Expansion costs at Abdullah Al-Othaim Markets Company have resulted in a 1.6 percent drop in the profit margin for first quarter this year, Yusuf Al Qaffari, the company’s chief executive told CNBC Arabia.
He was referring to preparations at new branches, as well as its latest marketing campaign which rolled out between February and March.
According to data compiled by Argaam, Al-Othaim reported a five percent year-on-year rise in net profit which totaled SAR 48.9 million during the quarter.
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