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Abdullah Al Othaim Markets Co. announces its Interim Financial Results for the Period Ending on 2022-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 2,254.522,171.273.832,462.38-8.44
Gross Profit (Loss) 458.13400.4914.39488.86-6.29
Operational Profit (Loss) 57.3856.022.4390.25-36.42
Net Profit (Loss) after Zakat and Tax 46.6347.93-2.7191.31-48.93
Total Comprehensive Income 45.550.56-10.0190.82-49.9
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 4,716.914,268.4110.51
Gross Profit (Loss) 946.99819.7115.53
Operational Profit (Loss) 147.63123.1919.84
Net Profit (Loss) after Zakat and Tax 137.94105.6130.61
Total Comprehensive Income 136.32104.3330.66
Total Share Holders Equity (after Deducting Minority Equity) 1,324.671,358.65-2.5
Profit (Loss) per Share 1.531.17
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is "The occurrence of the Ramadan season in the first quarter of this year, while in the previous year the season occurred in the second quarter. Despite this, sales grew by 3.83% and the gross margin improved. In addition, the selling and distribution expenses have increased driven by the new stores, and the general and administrative expenses have increased due to enhancing competencies in the senior positions.

The real estate performance has improved, and the company recorded its share of the profits of the Gulf Flour Milling Company for the second quarter, while it was not recorded in the corresponding quarter. On the other hand, the company stopped recognizing its share of the profits of Abdullah Al-Othaim Investment Company pursuant to the Board of Directors resolution to approve the sale of this investment."

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is Sales decline by 8.44% as a result of the occurrence of Ramadan season in the first quarter this year, in addition to the derecognition of the Company share of the profits of Abdullah Al-Othaim Investment Company pursuant to the Board of Directors resolution to approve the sale of this investment, despite of the improvement of the gross margin and the improvement of the performance of the real estate activity.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is Sales growth by 10.51% and the improvement in gross margin. In addition, The Company recorded its share in the profits of the Gulf Flour Milling Company for this period, while it was not recorded in the corresponding period. Despite of the increase in the selling and distribution expenses driven by the new stores, and the increase general and administrative expenses due to enhancing competencies in the senior positions, and despite of the derecognition of its share in the profits of Abdullah Al-Othaim Investment Company in the second quarter pursuant to the Board of Directors resolution to approve the sale of this investment.
Statement of the type of external auditor's report Unmodified conclusion
Reclassification of Comparison Items Some comparative figures have been restated to be consistent with the presentation of the current period.
Additional Information "The quarterly investors presentation will be available on the Investors relations page of the Company website, at the following link:

https://www.othaimmarkets.com/investors-ir?___store=en&___from_store=ar"

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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