Riyadh, Saudi Arabia— Abdullah Al-Othaim Markets Co. has posted a profit of $235 million for the first nine months of 2022, prompting its share price to rise.
Thanks to a 13 percent increase in revenue to $1.86 billion, the retailer’s profit surged 486 percent from $40 million in the same period last year, according to a bourse filing.
The company’s share price went up 1.57 percent to SR116.80, after releasing its earnings report on Monday.
The retail major 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 prior year.
The company has also earned nonrecurring capital gains worth SR701 million from the sale of investment land in Madinah and its investment in Abdullah Al-Othaim Investment Co.
For more on the company’s first half financial results, click on the link below: