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Abdullah Al Othaim Markets Co. announces the interim financial results for the period ending on 31-12-2017 (Twelve Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 166.82 95.5 74.68 150.62 10.76
Gross profit (loss) 444.8 362.34 22.76 319.12 39.38
Operational profit (loss) 149.26 106.24 40.49 45 231.69
All figures are in (Millions) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) 448.8 228.07 96.78
Gross profit (loss) 1,440.92 1,211.3 18.96
Operational profit (loss) 321.57 236.51 35.96
Earning or loss per share, Riyals 9.97 5.07 -
All figures are in (Millions) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year Consolidated net profit increased by 74.68% compared with the same quarter of the previous year mainly due to the following reasons:
- Sales growth by 15.81% from existing and new branches.
- Improved profit margin
- The performance of subsidiaries and associates improved due to the discontinuation of certain loss-making activities.
- Decrease in financing expenses due to the early settlement of part of long-term loans and all the short term loans.
- Collecting insurance claim amounted SR 4.9 million to indemnify for the damages caused by a fire accident occurred at one of the Company branches during the first quarter of 2017.
- Recovery of doubtful debts allowance amounted to SR 4.6 million for Hail Mall due to collecting the debts during the fourth quarter.
Reasons of increase (decrease) for period compared with same period last year Consolidated net profit for the fiscal year 2017 increased by 96.78% compared to the previous year mainly due to:
- Sales growth by 14.64% from existing and new branches.
- Improved profit margin.
- Increase in the rent income due to increase in rental spaces.
- Non-recurring gains resulted from the sale of a shopping mall in Hail city during the third quarter to an associate pursuant to the General Assembly resolution on 19/4/2017. The financial impact of the capital gain and the operating income of the mall during the period amounted to SR 111.94 million. This financial impact was presented in the Statement of Income under (Discontinued operations) after eliminating unrecognized gain as the Company owns 13.65% in the equity of the associate Abdullah Al-Othaim for Real Estate Investment and Development company (the buyer).
- The performance of subsidiaries and associates improved due to the discontinuation of certain loss-making activities.
The results of the corresponding period includes a fire incident loss occurred at one of the manufacturing facilities of an associate; the financial impact of which amounted SR 8.6 million.
Reasons of increase (decrease) for quarter compared with previous quarter Consolidated net income for the fourth quarter increased by 10.76% compared with the third quarter of the current year mainly due to:
- Sales growth by 23.28% from existing and new branches.
- Increase in other operating income particularly the annual targets incentives calculated and recognized at the end of the fiscal year.
- Decrease in financing expenses due to the early settlement of part of long-term loans and all the short term loans long-term loans.
- Collecting insurance claim amounted SR 4.9 million to indemnify for the damages caused by a fire accident occurred at one of the Company branches during the first quarter of 2017.
The results of the previous quarter includes non-recurring gains mentioned above amounted to SR 106.86 million.
Reclassifications in quarterly financial results Comparative figures have been restated to be consistent with the presentation of the current period in accordance with IFRS adopted in the Kingdom of Saudi Arabia along with the other standards and releases adopted by SOCPA.
The adoption of IFRS has resulted in a decrease in the net income of the corresponding period by SR 1,958,371 and a decrease in shareholders equity by SR 7,538,117. These changes are mainly attributable to the application of IAS 19 - Employee Benefits, as well as the discontinuance of consolidating the financial statements of a subsidiary with the Group's consolidated financial statements, where the control terms over the subsidiary were not fulfilled in accordance with IFRS 10.
Other notes 1. Total sales for the current quarter is SR 2,208.67 million against SR 1,907.19 million for the same quarter last year with a growth of 15.81% and against SR 1,791.63 million for the previous quarter with a growth rate of 23.28%.
2. Total sales for the current period is SR 8,041.24 million against SR 7,014.54 million for the same period last year with a growth rate of 14.64%.
3. Total comprehensive income for the current quarter is SR 162.05 million against SR 92.78 million for the same quarter last year with an increase of 74.66% and against SR 150.41 million for the previous quarter with an increase rate of 7.74%.
Total comprehensive income for the current period is SR 442.18 million against SR 221.67 million for the same period last year with an increase rate of 99.48%.
5. Total shareholders' equity -net of non-controlling interest- as at the end of the current period is SR 1,494.22 million against SR 1,232.04 million at the same date last year with a growth of 21.28%.
6. Net income for the current quarter (without discontinued operations) is SR161.74 million against SR 99.85 million for the same quarter last year with an increase of 61.98% and against SR 50.54 million for the previous quarter with an increase of 220.02%.
7. Net income for the current period (without discontinued operations) is SR 336.86 million against SR 236.23 million for the same period last year with an increase of 42.60%.
8. Total comprehensive income for the current quarter (without discontinued operations) is SR 156.97 million against SR 97.14 million for the same quarter last year with an increase of 61.59% and against SR 50.33 million for the previous quarter with an increase of 211.88%
9. Total comprehensive income for the current period (without discontinued operations) is SR 330.24 million against SR 229.82 million for the same period last year with an increase of 43.70%.
10. Earnings per share for the current period (without discontinued operations) is SR7.49 against SR 5.25 for the same period last year.

The Capital Market Authority and the Saudi Stock 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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