Riyadh – Mubasher: Abdullah Al Othaim Markets Company achieved 16.3% higher annual net earnings in the fourth quarter (Q4) of 2020 at SAR 165.48 million.
The growth in quarterly profits was driven by a higher profit margin despite the decline in sales following the tripling of the value-added tax (VAT) rate from 1 July 2020 and the conversion of education in schools to distance learning as a precaution against Covid-19, according to a bourse statement on Thursday.
Revenue for the October-December period of 2020 slid by 2.6% annually to SAR 2 billion.
In 2020, the net profits stood at SAR 450.97 million, up by 30.8% from SAR 344.67 million a year earlier.
