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Othaim Markets’ profits up 30.6% in H1-22; dividends announced

Othaim Markets’ profits up 30.6% in H1-22; dividends announced
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1.31% 123.40 1.60

Riyadh – Mubasher: Net profits of Abdullah Al Othaim Markets Company amounted to SAR 137.94 million over the first half (H1) of 2022, a year-on-year (YoY) growth of 30.61% when compared to SAR 105.61 million.

Earnings per share (EPS) for H1-22 rose to SAR 1.53, compared to SAR 1.17 in H1-21, according to a stock exchange statement on Thursday.

Revenues for the six-month period ended 30 June 2022 increased by 10.51% YoY to SAR 4.71 billion, compared with SAR 4.26 billion in the corresponding period in 2021.

During this year’s second quarter (Q2), the company registered SAR 46.63 million in net profits, down 2.71% YoY from SAR 47.93 million.

On the other hand, revenues went up by 3.83% YoY in Q2-22 to SAR 2.25 billion from SAR 2.17 billion.

In a separate filing, the firm said it will distribute cash dividends of SAR 180 million or SAR 2 per share to shareholders for H1-22. This represents 20% of the share’s par value.

The dividends’ eligibility and distribution dates shall be on 31 August and 15 September 2022, respectively.

It is worth noting that in Q1-22, the Tadawul-listed company logged net profits after Zakat and tax worth SAR 91.31 million, a yearly rise of 58.30%.