Riyadh – Mubasher: Abdullah Al Othaim Markets Company reported an 88.68% increase in net profits for the fourth quarter (Q4) of last year, as shown by its interim annual financial results.

Profits amounted to SAR 142.23 million in Q4-19, compared with SAR 106.9 million for the same period in 2018.

On an annual basis, net profit after zakat and tax reached SAR 344.67 million, growing by 13.9% year-on-year (YoY), compared to SAR 302.6 million in the prior year.

The company attributed the rising profit to higher sales that grew by 8.8%, according to a statement to the Saudi Stock Exchange (Tadawul) on Monday.

Moreover, Al Othaim Markets collected SAR 38.71 million as impairment provision for certain assets and properties last year.