Al-Othaim Markets distributed 247.5 million riyals in cash dividends

The Board of Directors of Abdullah Al-Othaim Markets Company approved the distribution of cash dividends amounting to about 247.5 million riyals for 90 million shares, for the fourth quarter of 2022.

According to Arabia Net, Abdullah Al-Othaim Markets Company stated in a statement that the share of the share from the distribution amounts to 2.75 riyals, with a distribution ratio to the nominal share value of 27.5%.

The eligibility for profits will be for the company’s shareholders who own shares at the end of trading on Thursday, February 16, 2023 AD, and who are registered in the shareholders’ register at the Securities Depository Center, the Depository Center, at the end of the second trading day following the maturity date. The distribution date is March 2, 2023.

Abdullah Al-Othaim Markets Company had achieved an increase of 31.38% in net profits for the fourth quarter of 2022, to reach about 196.6 million riyals after zakat and tax, compared to about 149.64 million riyals in profits for the same quarter of 2021.

On a quarterly basis, the profits of Al-Othaim Markets declined by 73.6%, compared to a net profit of about 744.59 million riyals in the third quarter of 2022.

In a statement on Tadawul Saudi Arabia, today, Thursday, the company attributed the increase in profits in the fourth quarter of 2022, on an annual basis, to sales growth of 16.10% from existing and new branches, with a slight improvement in the profit margin.

And it stated that it recorded its share of the profits of the Gulf Flour Milling Company for the fourth quarter of 2022, while it recorded in the corresponding quarter only the profits for the month of December, in addition to receiving compensation for damaged assets and realizing capital gains from the disposal of assets.

She explained that, on the other hand, the company stopped recognizing its share of the profits of Abdullah Al-Othaim Investment Company due to the sale of this investment, and the marketing leasing activity decreased.

The net profits of Abdullah Al-Othaim Markets increased by 259.57% in 2022, to about 1.079 billion riyals after zakat and tax, compared to about 300.12 million riyals net profit in 2021.