The profits of Abdullah Al-Othaim Markets Company increased to 58% in the first quarter of 2022, with a net profit of 91.3 million riyals, compared to profits of 57.7 million riyals recorded by the company during the same period in 2021.
According to Arabiya Net, the company explained in a statement on Saudi Tadawul that the reason for the increase in net profit is due to a sales growth of 17.42%, which is mainly due to the occurrence of the Ramadan season in the first quarter of this year, while the previous year was the season in the second quarter.
She indicated that this came despite the increase in selling and distribution expenses as a result of the opening of new branches, as well as the increase in administrative expenses as a result of strengthening the administrative staff in leadership positions.
The company attributed the reason for the decline in profits during the first quarter of 2022 compared to the previous quarter to the recording of incentives for annual sales goals from suppliers at the end of the company's financial year, in addition to the decline in the revenues of marketing leasing activity in the first quarter due to suppliers' focus on Supporting the prices of Ramadan merchandise.
This came despite the sales growth of 15.14% compared to the previous quarter, and the improvement in the performance of subsidiaries and associates, in addition to recording the company's share of Gulf Flour Milling Company's profits for the entire first quarter, while the previous quarter included the share From the results of this company for the month of December only.
