Saudi Arabia’s Al Othaim shares up as profits soar 486% in 9M 2022

Abdullah Al-Othaim Markets Co. reported a massive profit of SR883 million ($235 million) for the first nine months of 2022, prompting its share price to rise.

The Riyadh-based joint stock company operates in Saudi Arabia and Egypt. Its main areas are food wholesaling, grocery stores, and malls.

Following a 13 per cent increase in revenue to $1.86 billion, the company’s profit surged a whopping 486 per cent to $39.90 million in the same period last year, according to a bourse (stock) filing.

The retailer’s share price on the Saudi Stock Exchange rose by 1.57 per cent to $31.07, after releasing its earnings report on Monday.

Abdullah Al-Othaim Markets Co. also noted that its share in profit in its associate Gulf Flour Miling Co. boosted this period’s results, as it was not recorded in the previous year.

The retail giant has also earned nonrecurring capital gains worth $186.35 million due to the sale of investment land in Madinah along with its investment in Abdullah Al-Othaim Investment Co., one of the Al Othaim Holding Companies specialising in the construction, management, and operation of large shopping malls.