Abdullah Al Othaim Markets Co. announces its Interim Financial Results for the Period Ending on 2019-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 2,171.6 | 2,022.47 | 7.373 | 1,959.66 | 10.815 |
| Gross Profit (Loss) | 394.62 | 375.18 | 5.181 | 386.28 | 2.159 |
| Operational Profit (Loss) | 69.71 | 67.2 | 3.735 | 75.2 | -7.3 |
| Net Profit (Loss) after Zakat and Tax | 58.73 | 74.11 | -20.752 | 68.33 | -14.049 |
| Total Comprehensive Income | 57.14 | 72.7 | -21.403 | 69.08 | -17.284 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 4,131.26 | 3,820.73 | 8.127 |
| Gross Profit (Loss) | 780.9 | 716.55 | 8.98 |
| Operational Profit (Loss) | 144.91 | 131.19 | 10.458 |
| Net Profit (Loss) after Zakat and Tax | 127.07 | 141.37 | -10.115 |
| Total Comprehensive Income | 126.21 | 139.66 | -9.63 |
| Total Share Holders Equity (after Deducting Minority Equity) | 1,401.06 | 1,499.51 | -6.565 |
| Profit (Loss) per Share | 1.41 | 1.57 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to | Consolidated net profit declined by 20.75% compared with the same quarter of the previous year, despite the sales growth by 7.37% due to the negative impact of applying IFRS 16 (Lease contracts) as explained below in "Other notes", in addition to the increase in the operating costs resulted from increasing expat levy and the decline in associate companies performance. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | Consolidated net income for the second quarter declined by 14.05% compared with the previous quarter, despite 10.82% sales growth driven by Ramadan season, mainly due to the decline in profit margin as a result of hard promotions during the season, in addition to the increase in the operating costs resulted from increasing expat levy and the decline in associate companies performance. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to | Consolidated net profit declined by 10.12% compared with the same quarter of the previous year, despite the sales growth by 8.13% due to the negative impact of applying IFRS 16 (Lease contracts) as explained below in "Other notes", in addition to the increase in the operating costs resulted from increasing expat levy. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Reclassification of Comparison Items | Some comparative figures have been restated to be consistent with the presentation of the current period. |
| Additional Information | The Company has adopted IFRS 16 on January 1, 2019, using the modified retrospective method. The accumulated financial impact of prior years was SR 114.90 million (negative) charged to retained earnings. This amount includes SR 15.25 million (negative) from the subsidiaries and associates. In addition, the financial impacts of applying the standard on the results of second quarter and the first half of the current year were SR 5.33 million and SR 10.03 million respectively.
When comparing current periods with corresponding periods of the prior year, attention must be paid to the impact of applying the standard on recognizing and presenting expenses related to leases in the income statement, which significantly affected the stated values of "income from operations" for the current periods. |
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