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Al Othaim’s profits skyrocket 316.19% in Q3

Al Othaim’s profits skyrocket 316.19% in Q3
Net profits reached SAR 150.62 million in Q3-17, compared to SAR 36.19 million in Q3-16, according to a bourse filing
A.OTHAIM MARKET
4001
-0.15% 13.00 -0.02

Riyadh – Mubasher: Abdullah Al Othaim Markets on Wednesday said its net profits soared 316.19% year-on-year in the third quarter of 2017.

Net profits surged to SAR 150.62 million in Q3-17, from SAR 36.19 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits jumped 111.52%.

The company attributed the growth in its year-on-year net profits to the non-recurring profits as a result of selling a shopping mall in Hail city, and the increase in sales by 14.15% in the existing and new branches.

At the level of the first nine months of 2017 the firm’s net profits levelled up 112.69% to reach SAR 281.98 million, compared to SAR 132.58 million in the corresponding period in 2016.

The stock shed 0.12%, closing at SAR 121.20 on Tuesday.