Riyadh-Mubasher: Abdullah Al Othaim Markets posted a 9.63% fall year-on-year in its second-quarter profits, according to a bourse statement.
Profits reached SAR 50.3 million ($13.4 million) in Q2-16, compared to SAR 55.66 million ($14.84 million) in Q2-15.
The Q2-16 profit decline year-on-year is mainly attributed to “increased S&D, G&A expenses, particularly personnel and promotional as a result of expansion in branches, and the increase in transportation and electricity costs”, the statement noted.
On a quarter-on-quarter basis, profits were up 6.92% in Q2-16 on the back of a growth in sales by 23.2%.
The company posted a 7% decline in its net profits to SAR 97.31 million in H1-16, compared to SAR 104.55 million in H1-15.
