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FinancialNews
23-03-21
Saudi Abdullah Al Othaim Markets reports 31 percent increase in 2020
(MENAFN)A 31 percent increase in net profit 2020 was announced by Saudi food wholesaler Abdullah Al Othaim Markets, as food demand improved during lockdowns.
Profit increased to about SR451 million (USD120.1 million) as overall sales increased by 7.9 percent to SR8.8 billion.
The company further stated that the value in sales was “driven by high demand to buy food and grocery supplies during the closure periods imposed by the government to mitigate the coronavirus outbreak during the first half of the year," according to the Tadawul stock exchange.
But sales dropped in the second half as restrictions eased.
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