Othaim Markets Unveils Lower Profits in Q1-24, Dividends

Abdullah Al Othaim Markets Company posted an annual decline of 2.98% in net profit to SAR 116.43 million during the first quarter (Q1) of 2024, compared to SAR 120.01 million.

Revenues increased by 9.03% year-on-year (YoY) to SAR 3.03 billion in January-March 2024 from SAR 2.78 billion, according to the initial financials.

In the first three months (3M) of 2024, the earnings per share (EPS) remained unchanged at SAR 0.13.

Quarterly, the Q1-24 net profits dropped by 31.09% from SAR 168.96 million in Q4-23, while the revenues grew by 18.30% from SAR 2.56 billion.

Cash Dividends

The board members of Othaim Markets greenlighted, on 12 May, interim cash dividends to its shareholders valued at SAR 135 million for Q1-24.

In accordance with the company's approved distribution policy, 900 million eligible shareholders will receive a dividend of SAR 0.15, representing 15% of the share nominal value.

Eligibility and payment for the quarterly dividends will be on 27 May and 12 June 2024, respectively.