Thob Al Aseel fulfills requirements for Tadawul listing: Chairman

Nomu-listed Thob Al Aseel Co. has fulfilled all conditions required for listing on the Saudi Stock Exchange (Tadawul), board chairman Faisal Al-Jedaie told CNBC Arabia on Monday.

“We are waiting for the Capital Market Authority’s final regulations that allow corporate transition from Nomu to the main market,” Al-Jedaie said, expecting the new rules to be approved in H2 2019.

The company’s Q2 2019 net profit was bolstered by higher demand for its products, a wider client base, the introduction of new products and improvement in its online shopping platform.

Thob Al Aseel boosted its local market share, Al-Jedaie noted.

He also said that the company’s business is usually affected by seasonality factors, particularly in Ramadan, which fell in H1 2019 and contributed largely to profit.

The company posted a 26 percent year-on-year (YoY) rise in Q2 2019 net profit to SAR 48.3 million, Argaam reported.