Supported by sales growth of 16.10% from existing and new branches
The net profit of Abdullah Al-Othaim Markets Company increased by 31.38% in the fourth quarter of 2022, to regarding 196.6 million riyals following zakat and tax, compared to regarding 149.64 million riyals in the profits of the same quarter of 2021.
On a quarterly basis, the profits of “Al-Othaim Markets” decreased by 73.6%, compared to a net profit of regarding 744.59 million riyals in the third quarter of 2022.
In a statement on “Tadawul Saudi Arabia”, today, Thursday, the company attributed the increase in profits in the fourth quarter of 2022, on an annual basis, to sales growth of 16.10% from existing and new branches, with a slight improvement in the profit margin.
And it stated that it recorded its share of the profits of the Gulf Flour Milling Company for the fourth quarter of 2022, while it recorded in the corresponding quarter only the profits for the month of December, in addition to receiving compensation for damaged assets and realizing capital gains from the disposal of assets.
She explained that, on the other hand, the company stopped recognizing its share of the profits of Abdullah Al-Othaim Investment Company due to the sale of this investment, and the marketing leasing activity decreased.
The net profit of “Abdullah Al-Othaim Markets” increased by 259.57% in 2022, to regarding 1.079 billion riyals following zakat and tax, compared to regarding 300.12 million riyals net profit in 2021.