 62.07
Q4 2023 2,496.18 - 67.24
Q1 2024 2,969.14 - 69.73
Q2 2024 2,392.30 - 71.43
Q3 2024 2,484.94 - 78.16


Financial Ratios
Current
Market Cap (M Riyal) 9,468.00
Enterprise Value (EV) (M) 9,867.00
Shares Outstanding ((M)) 900.00
EPS ( Riyal) (TTM) 0.58
Book Value (BV) ( Riyal) 1.48
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 27.52
P/E (TTM) 18.10
Price/book 7.12
Return on Average Assets (%) (TTM) 8.4
Return on Average Equity (%) (TTM) 14.2
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Share Price

Abdullah Al Othaim Markets Co.
10.52
(0.04) (0.38 %)

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

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