Saudi retailer Al Othaim second-quarter profit rises on high demand for groceries, rush before VAT increase
Saudi Arabia’s Abdullah Al Othaim Markets posted a 113.26% increase in net profit for the second-quarter as customer demand for food and groceries rose during COVID-19 movement restrictions.
Abdullah Al Othaim Markets’ business is in food wholesaling , grocery stores, and malls.
The company posted net profit of 125.25 million riyals ($33.4 million) compared to 58.73 million riyals for the same three months in 2019, it reported in a bourse filing on Monday (August 17).
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