Othaim Markets' profits down 32% in 2021

Othaim Markets' profits down 32% in 2021

Riyadh – Mubasher: The net profits after Zakat and tax of Abdullah Al Othaim Markets Company slipped by 32.3% to SAR 305.11 million in 2021, compared to SAR 450.97 million a year earlier, the interim financial results showed on Tuesday.

The company generated revenues of SAR 8.40 billion in 2021, down 4.63% from SAR 8.81 billion in 2020.

The earnings per share stood at SAR 3.39 last year, versus SAR 5.01 in 2020.

During the fourth quarter (Q4) of 2021, Othaim Markets' net profits fell by 6.5% to SAR 154.63 million from SAR 165.48 million in the year-ago period.

Sales rose to SAR 2.13 billion in Q4 that ended on 31 December 2021, an increase of 4.5% compared to SAR 2.04 billion during Q4-20.

On a quarterly basis, the Saudi listed company's net profits in Q4-21 surged by 244.6% from SAR 44.87 million in Q3-21, and revenues increased by 7% from SAR 1.99 billion.

It is worth noting that during the first nine months (9M) of 2021, the company's net profits after Zakat and tax shrank to SAR 150.48 million from SAR 285.5 million in the same period of 2020.