Al Othaim Markets has muscled its way into Saudi Arabia's retail industry after utilising a proven strategy borrowed from western retail giants such as Wal-Mart and Tesco.
The grocery and consumer goods retailer, which is based in Riyadh, has reaped big rewards from taking market share from corner shops, as the kingdom's retail industry begins to favour bigger organisations. But though small stores may be losing out from the company's rapid expansion, Al Othaim's profits are delighting investors.
The company's stocks have risen 22.7 per cent per cent to 95.75 riyals each so far this year, compared with a slide of 8.6 per cent on the benchmark Tadawul All-Share Index.Growth is expected to continue as Al Othaim has "at least two years of double digit growth", analysts from Al Rajhi Capital wrote in a research note.
"Driven by rising population, improving education, and changing lifestyle, we expect the retail sector in Saudi Arabia to continue growing," the report said.
"Al Othaim has a very strong position in the grocery market."
Al Othaim's sales are expected to rise 16 per cent next quarter, making it a good defensive play in a slowing economy, according to analysts at NCB Capital. "The key driver enabling this growth is the structural shift in the grocery retail market in [Saudi Arabia], which is seeing organised retailers taking market share from corner stores," Farouk Miah, an analyst at NCB, wrote in a research report.
"With economic growth for the global economy expected to slow in 2012, a repercussion of this may be lower soft commodity prices and hence lower [cost of goods sold] for Al Othaim," Al Rajhi Capital added. However, Mr Miah said some caution was warranted regarding a takeover of the 86.4 per cent of Al Othaim Real Estate Investment and Development Company it does not already own.
ghunter@thenational.ae
Killing of Qassem Suleimani
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Company%C2%A0profile
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What is hepatitis?
Hepatitis is an inflammation of the liver, which can lead to fibrosis (scarring), cirrhosis or liver cancer.
There are 5 main hepatitis viruses, referred to as types A, B, C, D and E.
Hepatitis C is mostly transmitted through exposure to infective blood. This can occur through blood transfusions, contaminated injections during medical procedures, and through injecting drugs. Sexual transmission is also possible, but is much less common.
People infected with hepatitis C experience few or no symptoms, meaning they can live with the virus for years without being diagnosed. This delay in treatment can increase the risk of significant liver damage.
There are an estimated 170 million carriers of Hepatitis C around the world.
The virus causes approximately 399,000 fatalities each year worldwide, according to WHO.
COMPANY%20PROFILE
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Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
The%20specs
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Killing of Qassem Suleimani
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
