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Othaim Markets sees 58% higher profits in Q1-22 initial financials

Othaim Markets sees 58% higher profits in Q1-22 initial financials
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A.OTHAIM MARKET
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-1.96% 109.80 -2.20

Riyadh – Mubasher: Abdullah Al Othaim Markets Company has logged net profits after Zakat and tax worth SAR 91.31 million in the first quarter (Q1) of 2022, up 58.30% from SAR 57.68 million in Q1-21.

During the January-March 2022 period, the company’s revenues stood at SAR 2.46 billion, an annual surge of 17.41% from SAR 2.09 billion, according to the interim financials on Wednesday.

Moreover, the earnings per share (EPS) rose to SAR 1.01 in Q1-22 from SAR 0.64 in Q1-21.

On a quarterly basis, revenues in Q1-22 increased by 15.14% from SAR 2.13 billion in Q4-21, while the net profits plunged by 38.98% from SAR 149.64 million.

Last year, Othaim Markets reported net profits after Zakat and tax worth SAR 305.11 million, lower by 32.30% than SAR 450.97 million in 2020.