Riyadh – Mubasher: Abdullah Al Othaim Markets posted net profits of SAR 94.49 million ($25.2 million) for the fourth quarter of 2016, with an increase of 5.89% from SAR 89.23 million ($23.8 million) in the year-ago period.
The rise in net profits was attributed to higher sales of existing branches and the expansion in opening new branches by 24.13%, despite the increase in operating and financing expenses, in addition to taking income tax provision on the profits of shareholders subject to tax, according to a bourse filing on Thursday.
As for the twelve months of 2016, the company achieved net profits of SAR 288.44 million down by 1.06% from SAR 230.88 million in 2015.
Increase in operating and financing expenses, in addition, the results of the current period included a fire incident loss occurred during 2015 at one of the manufacturing facilities of a subsidiary, contributed to the 2016 profits, the statement said.
