Al Othaim Vice Chairman expects Saudi retail sector to grow by 3% in 2022

Logo of Abdullah Al Othaim Markets Co.

Abdullah Al Othaim Markets Co.’s Vice Chairman Bader AlAujan expects the Saudi retail sector to grow by 3% in 2022.

The impact of global supply chain crisis is limited to some food commodities until now, AlAujan told Argaam in a telephone interview, affirming that Al Othaim’s supplies are uninterrupted and branches are operating normally.

Commenting on Q3 2021 financial results, AlAujan said the central region was the largest contributor to the company’s revenue in the third quarter.

Replying to a question about Al Othaim’s acquisition of Fourth Milling Co. (MC4), AlAujan expects the deal’s financial impact to show next year, after the acquisition closure and full operation of the mill.

“We are making the utmost effort to improve our performance and realize our objectives with regard to offering excellent services to our customers everywhere and achieve robust returns on shareholders’ investments,” AlAujan noted.

Al Othaim pursues its expansion policy by opening new branches and developing the existing ones to achieve its ambitions and ensure the highest benefit for investors. Al Othaim’s network consists of 265 branches across the Kingdom, AlAujan concluded.

The Saudi retailer posted a net profit after Zakat and tax of SAR 150.5 million for the nine-month period ended Sept. 30, 2021, a drop of 47% from SAR 285.5 million in the year-earlier period, Argaam reported.