RIYADH: 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.
Owing to a 13 percent increase in revenue to SR7 billion, the retailer’s profit surged 486 percent from SR150 million in the same period last year, according to a bourse filing.
Listed on the Saudi Exchange, the company’s share price was up nearly 2 percent to SR117.40 by 12:18 p.m. Saudi time, hours 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..