Al Othaim's modern trade market share reaches up to 19%: CEO
Muaffaq Mubarah, CEO ofAbdullah Al Othaim Markets Co.
Muaffaq Mubarah, CEO of Abdullah Al Othaim Markets Co.
Abdullah Al Othaim Markets Co.'s market share varies from one product to another, where’s as the market share reached nearly 19% within Modern Trade for the year ending September 2023 compared to 17.5% during the same period of the previous year, Muaffaq Mubarah, the company CEO said in a call with Argaam.
The company's plans and targets include continuing to increase market share, CEO added, indicating that the number of Al Othaim branches reached 337 by the end of the third quarter 2023, in more than 100 cities.
The company opened 34 branches in the Kingdom since the beginning of 2023, including 14 branches during the third quarter, while 3 branches were opened in Egypt.
Moreover, the retailer posted a 12% profit growth in
Q3 2023, compared to the same period an earlier year, excluding the non-recurring operations, whereas Q3 2022 net profit stood at SAR 701.2 million from the sale of an investment in an associate company and the sale of investment land in Madinah.
According to data available with Argaam, the company reported a net profits of SAr 321.8 million by the end of the first nine months of 2023, and a net profits for the third quarter 2023 amounted to SAR 62.4 million
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