Abdullah Al Othaim Markets Co. reported a net profit after Zakat and tax of SAR 344.67 million for the fiscal year (FY) 2019, up 13.9% year-on-year (YoY), as compared to SAR 302.6 million in FY2018.
The earnings increase is attributed to an improvement in gross margin and growth in sales by 8.81%, the company said in a bourse statement.
The firm's net profit for Q4 2019 rose 33.02% YoY to SAR 142.23 million due to recognizing a sum of SAR 38.71 million as impairment provision for certain assets and properties.
On a sequential basis, Q4 2019 net profit increased 88.68% from the previous quarter on increase in other operating income.
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