Abdullah Othaim Markets Company announces interim financial results for the period ended 31/3/2011
1. Net profit for the first quarter was 36.5 million riyals, against 31.7 million riyals for the corresponding quarter of the previous year, with growth ratio of 15%, and against 53 million riyals for the previous quarter with decline ratio of 31.1%.
2. The gross profit for the first quarter was 72.8 million riyals, against 55.3 million riyals for the corresponding quarter of previous year, with growth ratio of 31.8%.
3. The operating profit for the first quarter was 33.2 million riyals, against 28.3 million riyals for the corresponding quarter of the previous year, with growth ratio of 17.5%.
4. Earnings per share for the first quarter was SAR 1.62, against SAR 1.41 for the same period of the previous year.
5. The major reasons behind the increase in net profit for the first quarter of 2011 against the corresponding quarter of the previous year were sales growth at 19.8% - due to the opening of new branches, which reached 98 branch by the end of the first quarter, and the organic growth of existing branches and starting the lease agreement of Dammam mall from the beginning of the first quarter. while the decline in net profit for the first quarter of 2011 against the fourth quarter of 2010 is mainly attributable to earning the additional growth incentive upon achieving targets with suppliers at the end of the year and stopping capitalization of financing charges on Dammam mall after it is completed in accordance with the accounting standards, in addition to the increase in the expenses of the first quarter due to paying two-month salary amounting SR 5.3 million to Saudi staff
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