RIYADH: Saudi Arabia’s decision to allow Umrah with full capacity led to a profitable first quarter for wholesale and retail clothing and textile firm Thob Al Aseel Co., CEO Ahmed Al-Sultan, told Argaam.
The Riyadh-based business recorded a profit growth of 36 percent to SR19 million ($5 million), against SR14 million in the same quarter a year earlier, after its sales rose by 34 percent year-on-year, according to a bourse filing.
Al-Sultan added Umrah activity is a key driver of sales, noting that the increase of non-local Umrah performers propelled recovery in sales from the Western region.
The executive expects the positive performance to sustain over the coming period, buoyed by client incentives and programs, in addition to better business conditions.