Saudi: Othaim Markets’ 2022 profits exceed $266.5mln

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Abdullah Al Othaim Markets Company recorded net profits after Zakat and tax worth SAR 1.07 billion in 2022, higher by 259.57% than SAR 300.12 million a year earlier.

Revenues amounted to SAR 9.56 billion in the January-December 2022 period, a 13.66% year-on-year (YoY) growth from SAR 8.41 billion, according to the interim financial results.

The earnings per share (EPS) jumped to SAR 11.99 last year from SAR 3.33 in 2021.

Income Statements for Q4

During the fourth quarter (Q4) of 2022, the Saudi firm generated SAR 196.60 million net profits after Zakat and tax, up 31.38% from SAR 149.64 million in the year-ago period.

The sales reached SAR 2.49 billion in October-December 2022, an annual surge of 16.10% from SAR 2.14 billion.

On a quarterly basis, the Q4-22 net profits after Zakat and tax plunged by 73.60% from SAR 744.59 million in Q3-22, whereas the revenues increased by 6.14% from SAR 2.34 billion.

Dividends

The board of Othaim Markets greenlighted on 11 February 2023 the distribution of SAR 247.50 million as interim cash dividends to 90 million eligible shares for Q4-22.

Meanwhile, the Tadawul-listed firm will pay out SAR 2.75 per share, accounting for 27.50% of the share nominal value.

The eligibility and distribution dates for the Q4-22 dividends will be on 16 February and 2 March 2023, respectively.

In the first nine months (9M) of 2022, the net profits after Zakat and tax of Othaim Markets hiked by 486.48% YoY to SAR 882.54 million from SAR 150.48 million.