Abdullah Al Othaim Markets Co. reported a net profit after Zakat and tax of SAR 224.8 million for the first half of 2020, up 77% year-on-year (YoY), compared to SAR 127.1 million in the same period a year earlier.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 4,130.42 | 4,953.92 | 19.9 % |
| Gross Income | 780.63 | 971.47 | 24.4 % |
| Operating Income | 106.35 | 240.19 | 125.9 % |
| Net Income | 127.07 | 224.80 | 76.9 % |
| Average Shares | 900.00 | 900.00 | - |
| EPS (Riyals) | 0.14 | 0.25 | 76.9 % |
The company attributed the performance to a 19.94% sales growth driven by high demand for food and grocery supplies during the curfew period imposed by the government to control the COVID-19 outbreak.
The firm also cited the customers’ appetite to buy supplies before the value-added tax (VAT) hike, effective from July 1, in addition to the improvement in gross margin and the savings in operating costs.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 2,171.10 | 2,574.43 | 18.6 % |
| Gross Income | 394.15 | 512.15 | 29.9 % |
| Operating Income | 48.24 | 147.37 | 205.5 % |
| Net Income | 58.73 | 125.25 | 113.3 % |
| Average Shares | 900.00 | 900.00 | - |
| EPS (Riyals) | 0.07 | 0.14 | 113.3 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 2,379.50 | 2,574.43 | 8.2 % |
| Gross Income | 459.32 | 512.15 | 11.5 % |
| Operating Income | 92.82 | 147.37 | 58.8 % |
| Net Income | 99.55 | 125.25 | 25.8 % |
| Average Shares | 900.00 | 900.00 | - |
| EPS (Riyals) | 0.11 | 0.14 | 25.8 % |
The firm's net profit for Q2 2020 rose more than twofold YoY to SAR 125.3 million due to an 18.58% growth in sales as well as savings in operating costs and improved gross margins.
On a sequential basis, Q2 net profit jumped 25.8% from the previous quarter on an 8.19% rise in sales and savings in operating costs.
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