The Clap
AlOthaim Markets’ (4001) net profits jumped by 1559% YoY in Q3 2022.
The Deets
AlOthaim Markets justified the increase in its profits during Q3 to the growth of its sales by 17.37%, from existing and new branches, in addition to traffic from the back-to-school season.
Earnings
The company recorded SAR 701.2 million in non-recurring capital gains from selling its investment in the “Abdullah AlOthaim Investment Company” and land in Medina.
Background
Last July, AlOthaim Markets revealed that its BoD approved AlOthaim Holding’s offer for the purchase of all of its shares in “AlOthaim Investment” for SAR 846.54 million.
