Thoub Al Aseel logs 13% higher profits in Q3

The growth in Q3-20 net income attributable to the company’s shareholders was backed by a rise in sales

  
Riyadh – Mubasher: Thoub Al Aseel achieved SAR 5.92 million in net profits during the third quarter (Q3) of 2020, up by 13.6% when compared to SAR 5.21 million in the prior-year quarter.

Revenue reached SAR 110.08 million in the July-September period of the year, posting a 38.2% yearly increase, according to a bourse statement on Sunday.

The growth in Q3-20 net income attributable to the company’s shareholders was backed by a rise in sales, coupled with the company’s efforts to improve the management of expenditures and restrain controllable costs.

Moreover, the firm took advantage of the Saudi government's initiatives launched to mitigate the effects of COVID-19.

In the January-September period, the profits went up by 8.6% annually to SAR 75.8 million.

Source: Mubasher

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