PHOTO
Saudi Arabia's mall operator Abdullah Al Othaim Markets Co. said on Thursday that its Q2 2022 net profit slipped slightly as selling costs and administrative expenses rose, and profit share from a subsidiary was de-recognised.
The company said in a statement on Tadawul that net profit after zakat and taxes fell nearly 3% year-on-year to SAR 46.63 million ($12.43 million).
The result came well below analysts' mean estimate of SAR 60 million, according to data provider Refinitiv.
Revenue came in at SAR 2.25 billion, up 4% y-o-y, even accounting for the positive effect of Ramadan shopping in the prior-year.
Real estate performance 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, Al Othaim said.
However, it stopped recognizing its share of the profits of Abdullah Al-Othaim Investment Company following its board's approval of its sale to Al Othaim Holding Co. for SAR 846.54 million.
The company announced dividend of SAR 2 per share for H1, totaling SAR 180 million.
(Reporting by Brinda Darasha; editing by Daniel Luiz)
