Earnings Report /
Saudi Arabia

Al Othaim: Weak results on higher opex and non-opex

  • Revenues increased by 3.8% yoy (-8.4% qoq) to SAR2.26bn, but came lower than our estimates of SAR2.38bn.

  • Gross margins expanded by 188bps yoy to 20.3% in Q2 22, and came higher than our estimates of 18.8%.

  • Opex in absolute terms increased by 16.3% yoy to SAR401mn.

SNB Capital
18 August 2022
Published bySNB Capital


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