Abdullah Al Othaim Markets Co. — Earnings Release 2011

Jan 21, 2012

Abdullah Al Othaim Markets announces interim financial results for the period ended 31/12/2011(twelve months)

4001 · 21/01/2012 18:21:03 · Announcement #23868 · View on Saudi Exchange

Abdullah Al Othaim Markets announces interim financial results for the period ended 31/12/2011(twelve months)

Abdullah Al Othaim Markets announces interim financial results for the period ended 31/12/2011

1.Net profit for the fourth quarter was 36.5 million riyals, against 53 million riyals for the corresponding quarter of the previous year, with decline ratio of 31.2%, and against 36 million riyals for the previous quarter with growth ratio of 1.4%.

2.The gross profit for the fourth quarter was 81.2 million riyals, against 90.7 million riyals for the corresponding quarter of the previous year, with decline ratio of 10.5%.

3.The operating profit for the fourth quarter was 38.1 million riyals, against 53.8 million riyals for the corresponding quarter of the previous year, with decline ratio of 29.1%.

4.Net profit for the twelve-month period was 150.1 million riyals, against 161.9 million riyals for the same period of the previous year, with decline ratio of 7.3 %.

5.Earnings per share for the twelve-month period were SAR 6.67, against SAR 7.2 for the same period of the previous year.

6.Gross profit for the twelve-month period was 323.1 million riyals, against 278.3 million riyals for the same period of the previous year, with growth ratio of 16.1%.

7.The operating profit for the twelve-month period was 157.6 million riyals, against 145.1 million riyals for the same period of the previous year, with growth ratio of 8.6%.

8.The decline in net profit during the fourth quarter 2011 against the same period last year was due to increase in cost of sales, selling and marketing expenses and the share of wholesales against retail sales which affected the profit margin.

While net profit for the twelve-month-period compared to same period last year declined due to recovery of excess allowances amounting SR 7.2 million reported as other income. On the other side, expenses increased in 2011 due to granting Saudi staff two-month salary, expensing acquisition Advisory fees and discontinuing capitalization of finance charges related to Dammam Mall after completion in accordance with accounting standards.

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

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.