Oil drops as EU lockdowns stifle restoration hopes

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DUBAI: Saudi meals wholesaler Abdullah Al Othaim Markets reported a 31% enhance in internet revenue final yr as meals demand elevated throughout lockdowns.

Revenue elevated to round SR 451 million ($ 120.1 million), with total gross sales growing 7.9% to SR 8.8 billion.

Gross sales development was “pushed by robust demand to buy meals and groceries throughout government-imposed shutdowns to mitigate the coronavirus outbreak within the first half of the yr,” the corporate mentioned in a press launch on the Tadawul Inventory Alternate.

Nevertheless, gross sales fell within the second half of the yr with the easing of restrictions.

Gross margins additionally improved in the course of the yr, a pattern mirrored by the bigger meals retail trade.

Nonetheless, the corporate mentioned its actual property enterprise was negatively affected within the first half of the yr because it gave reductions and exemptions to tenants as compensation for downtime.
Saudi meals teams have emerged as a retail hotspot within the area over the previous yr, as individuals fill up on important meals gadgets, with lockdowns limiting the potential to eat out.
Saudi meals large Savola final week reported a 92% rise in 2020 earnings resulting from rising demand for frozen merchandise.

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