DUBAI: Saudi meals wholesaler Abdullah Al Othaim Markets reported a 31% enhance in web revenue final yr as meals demand elevated throughout lockdowns.
Revenue elevated to round SR 451 million ($ 120.1 million), with total gross sales rising 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 Change.
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 business.
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 folks top off on important meals objects, with lockdowns limiting the potential to eat out.
Saudi meals large Savola final week reported a 92% rise in 2020 income as a result of rising demand for frozen merchandise.