‎Al Othaim’s sales growth boosts market share, expansions continuing in targeted areas: CEO

‎Al Othaim’s sales growth boosts market share, expansions continuing in targeted areas: CEO

Abdullah Al Othaim Markets Co.'s sales grew by 7% in Q2 2023 and by 10.3% in H1 2023, which boosted the company's market share, said CEO Muaffaq Mabarah, indicating that the growth is higher than the sector average.

He told Argaam that the company invested its available cash in Sharia-compliant bank deposits, which contributed to the growth of profits, in addition to achieving SAR 97 million capital gains from the sale of investment land in Riyadh.

Mabarah also pointed out that the company's branches had reached 323 by the end of the second quarter, which helped growth of sales and profits, highlighting that the Central Province is the main contributor to revenues.

As for the company's plans and objectives for the coming period, the CEO stated that Al Othaim is working on developing the logistical, technical and marketing infrastructure and focusing in particular on its loyalty program.

Al Othaim is also working to continue increasing its customers and its marketing strategy. In the previous quarter, it signed cooperation agreements with leading companies in loyalty programs to redeem their reward points in the company's branches, such as stc and Al Rajhi Bank, to provide better service, according to the top official.

He stressed that the company