Riyadh – Mubasher: Abdullah Al Othaim Markets Company’s net profits jumped 113.26% in the second quarter (Q2) of the year to stand at SAR 125.25 million, compared with SAR 58.73 million in the same quarter in 2019.
This leap in quarterly profits was driven by higher sales by 18.58% as customers’ appetite to buy food and grocery supplies increased during the lockdown period, imposed to curb the COVID-19 outbreak, and also before the new value-added tax (VAT) came into effect on 1 July, according to a bourse disclosure on Monday.
Furthermore, the profit margin improved whereas the company’s real estate activity was impacted. Moreover, Al Othaim Markets granted discounts to tenants for the closure periods and the operations of the subsidiaries and associates were also negatively affected.
Sales for the April-June period hiked to SAR 2.57 billion from SAR 2.17 billion in the year-ago period.
