Riyadh – Mubasher: Abdullah Al Othaim Markets Company posted a 1.58% year-on-year increase in its profits for the first quarter of 2019.
Net profits after zakat and tax reached SAR 68.33 million in Q1-19, compared to SAR 67.26 million in Q1-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Sunday.
Revenues of the Saudi-based firm grew 8.97% to SAR 1.95 billion during the first three months of 2019, versus SAR 1.78 billion in the prior-year period.
Total Comprehensive Income levelled up 3.1% year-on-year to SAR 69.08 million in Q1-19.
Earnings per share (EPS) reached SAR 0.76 for the three-month period ended March, compared to SAR 0.75 in the year-ago period.
Consolidated net income increased due to an 8.98%growth in sales in addition to the improvement in the performance of associate companies.
Earlier in January, the company has adopted IFRS 16, using the modified retrospective method.
In 2018, Abdullah Al Othaim reported a 33% year-on-year decline in profits, achieving SAR 302.6 million.
