Thob Al Aseel CEO says revenue growth to continue in Q4, e-commerce sales up 318%

Ahmed Al-Sultan CEO of Thob Al Aseel Co.

Thob Al Aseel Co. CEO Ahmed Al-Sultan expects revenue growth to continue in Q4 2023, due to increased visitor arrivals to the Kingdom, improved business conditions, and the company's ongoing market share expansion efforts to achieve its goals and strategy.

In an interview with Argaam, Al-Sultan stated that the company sustained consecutive net profit growth in Q3 2023, driven by increased sales and enhanced profit margins.

Back-to-school season sales were the primary driver of the third-quarter sales, aligning with Thob Al Aseel's plans and programs, he added.

Financial and operational results for the first nine months of this year were "outstanding”. Increased sales boosted net profit, paired with a 32% sales surge in the Western Region due to an influx of pilgrims from outside the Kingdom, Al-Sultan underlined.

He further noted that the reduction in credit loss provisions stemmed from a 63.66% hike in customer collection rates, as a result of the company's incentive plan for customers.

In addition, e-commerce sales continued to grow, increasing by 318% during the first nine months of the current year.

The company has improved its shopping experience, accelerated shipping and delivery operations, and is expanding its product range. This is in a bid to position Thob Al Aseel stores as the top choice for men's essentials.

Thob Al Aseel’s profits increased to SAR 65.4 million by the end of the first nine months of 2023, compared to SAR 47.7 million in the same period a year earlier, according to data compiled by Argaam.