The profits of Abdullah Al-Othaim Markets Company decreased by 61.7% to reach 47.9 million riyals after zakat and tax in the second quarter of 2021, compared to 125.25 million riyals in the same quarter of 2020.
According to Arabiya Net, the profits of Abdullah Al-Othaim Markets decreased by 16.9% in the second quarter of 2021, compared to a net profit of about 57.68 million riyals in the first quarter of 2021.< /p>
The company said in a statement on Saudi Arabia's Tadawul, today, Thursday, that the decline in profits in the second quarter of this year, on an annual basis, is due to the decline in sales by 15.66%. To about 2.17 billion riyals, as the second quarter of 2020 witnessed a growth in retail sales as a result of customers’ demand for purchase in anticipation of preventive measures to limit the spread of the Corona pandemic, and customers’ demand for purchase increased before the application of the increase in the value-added tax rate as of early July 2020. .
And she added that the profit margin witnessed a decline due to the increase in promotions and the change in consumer behavior by focusing on discounted items, on the other hand, the real estate activity began to recover after witnessing a decrease in the same quarter. from the previous year due to granting discounts to tenants for closing periods, and the performance of subsidiaries and associates improved positively, as they were affected by the closure due to the Corona virus pandemic.
Al-Othaim Markets profits fell by 53% in the first half of this year, to 105.6 million riyals, after zakat and tax, compared to 224.8 million riyals, profits for the first half of 2020. .
