Riyadh – Mubasher: Saudi Arabia-based Abdullah AlOthaim Markets Company on Wednesday reported a 4.07% year-on-year increase in net profits for the second quarter of 2018.

The firm’s net profits amounted to SAR 74.11 million in Q2-18, compared to SAR 71.21 million during Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, Abdullah AlOthaim's profits went up 10.18% in the period between April and June, from SAR 67.26 million.

AlOthaim Markets attributed the second-quarter profit rise to a 4.47% increase in sales due to inaugurating branches, higher profit in subsidiaries, coupled with lower financing expenses.

The firm’s sales rose 4.47% to SAR 2.2 billion from in Q2-18, from SAR 1.94 billion in the same period a year earlier.

During the first six months of 2018, AlOthaim Markets’ profit hit SAR 141.37 million, compared to SAR 131.36 million during H1-17.

Sales levelled up 5.19%, reaching SAR 3.82 billion during the January-June period of this year, versus SAR 3.63 billion in the same months a year ago.

AlOthaim Markets’ stock inched down 0.40% to finish Tuesday's trading session at SAR 75.70.