According to the results of the company for the Saudi market (Tadawul) today, Thursday, the profits for the period reached 208.4 million riyals, compared to 169.1 million riyals profits for the first half of 2019. >
The company said in a statement to the stock exchange that the increase in profits during the comparison periods is due to the increase in sales of some retail departments, especially the computers and computer supplies division, and most of the wholesale departments. p>
Online sales have contributed a lot to the rise in retail sales. At a time when the performance of the exhibitions was greatly affected by the preventive measures to limit the spread of the emerging Corona Virus pandemic (Covid 19), online sales achieved a great leap as it is the main shopping channel available to consumers during the closings and curfews.
Also contributed to the growth in profits, a decrease in some elements of operating costs as a result of government initiatives to mitigate the effects of the Corona pandemic, such as the initiative of the Monetary Agency to bear the fees of POS operations and e-commerce, in addition to Due to the lower cost of financing due to the payment of borrowing balances from banks.
The company achieved profits in the first half of this year of 460.1 million riyals, compared to profits of about 402.8 million riyals for the same period in 2019, an increase of 14.2%. p>
(Fun Knowledge of Knowledge)
