| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 2,781.4 | 2,462.38 | 12.96 | 2,492.1 | 11.61 |
| Gross Profit (Loss) | 574.14 | 507.1 | 13.22 | 629.8 | -8.84 |
| Operational Profit (Loss) | 122.7 | 102.24 | 20.01 | 182.68 | -32.83 |
| Net Profit (Loss) after Zakat and Tax | 120.01 | 101.78 | 17.91 | 172.02 | -30.23 |
| Total Comprehensive Income | 111.85 | 101.29 | 10.43 | 165.04 | -32.23 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 1,271.55 | 1,289.64 | -1.4 |
| Profit (Loss) per Share | 1.33 | 1.13 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Sales growth of 12.96% from existing and new branches, and an improvement in the performance of leasing activity. In addition to making gains from investing the cash liquidity in Islamic sharia compliant bank deposits. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The increase in the profit margin in the previous quarter, where the company recognize growth incentive revenues earned from suppliers, despite the growth in sales by 11.61% from existing and new stores, and despite the increase in the profits of the associate companies and the gains realized from investing cash liquidity in Islamic sharia compliant bank deposits. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | Some comparative figures have been restated to be consistent with the presentation of the current period. |
| Additional Information | The company changed the method of recognizing growth incentive revenues earned from suppliers for the interim financial periods (quarters), by estimating these revenues and recording them on a quarterly basis instead of annual basis, taking into consideration the seasonality of sales, expected growth rates and returns in subsequent periods. This change came in order to comply with the requirements of IFRS (15) – “Revenues from Contracts from Customers” and IAS (34) – “Interim Financial Reporting”, in addition to providing more reliable financial information for the users of the financial statements. |
Some comparative figures for the previous year have been restated and re-presented to be consistent with the new method.
The impact of the aforementioned change was increasing net profit for the current quarter by SR 8.09 million, while the impacts of the change on net profit for the corresponding quarter and the previous quarter were SR 10.47 million positive and SR 24.95 million negative, respectively.
It is worth noting that this change affects the interim financial statements only and has no impact on the annual results.
During the first quarter of the current year, the Company opened ten stores and shut down one, compared to opening nine and shutting down two stores during the corresponding quarter.
The quarterly investors presentation will be available on the Investors relations page of the Company website, at the following link:
https://www.othaimmarkets.com/investors-ir?___store=en&___from_store=ar
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