Saudi retailer Al Othaim Markets’ profit jumps 31% to $37m as sales soar in H1

RIYADH: Abdullah Al-Othaim Markets Co. reported a higher profit of SR138 million ($37 million) for the first half of 2022 on the back of sales growth.

Owing to an 11 percent rise in revenue to SR4.7 billion, profit surged 31 percent from SR106 million in the same period last year, according to a bourse filing.

The retail major noted that its share in the profit of its associate Gulf Flour Milling Co. boosted this period’s results, as it was not recorded in the prior year.