According to the financial accounts for the third quarter of 2022 released by Abdullah Al-Othaim Markets Company, which is listed on the Saudi Stock Exchange, net profit increased by 1559% annually.
According to information provided by the corporation and provided to “Tadawul” today, the third quarter of this year saw earnings of 744. 59 million riyals, up from 44. 87 million riyals in the comparable quarter of 2021.
The business’s sales climbed to 2 during the third quarter.
348 billion Saudi riyals were sold, as opposed to two billion Saudi riyals during the same quarter the previous year.
Sales at existing and new branches increased by 17. 37% during the third quarter, according to the corporation, and were driven by the start of the new school year, as opposed to the previous year when instruction was still done remotely. The customer’s actions are driven by discounted goods.
Additionally, leasing activity declined and administrative costs rose as a result of the strengthening of administrative staff in executive roles.
The company also reported its portion of the Gulf Flour Mind Company’s profits for the third quarter, but it did not report them for the preceding quarter.
Based on the Board of Directors’ decision to sell this investment, the firm stopped accepting its share of Abdullah Al-Othaim Investment Company’s income.
According to earlier reports, the company sold its interest in Abdullah Al-Othaim Investment Company as well as investment land in Medina, generating unequal capital earnings of 701.2 million riyals after zakat.
When compared to profits of 150.48 million riyals in the comparable period from 2021, the company’s profits during the first nine months of this year climbed by 486.4% to reach 882.54 million riyals.
The third quarter’s profits for “Al-Othaim Markets” in the Saudi market were 744.6 million riyals.
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