Thob Al Aseel capital hike aims to expand business, says CEO

01/11/2021 Argaam Special

Ahmed Al-Sultan, CEO of Thob Al Aseel Co.

Thob Al Aseel Co.'s capital increase aims to expand business, maintain financial solvency and boost the working capital, CEO Ahmed Al-Sultan told Argaam in a phone call.
 

He added that the company seeks to implement the sales growth plans, noting that Umrah performers from outside the Kingdom represent a purchasing power reflecting positively on the firm's sales.
 

Al-Sultan expects business environment to improve in the next period.
 

Touching on Q3 2021 financials, the top executive said the decline in profit and sales were due to signing a medical supply contract in Q3 2020, as well as capitalizing on the government subsidy to ease COVID-19 impacts.
 

He further said the seasonal sales during the Holy Month of Ramadan affected Q3 2021 net profit, indicating the company's sales are impacted by seasonal factors due to the difference of purchasing patterns.

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