Riyadh – Mubasher: Abdullah Al Othaim Markets Co on Tuesday reported a 74.68% year-on-year surge and a 10.76% month-on-month rise in consolidated profit for the fourth quarter of 2017.

Net profit jumped to SAR 166.82 million in Q4-17, versus SAR 95.5 million in Q4-16, the company said in a filing to the Saudi Stock Exchange (Tadawul).

The Saudi company attributed the increase in net profit to sales growth by 15.81% from existing and new branches and improved profit margin, in addition to the improved performance of subsidiaries and associates due to the discontinuation of certain loss-making activities.

Total sales increased by 15.81% in Q4-17 to SAR 2.2 billion from SAR 1.9 billion in the same period a year earlier.

Meanwhile, net profit climbed 96.78% to SAR 448.8 million in 2017, compared to SAR 228.07 million the year before.

Sales grew 14.64% to SAR 8.04 billion last year, versus SAR 7.01 billion in 2016.

Abdullah Al Othaim’s stock closed Monday’s trading session down 0.39% at SAR 123.82.