Thob Al Aseel plans to increase market share

Ahmed Al Sultan, CEO of Thob Al Aseel Co.

Ahmed Al Sultan, CEO of Thob Al Aseel Co., said that the company is working to increase its market share by meeting customer needs and keeping pace with market changes. It also plans to open new horizons for its commercial activities.

Al Sultan explained, in a phone call with Argaam, that the company seeks to maintain its growth in Q2 2024, thanks to the forthcoming Hajj season. This is amid the company’s focus on expanding its market share and customer base.

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The first quarter of 2024 witnessed a growth in sales volumes in most product categories, due to the increased demand during Ramadan, the CEO said.

Sales to customers abroad increased by 183%, the top executive pointed out, adding that the company’s online sales grew by 163% compared to Q1 2023.

The CEO highlighted that, during Q1 2024, Thob Al Aseel managed to achieve noticeable growth in sales of 10.86% compared to Q1 2023.

The relative improvement in the profit margin resulting from sales of highly profitable items contributed to an increase in net profit, reaching SAR 40.1 million in Q1 2024 compared to SAR 27.8 million in Q1 2023, up 44%, Al Sultan added.

This positive performance strengthens the company’s market position and reflects its commitment to meeting customer requirements and the success of its strategies.

According to data available on Argaam, the company’s profit increased 44% to SAR 40.1 million by the end of the first quarter of 2024, compared to SAR 27.8 million in Q1 2023.