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Al Othaim Q3 profit up 0.83% to SAR 42.29m

Al Othaim Q3 profit up 0.83% to SAR 42.29m
A.OTHAIM MARKET
4001
2.62% 13.34 0.34
Abdullah Al Othaim Markets made SAR 42.29 million net earnings in the third quarter of 2014, rising 0.83% y/y from SAR 41.94 million but falling 18.33% q/q from SAR 51.78 million.
The nine-month net profit grew 14.75% to SAR 140.55 million, compared with SAR 122.48 million in the year-ago period.
The earnings per share rose from SAR 2.72 to SAR 3.12.
The company attributed Q3 profit increase y/y to the growth in sales and rent revenue, as well as the decline in operation expenses.
The nine-month profit growth was due to the 15.27% sale rise from existing and new branches.
Al Othaim ascribed Q3 profit decline y/y to the 20% decrease in sales due to Ramadan season sales, which were fully included in the second quarter of this year, while they were split last year between the second and the third quarters.