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Abdullah Al Othaim Markets sees 33% profit decline in 2018

Abdullah Al Othaim Markets sees 33% profit decline in 2018
Revenues levelled up 4% to SAR 7.52 billion in the 12-month period ended last December
A.OTHAIM MARKET
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Riyadh – Mubasher: Abdullah Al Othaim Markets Company on Wednesday reported a 33% year-on-year decline in profits during the full-year 2018.

The Saudi food retailer’s net profits after calculating Zakat and Tax amounted to SAR 302.6 million ($80.67 million) last year, down from SAR 449.5 million ($119.84 million) in 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm ascribed 2018 profit drop to including an income of SR 111.94 million from discontinued operations, net of zakat, realised from operating and disposing-of the shopping mall in Hail city. 

Revenues levelled up 4% to SAR 7.52 billion in the 12-month period ended last December, from SAR 7.23 billion a year earlier, while operational profits inched up 0.9% to SAR 325.33 million, compared to SAR 322.5 million. 

Earnings per share (EPS) amounted to SAR 3.36 last year, down from SAR 4.99 in the previous year.

Abdullah Al Othaim Markets Company’s CEO Abdulaziz Abdullah Al Othaim stated last September that the firm opened its 43rd branch in Egypt.