Riyadh – Mubasher: Abdullah Al Othaim Markets’ profits rose 29.02% in the first quarter of 2017, due to a 16.78% growth in sales of existing branches and opening new branches.
The company posted net profit of SAR 60.15 million in Q1-17 compared to SAR 46.62 million in the same period in 2016, according to a bourse filing on Tuesday.
An improvement in the performance of subsidiaries and associates also contributed to the increase, which came as a result of stopping some non-profitable activities.
Profits in Q1-16 had dropped due to a fire incident at one of the manufacturing facilities of a subsidiary, which caused losses worth SAR 8.6 million.
The first quarter in 2017 also witnessed a fire incident at one of the branches, costing the company SAR 3.5 million. The loss is fully covered by insurance and the claim to reimburse losses from the insurance company is in progress, the statement said.
Sales reached SAR 1.88 million in Q1-17 compared to SAR 1.6 million in the year-ago period, with a 16.78% increase.
