The net profit of Abdullah Al Othaim Markets decreased by 26.07% to reach 44.9 million riyals in the third quarter of 2021, compared to 60.7 million riyals in the same quarter of the previous year.
According to Arabiya Net and on a quarterly basis, the company's profits decreased in the third quarter by 6.4%, compared to profits of 47.93 million riyals in the second quarter of 2020.< /p>
The company said, in a statement to Saudi Arabia's Tadawul, today, Wednesday, that sales began in the current quarter to return to normal levels, and recorded a growth of 10.15% year on year, supported by sales. Existing and new branches.
And she indicated that the third quarter of the previous year witnessed a significant decline in sales after raising the value-added tax to 15%.
The profit margin has declined due to the increase in promotions and the change in consumer behavior by focusing on discounted items.
Administrative expenses increased as a result of recording advisory fees for the acquisition of the Fourth Mill Company and strengthening the staff in leadership positions, while there was benefit from government initiatives in the third quarter of the year Previous.
The real estate activity began to recover after witnessing a decline in the same quarter of the previous year. The performance of subsidiaries and associate companies also improved, as they were affected by the precautionary measures in the same quarter of the previous year.
In the first nine months of the year 2021, the company's profits decreased by 47.3% to 150.48 million riyals, compared to 285.5 million riyals in the corresponding period of 2020.
