Saudi grocer Othaim sales dip a year on from panic buying supermarket sweep
Published 06 May,2021 via Arab News - Economy - Saudi supermarket chain Abdullah Al Othaim Markets reported a 42 percent drop in first quarter profit, a year on from the early panic-buying days of the pandemic.
Net profit fell to SR57.7 million ($15.4 million) for the first three months of the year from almost SR100 million a year earlier, the company said in a Tadawul filing. Sales fell 11.9 percent over the same period to about SR2.1 billion.
The company said that the decline followed the “abnormal growth in retail sales as a result of high demand to buy groceries and food supplies,” following the coronavirus outbreak in the Kingdom last year. It also cited the closure of schools and an increase in value added tax as factors that weighed on its performance.
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