Riyadh – Mubasher: Saudi Arabia-based Abdullah Al Othaim Markets Company on Monday posted a 63.9% year-on-year decline in its net profits after calculating Zakat and Tax in the third quarter of 2018.

The firm’s profit amounted to SAR 54.31 million ($14.48 million) during Q3-18, down from SAR 150.62 million ($40.16 million) in Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Revenues increased by 7.2% to SAR 1.74 billion from July to September, compared to SAR 1.62 billion in the same period during 2017.

Year-on-year, the firm’s total profits rose 6.71% to SAR 339.93 million during the three-month period ended September, from SAR 318.56 million.

Operational profits inched up 0.15% to SAR 45.07 million during Q3-18, compared to SAR 45 million from July to September 2017.

Quarter-on-quarter, profits tumbled 26.7% in Q3-18, versus SAR 74.11 million.

During the first nine months of 2018, Abdullah Al Othaim Markets Company’s net profits after calculating Zakat and Tax slid 30.6% to SAR 195.68 million, from SAR 281.98 million in the year-ago period.

Sales went up 5.8% to SAR 5.56 billion from January to September, against SAR 5.25 billion in the corresponding period of 2017.

The firm’s total profits increased 6.2% to SAR 1.05 billion in the nine-month period ended September, compared to SAR 994.62 million a year earlier.

From January to September, operational profits grew 2.3% to SAR 176.4 million, compared to SAR 172.31 million in the same period of last year.

Earnings per share (EPS) amounted to SAR 2.17 by the end of September, down from SAR 3.13.

Abdullah Al Othaim Markets Company’s stock shed 0.14% to close Monday's trading session at SAR 70.60.