Al Othaim H1 2024 net profit down to SAR 161.2M; Q2 at SAR 43.3M

Al Othaim H1 2024 net profit down to SAR 161.2M; Q2 at SAR 43.3M

06/08/2024 Argaam Exclusive

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Abdullah Al Othaim Markets Co. reported a net profit of SAR 161.2 million in H1 2024, a decline of 37.9% from SAR 259.4 million in a year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 5,206.41 5,502.59 5.7 %
Gross Income 1,082.88 1,169.97 8.0 %
Operating Income 143.92 159.36 10.7 %
Net Income 259.44 161.21 (37.9 %)
Average Shares 900.00 900.00 -
EPS (Riyals) 0.29 0.18 (37.9 %)

Abdullah Al Othaim Markets Co. reported a net profit of SAR 161.2 million in H1 2024, a decline of 37.9% from SAR 259.4 million in the year-earlier period.

 

The profit fall was driven by a SAR 10.32 million increase in the expenses related to new store openings and rent contract costs.

 

The results of the corresponding period included non-recurring capital gains of SAR 96.99 million after Zakat from selling a land plot. Adjusting for these gains, net profit would decline 0.77%.

 

Further, gains from investing the surplus cash in Sharia-compliant bank deposits dropped by SAR 9 million, while profit share from associates increased by SAR 4.98 million.

 

Sales from existing and new branches grew by 5.69% year-on-year (YoY).



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 2,421.77 2,463.73 1.7 %
Gross Income 508.63 542.04 6.6 %
Operating Income 42.16 74.48 76.7 %
Net Income 139.43 43.28 (69.0 %)
Average Shares 900.00 900.00 -
EPS (Riyals) 0.15 0.05 (69.0 %)

The Q2 2024 net profit reached SAR 43.3 million, down 69% from SAR 139.4 million a year ago due to non-recurring capital gains of SAR 96.99 million after Zakat from selling a land plot. The company also cited higher expenses associated with opening new stores and higher finance costs of lease contracts.

 

On a quarterly basis, Q2 2024 net earnings decreased by 63.3% from SAR 117.9 million in Q1 2024.

 

Total shareholders’ equity, excluding minority interest, reached SAR 1.1 billion by June 30, 2024, compared to SAR 1.4 billion a year ago.

View More Financial Results

 


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 % 86.68 89.9 %
Q4 2023 2,563.43 2.9 % 649.72 3.4 % 161.37 0.9 %
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 % 74.48 76.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO 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 168.87 (1.1 %) 0.19 4.07 164.80 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

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 % 7.71 % 3.88 %
Q4 2023 22.25 % 7.73 % 3.79 %
Q1 2024 22.22 % 7.66 % 3.68 %
Q2 2024 22.45 % 8.02 % 3.70 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (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 0.55 0.43 1.51
Q1 2024 900.00 0.54 0.43 1.33
Q2 2024 900.00 0.44 0.43 1.23

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 24.21 30.69 8.75
Q1 2024 24.50 31.09 10.00
Q2 2024 26.14 26.42 9.30

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

Analysts Estimates (Million)

Item Q2 2024 (e) Q2 2024 (a) Change‬
Average 58.76 43.28 (26.3 %)

Estimates vs Actual (Million)

Item Q2 2024 (e) Q2 2024 (a) Change
AlJazira Capital 46.60 43.28 (7.1) %
Sico 39.30 43.28 10.1 %
SNB Capital 48.90 43.28 (11.5) %
Al Rajhi Capital 50.00 43.28 (13.4) %
U-Capital 62.50 43.28 (30.7) %
OSOOL AND BAKHEET 105.24 43.28 (58.9) %


Financial Ratios
Current
Market Cap (M Riyal) 9,864.00
Enterprise Value (EV) (M) 9,926.51
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) 25.71
P/E (TTM) 24.33
Price/book 9.49
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.
10.96
0.04 0.37 %

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

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