Abdullah Al-Othaim Investment Company achieved profits of 159 million riyals during the first half of 2022, with a growth rate of 103%, compared to the same period in the previous year.
According to Arabia Net, the consolidated company's total revenues increased to 441 million riyals, with a growth rate of 13.7%.
The first half of 2022 witnessed an increase in gross profit margins to 214 million riyals with a growth rate of 22% thanks to the growth in revenues as a result of the steady performance and growth in the operational sectors that include the commercial complexes sector, the entertainment and fashion retail sectors, as well as the entertainment business outside Saudi Arabia in Egypt and the Gulf states (UAE) - Qatar - Oman - Bahrain).
The company's CEO, Mishaal bin Omairah, stressed that the stimulating results and double profits achieved by the company during the first half of this year reinforce the company's recently announced expansion strategy, which aims to open 20 new commercial complexes in many regions of the Kingdom.
The year 2022 witnessed the addition of three new malls with the acquisition of Al-Othaim Mall Al-Rass, and the preliminary opening of the Al-Othaim Mall Hafr Al-Batin and Al-Othaim Mall Al-Khafji malls.
In May 2022, Abdullah Al Othaim Investment Company canceled plans for an initial public offering of its shopping mall business, due to concerns about the impact of global stock market turmoil on the offering's valuation.
The company was aiming to raise $400 million to $500 million from the offering in the Saudi stock market, while sources indicated that the offering plan could be revived again at a later time.
