The profits of Abdullah Al-Othaim Markets Company decreased by 2.71% after zakat and tax to about 46.6 million riyals in the second quarter of 2022, compared to profits of about 47.9 million riyals in the same quarter of 2021.
According to Arabiya Net, and on a quarterly basis, Abdullah Al-Othaim Markets net profit decreased by 48.9% in the second quarter of 2022, compared to a net profit of about 91.31 million riyals in the first quarter of 2022.
The company said in a statement on the Saudi Tadawul, today, Thursday, that the net profit in the second quarter of 2022, on an annual basis, was affected by the occurrence of the Ramadan season in the first quarter of this year, while the previous year was the season in the second quarter, and despite that, sales grew by 3.83%, and an improvement in the profit margin. In addition, selling and distribution expenses increased as a result of the opening of new branches, and administrative expenses increased as a result of strengthening the administrative staff in leadership positions.
It indicated that it had stopped recording its share of the profits of Abdullah Al-Othaim Investment Company based on the decision of the Board of Directors to approve the sale of this investment.
During the first half of 2022, the net profit of Abdullah Al-Othaim Markets increased by 30.6% to 137.9 million riyals, after zakat and tax, compared to 105.6 million riyals, profits for the first half of 2021.
In a separate statement, Abdullah Al-Othaim Markets Company announced the distribution of interim cash dividends to shareholders for the first half of 2022, with a total of about 180 million riyals for the number of shares entitled to dividends of 90 million shares.
The company said in a statement on the Saudi Tadawul, that the share of the distribution is two riyals, with a 20% distribution to the nominal value of the share.
The eligibility for profits is for the company’s shareholders who own shares at the end of trading on Wednesday, August 31, 2022, and who are registered in the shareholders’ register at the Securities Depository Center (Depository Center) at the end of the second trading day following the due date, and the distribution date will be September 15, 2022.
