Al Othaim opens 10 new branches in Saudi Arabia in Q1 2023

Logo of Abdullah Al Othaim Markets Co.

Abdullah Al Othaim Markets Co. stated that it opened 10 new branches in Saudi Arabia and closed only one during the first quarter of 2023. Accordingly, the total number of branches in the Kingdom reached 315.
 

In an earnings call to discuss Q1 2023 financials, the company added that the number of stores in Egypt remained unchanged at 45.
 

The number of retail stores in Saudi Arabia and Egypt amounted to 348 by the end of Q1 2023, with a total area of 591,000 square meters (sqm).
 

The number of retail stores across the Kingdom exceeded 303 with a total area of 566,000 sqm and 45 in Egypt over 24,000 sqm, the company said, adding that the retail stores contribute 90.8% of sales.
 

Meanwhile, the number of wholesale branches in Saudi Arabia amounted to 12 over 19,000 sqm, contributing 9.2% to total sales, as follows:

The firm added that the total number of branches in Saudi Arabia and Egypt amounted to 360 by the end of Q1 2023, as follows:
 

Al Othaim posted an 18% rise in Q1 2023 net profit to SAR 120 million, from SAR 101.8 million in the year-earlier period, according to data available with Argaam.