RIYADH: Saudi retailers reported mixed results as the economy steadily recovers from the pandemic, with some seeing their profits rise while others are struggling still.
Abdullah Al-Othaim Markets Co.’s net profit declined by 32 percent in 2021 to SR305 million ($81 million) compared to SR451 million last year, according to a bourse filing.
Founded in 1980, Al-Othaim Markets Co. specializes in the distribution of groceries, as well as in mall operations.
Whereas Fawaz Abdulaziz Alhokair Co. reported a net profit of SR82.7 million ($22 million) during the nine-month period ending Dec. 31, as COVID-19 restrictions eased.
The Saudi-based retailer managed to erase losses of SR762 million incurred during the same period a year earlier, according to a filing by the Saudi Stock Exchange.
The gradual ease of COVID-19 containment measures, which led to a recovery in consumer sentiment, helped the company attain a 46 percent increase in revenues during the last nine months of 2021, the filing reported.
Established in 1990, Alhokair is one of the Kingdom’s leading retailers, working with around 98 brands through 1,876 stores. The Alhokair group has interests in food, fashion, retail franchises, shopping malls, wholesale and export sales, and a diverse portfolio of other businesses.
