Saudi men’s traditional garments maker Thob Al Aseel profit up 42% on higher sales

Saudi men’s traditional garments maker Thob Al Aseel earned a 41.97% increase in profit for full-year 2019 to 80.37 million riyals ($21.43 million) from 56.61 million riyals in 2018.

The manufacturer of the thobe, the traditional garment worn by Saudi men, said in a stock exchange filing on Tuesday (Feb 18) that the increase in net profit is due to higher sales.

The company’s fourth-quarter sales grew by 39.61% compared to the same period in 2018.

Thob Al Aseel said the increase is due to efforts to stimulate sales by strengthening and diversifying sales channels, expanding its customer base, and adding new products with the development of its e-commerce store. The company opened its e-commerce store in April 2018.

Its fourth-quarter net profit surged 103.84% compared to the previous quarter mainly due to a 33.04% rise in sales. The company said this is due to the quarter coinciding with the winter season, as sales activities are seasonally-affected.

Thob Al Aseel also makes men’s undergarments. The company's brands include Action, Point, Secret and Signer.

($1 = 3.75 Saudi riyals)

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