Al Othaim Q1 profit backed by Ramadan sales, branch expansions: exec

Logo of Abdullah Al Othaim Markets Co. 

Abdullah Al Othaim Markets Co.’s Q1 2022 profit was backed by the strong sales recorded during Ramadan, branch expansion, and the profit generated from subsidiaries, said Vice Chairman Bader AlAujan.

The company opened nine branches in the first quarter of 2022, bringing their total number to 281 in 74 cities and governorates across the Kingdom, AlAujan told Argaam, adding that all branches strongly contributed to profits.

He added that Gulf Flour Milling Industrial Co. contributed about SAR 6 million to Al Othaim’s Q1 profit.

Challenges still exist and may continue, said AlAujan, indicating that the current conditions are better than they were during the pandemic, as consumer habits normalized. 

AlAujan stated that there has been a general lack of clarity since the outbreak of the pandemic.

This was followed by the supply chain crisis and the Russian-Ukrainian war, among others. He also noted that in the event of high prices, the company is constantly looking for alternatives of good and high quality at lower prices.

Al Othaim is working to achieve stronger quarterly results compared to Q1 2021.

The management is doing its utmost effort to deliver favorable results for the company's shoppers and investors.

The company's profit rose 58% to SAR 91.3 million in Q1 2022, compared to SAR 57.7 million, according to Argaam's data.