RIYADH: Shares of Abdullah Al-Othaim Markets Co. slipped after the company reported a higher profit of SR138 million ($37 million) for the first half of 2022.
Listed on the Saudi Exchange, the company’s share price was down nearly 4 percent to SR122 by 12:28 p.m. Saudi time, hours after releasing its earnings report on Thursday.
Owing to an 11 percent rise in revenue to SR4.7 billion, profit surged 31 percent from SR106 million in the same period last year, according to a bourse filing.
The retail major noted that its share in profit in its associate Gulf Flour Miling Co. boosted this period’s results, as it was not recorded in the prior year.
However, it incurred higher costs from opening new stores and enhancing competencies in senior positions, in addition to the fact that profits from its mall unit, Abdullah Al-Othaim Investment Co., were derecognized.
In a separate filing, the retailer declared a dividend payout for the first half of the year amounting to SR180 million, representing SR2 per share, to be paid in September.
