Al Othaim’s FY16 net profit edges down 1%

19/01/2017 Argaam Exclusive

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

Abdullah Al-Othaim Markets Co., which operates supermarkets, reported a net profit of SAR 228.4 million for the fiscal year 2016, a slight decrease of 1.1 percent year-on-year (YoY).

The decline was attributed to higher operating expenses and financing charges. In addition, the company had earlier booked SAR 8.6 million in provisions for losses from a fire incident at a manufacturing facility in 2015.

Financials (M)

Item	2015	2016	Change‬
Revenues	6,035.80	7,014.54	16.2 %
Gross Income	998.47	1,211.30	21.3 %
Operating Income	147.56	170.10	15.3 %
Net Income	230.87	228.07	(1.2 %)
Average Shares	900.00	900.00	-
EPS (Riyals)	0.26	0.25	(1.2 %)

Net profit for the fourth quarter grew by 6 percent YoY to SAR 94.5 million, driven by higher sales and new store additions.

Fourth-quarter profit also surged 157.9 percent quarter-on-quarter on improvement in gross profit margin, increase in other operating income, and higher rent revenues.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2015	Q4 2016	Change‬
Revenues	1,553.36	1,907.19	22.8 %
Gross Income	316.73	362.34	14.4 %
Operating Income	66.74	88.29	32.3 %
Net Income	89.23	95.50	7.0 %
Average Shares	900.00	900.00	-
EPS (Riyals)	0.10	0.11	7.0 %

Item	Q3 2016	Q4 2016	Change‬
Revenues	1,569.57	1,907.19	21.5 %
Gross Income	271.63	362.34	33.4 %
Operating Income	14.30	88.29	517.4 %
Net Income	36.19	95.50	163.9 %
Average Shares	900.00	900.00	-
EPS (Riyals)	0.04	0.11	163.9 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2007	-	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-	-
Q3 2007	732.74	42.2 %	36.16	15.7 %	18.61	(15.7 %)	0.02
Q4 2007	601.81	41.2 %	26.26	76.3 %	14.80	21.8 %	0.02
2007	2,274.00	28.4 %	108.01	27.3 %	59.78	2.6 %	0.07
Q1 2008	671.75	-	36.69	-	23.50	-	0.03
Q2 2008	716.24	-	23.97	-	14.45	-	0.02
Q3 2008	780.89	6.6 %	23.96	(33.7 %)	14.19	(23.7 %)	0.02
Q4 2008	671.64	11.6 %	33.58	27.9 %	10.13	(31.6 %)	0.01
2008	2,840.51	24.9 %	118.20	9.4 %	62.27	4.2 %	0.07
Q1 2009	717.56	6.8 %	23.96	(34.7 %)	16.36	(30.4 %)	0.02
Q2 2009	723.85	1.1 %	27.48	14.7 %	19.51	35.0 %	0.02
Q3 2009	861.61	10.3 %	35.33	47.5 %	25.20	77.6 %	0.03
Q4 2009	762.12	13.5 %	51.00	51.9 %	16.46	62.5 %	0.02
2009	3,065.14	7.9 %	137.77	16.6 %	77.52	24.5 %	0.09
Q1 2010	779.56	8.6 %	37.59	56.9 %	31.74	94.1 %	0.04
Q2 2010	821.67	13.5 %	38.46	39.9 %	31.32	60.6 %	0.03
Q3 2010	941.39	9.3 %	42.72	20.9 %	45.87	82.0 %	0.05
Q4 2010	879.81	15.4 %	63.20	23.9 %	53.00	222.0 %	0.06
2010	3,422.44	11.7 %	181.96	32.1 %	161.93	108.9 %	0.18
Q1 2011	934.19	19.8 %	45.06	19.9 %	36.50	15.0 %	0.04
Q2 2011	987.16	20.1 %	43.82	13.9 %	41.10	31.2 %	0.05
Q3 2011	1,096.14	16.4 %	42.42	(0.7 %)	35.99	(21.5 %)	0.04
Q4 2011	925.31	5.2 %	43.73	(30.8 %)	36.48	(31.2 %)	0.04
2011	3,942.80	15.2 %	175.03	(3.8 %)	150.08	(7.3 %)	0.17
Q1 2012	976.27	4.5 %	35.50	(21.2 %)	33.86	(7.3 %)	0.04
Q2 2012	1,020.85	3.4 %	286.50	553.8 %	36.76	(10.6 %)	0.04
Q3 2012	1,122.32	2.4 %	184.90	335.9 %	40.68	13.0 %	0.05
Q4 2012	985.76	6.5 %	178.02	307.1 %	60.47	65.8 %	0.07
2012	4,105.20	4.1 %	684.91	291.3 %	171.77	14.4 %	0.19
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
2013	4,579.96	11.6 %	771.15	12.6 %	192.51	12.1 %	0.21
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
2014	5,251.90	14.7 %	871.13	13.0 %	214.78	11.6 %	0.24
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
2015	6,035.80	14.9 %	998.47	14.6 %	230.87	7.5 %	0.26
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
2016	7,014.54	16.2 %	1,211.30	21.3 %	228.07	(1.2 %)	0.25

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	2,274.00	28.4 %	108.01	27.3 %	59.78	2.6 %	0.07
2008	2,840.51	24.9 %	118.20	9.4 %	62.27	4.2 %	0.07
2009	3,065.14	7.9 %	137.77	16.6 %	77.52	24.5 %	0.09
2010	3,422.44	11.7 %	181.96	32.1 %	161.93	108.9 %	0.18
2011	3,942.80	15.2 %	175.03	(3.8 %)	150.08	(7.3 %)	0.17
2012	4,105.20	4.1 %	684.91	291.3 %	171.77	14.4 %	0.19
2013	4,579.96	11.6 %	771.15	12.6 %	192.51	12.1 %	0.21
2014	5,251.90	14.7 %	871.13	13.0 %	214.78	11.6 %	0.24
2015	6,035.80	14.9 %	998.47	14.6 %	230.87	7.5 %	0.26
2016	7,014.54	16.2 %	1,211.30	21.3 %	228.07	(1.2 %)	0.25

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	4.75 %	1.94 %	2.63 %
Q1 2008	-	-	-
Q2 2008	4.52 %	1.88 %	2.62 %
Q3 2008	4.00 %	1.44 %	2.42 %
Q4 2008	4.16 %	1.24 %	2.19 %
2008	4.16 %	1.24 %	2.19 %
Q1 2009	3.65 %	0.81 %	1.91 %
Q2 2009	3.77 %	1.02 %	2.08 %
Q3 2009	4.05 %	1.43 %	2.39 %
Q4 2009	4.49 %	2.09 %	3.14 %
2009	4.49 %	2.09 %	3.14 %
Q1 2010	4.84 %	2.51 %	3.57 %
Q2 2010	5.04 %	2.68 %	3.83 %
Q3 2010	5.14 %	2.62 %	4.36 %
Q4 2010	5.32 %	2.88 %	4.73 %
2010	5.32 %	2.88 %	4.73 %
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 %
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 %
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 %
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 %
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 %
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 %
2016	17.27 %	4.49 %	3.44 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	4.75 %	1.94 %	2.63 %
2008	4.16 %	1.24 %	2.19 %
2009	4.49 %	2.09 %	3.14 %
2010	5.32 %	2.88 %	4.73 %
2011	4.44 %	2.15 %	3.81 %
2012	16.68 %	4.90 %	4.18 %
2013	16.84 %	4.65 %	4.20 %
2014	16.59 %	4.81 %	4.09 %
2015	16.54 %	4.58 %	3.83 %
2016	17.27 %	4.49 %	3.44 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	4.93 %	2.24 %	2.54 %
Q4 2007	4.36 %	1.77 %	2.46 %
Q1 2008	5.46 %	3.00 %	3.50 %
Q2 2008	3.35 %	0.54 %	2.02 %
Q3 2008	3.07 %	0.66 %	1.82 %
Q4 2008	5.00 %	0.89 %	1.51 %
Q1 2009	3.34 %	1.19 %	2.28 %
Q2 2009	3.80 %	1.36 %	2.69 %
Q3 2009	4.10 %	2.13 %	2.92 %
Q4 2009	6.69 %	3.60 %	4.63 %
Q1 2010	4.82 %	2.92 %	4.07 %
Q2 2010	4.68 %	2.18 %	3.81 %
Q3 2010	4.54 %	1.96 %	4.87 %
Q4 2010	7.18 %	4.47 %	6.02 %
Q1 2011	4.82 %	3.13 %	4.48 %
Q2 2011	4.44 %	2.41 %	4.22 %
Q3 2011	3.87 %	1.06 %	3.28 %
Q4 2011	4.73 %	2.18 %	3.31 %
Q1 2012	3.64 %	1.61 %	3.47 %
Q2 2012	28.06 %	7.27 %	3.60 %
Q3 2012	16.47 %	4.17 %	3.62 %
Q4 2012	18.06 %	6.51 %	6.13 %
Q1 2013	15.38 %	4.75 %	3.83 %
Q2 2013	15.19 %	3.67 %	3.42 %
Q3 2013	16.71 %	3.79 %	3.52 %
Q4 2013	19.95 %	6.44 %	6.04 %
Q1 2014	16.73 %	4.42 %	3.80 %
Q2 2014	14.52 %	4.14 %	3.43 %
Q3 2014	16.14 %	3.86 %	3.50 %
Q4 2014	19.26 %	6.83 %	5.67 %
Q1 2015	15.08 %	4.01 %	3.47 %
Q2 2015	14.37 %	3.69 %	3.23 %
Q3 2015	16.41 %	3.56 %	2.75 %
Q4 2015	20.39 %	6.98 %	5.74 %
Q1 2016	16.53 %	4.22 %	3.44 %
Q2 2016	15.80 %	3.22 %	2.52 %
Q3 2016	17.31 %	3.23 %	2.31 %
Q4 2016	19.00 %	6.74 %	5.24 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	-	-	-	-
Q2 2007	-	-	-	-
Q3 2007	900.00	-	-	0.26
Q4 2007	900.00	-	-	0.26
Q1 2008	900.00	-	-	0.29
Q2 2008	900.00	0.08	0.08	0.31
Q3 2008	900.00	0.07	0.07	0.32
Q4 2008	900.00	0.07	0.07	0.33
Q1 2009	900.00	0.06	0.06	0.35
Q2 2009	900.00	0.07	0.07	0.33
Q3 2009	900.00	0.08	0.08	0.36
Q4 2009	900.00	0.09	0.11	0.38
Q1 2010	900.00	0.10	0.12	0.35
Q2 2010	900.00	0.12	0.14	0.39
Q3 2010	900.00	0.14	0.16	0.44
Q4 2010	900.00	0.18	0.18	0.50
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	900.00	0.07	0.07	0.26
2008	900.00	0.07	0.07	0.33
2009	900.00	0.09	0.11	0.38
2010	900.00	0.18	0.18	0.50
2011	900.00	0.17	0.17	0.59
2012	900.00	0.19	0.19	0.76
2013	900.00	0.21	0.21	0.90
2014	900.00	0.24	0.24	1.06
2015	900.00	0.26	0.26	1.23
2016	900.00	0.25	0.27	1.37

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	13.49	13.49	3.12
Q4 2008	14.45	14.45	3.01
Q1 2009	15.48	15.48	2.70
Q2 2009	22.06	22.06	4.41
Q3 2009	14.96	14.96	3.26
Q4 2009	14.73	11.86	3.33
Q1 2010	14.47	12.04	4.22
Q2 2010	16.44	13.94	4.92
Q3 2010	12.47	10.85	3.95
Q4 2010	10.84	10.84	3.91
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

Period	P/E	Adjusted P/E	Price/book
2007	-	-	-
2008	14.45	14.45	3.01
2009	14.73	11.86	3.33
2010	10.84	10.84	3.91
2011	14.99	14.99	4.23
2012	10.78	10.78	2.72
2013	14.58	14.58	3.48
2014	22.06	22.06	4.97
2015	17.34	17.34	3.62
2016	19.50	18.44	3.61

Business Segments (Million)

Compared With The

Period	Retail and wholesale	Head office and leasing and 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

Period	Retail and wholesale	Head office and leasing and others
2011	3,942.80	148.12
2012	4,105.20	81.68
2013	4,579.96	93.19
2014	5,251.90	95.93
2015	6,035.80	111.20
2016	7,171.73	123.57

Analysts Estimates (Million)

Item	Q4 2016 (e)	Q4 2016 (a)	Change‬
Average	90.64	95.50	5.36 %

Estimates vs Actual (Million)

Item	Q4 2016 (e)	Q4 2016 (a)	Change
Al Rajhi Capital	96.00	95.50	(0.5) %
Sico	97.00	95.50	(1.5) %
AlJazira Capital	92.20	95.50	3.6 %
Albilad Capital	91.00	95.50	4.9 %
SNB Capital	77.00	95.50	24.0 %

Financial Ratios

	Current
Market Cap (M Riyal)	10,008.00
Enterprise Value (EV) (M)	9,674.02
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)	26.09
P/E (TTM)	20.55
Price/book	8.36
Return on Average Assets (%) (TTM)	7.4
Return on Average Equity (%) (TTM)	39.5

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Al Othaim’s FY16 net profit edges down 1%

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Share Price

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

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2016 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Al Othaim’s FY16 net profit edges down 1%

View other reports

Share Price

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

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2016

Revenue by Business Segment (Latest) 2016 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)