Thob Al Aseel CEO says normal profit levels maintained in H1 2022, sees higher demand in Q3

Ahmed Al-Sultan, CEO of Thob Al Aseel Co.

Thob Al Aseel Co. maintained its normal profitability levels in H1 2022 despite the markets not recovering fully, CEO Ahmed Al-Sultan told Argaam.

The resumption of Umrah for foreign pilgrims boosted Shaban and Ramadan sales by 23.4% year-on-year (YoY).

He added that pilgrims constitute a purchasing power that positively affects sales, noting that 2022’s Hajj season witnessed a 23% growth in sales.

Thob Al Aseel rescheduled customers’ debts in the Western Province, taking advantage of the recovery from the Hajj season, which was negatively affected by the closures and the suspension of Umrah and Hajj on COVID-19.

Al-Sultan expected Q3 2022 to witness a rise in demand coinciding with the back-to-school season, as the company prepared a bundle of plans and incentives to take advantage of the season and meet customers’ needs.

Thob Al Aseel Co. reported a net profit after Zakat and tax of SAR 44 million in H1 2022, a decline of 9%, compared to SAR 48.5 million in the prior-year period, according to provided data on Argaam.