Abdullah Al Othaim Markets Co. — Earnings Release 2010

Jan 18, 2011

Abdullah Othaim Markets Company announces interim financial results for the period ended 31/12/2010 (twelve months).

4001 · 18/01/2011 17:03:08 · Announcement #19977 · View on Saudi Exchange

Abdullah Othaim Markets Company announces interim financial results for the period ended 31/12/2010 (twelve months).

Abdullah Othaim Markets Company announces interim financial results for the period ended 31/12/2010

1. Net profit for the fourth quarter was 53 million riyals, against 16.5 million riyals for the corresponding quarter of the previous year, with growth ratio of 221%, and against 45.9 million riyals for the previous quarter with growth ratio of 15.5%.

2. The gross profit for the fourth quarter was 90.7 million riyals, against 71.5 million riyals for the corresponding quarter of previous year, with growth ratio of 26.8%.

3. The operating profit for the fourth quarter was 49.3 million riyals, against 32.5 million riyals for the corresponding quarter of the previous year, with growth ratio of 51.7%.

4. Net profit for the twelve months was 161.9 million riyals, against 77.5 million riyals for the same period previous year, with growth ratio of 108.9%.

5. Earnings per share for the twelve-month was SAR 7.2, against SAR 3.45 for the same period previous year.

6. Gross profit for the twelve months was 278.3 million riyals, against 211.1 million riyals for the same period previous year, with growth ratio of 31.8%.

7. The operating profit for the twelve months was 140.6 million riyals, against 89.1 million riyals for the same period previous year, with growth ratio of 57.8%.

8. The major reasons behind the increase in net profit in the fourth quarter of 2010 against corresponding quarter of the previous year were sales growth of 15.4% - due to the opening of new branches and the organic growth of existing branches - in addition to reducing general and administrative expenses as compared with the same period the previous year, and improvement in the efficiency of rental income well as the continuation of obtaining the additional incentives and discounts from suppliers which resulted in improved margin of profitability.

In addition to that, during the fourth quarter of 2009 the company had written off the full value of the ERP system amounted SAR 18.8 million. SAR 6.5 million of which were recovered in the third quarter of this year.

Certain comparative figures have been reclassified to be consistent with the presentation of the current period.

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