Al Othaim expands market share; store count reaches 409: CEO

Speaking to Argaam, Mubarah said the company now operates 409 stores, with the Central Province contributing the most to revenue growth in both 2024 and the fourth quarter of last year. In Egypt, the retailer’s store count has reached 58.

On the financial results, he noted that Al Othaim posted growth in 2024, driven by a 5% increase in sales, gains from the initial public offering (IPO) of Fourth Milling Co. (MC4), higher operational efficiency, and improved rental income. The IPO of MC4 alone contributed over SAR 160 million in profit.

Total sales exceeded SAR 2.65 billion in Q4 2024, marking a nearly 3% year-on-year (YoY) increase. In 2024, sales grew by about 5%, outperforming the modern trade sector’s growth of less than 1.2% for the same year.

Looking ahead to the first quarter of 2025, Mubarah expressed confidence in achieving strong results, expanding operations, and maximizing returns for investors. He added that the first quarter typically benefits from the seasonal demand surge during Ramadan, which positively impacts the grocery retail sector.

According to the data available with Argaam, Al Othaim posted a SAR 523.1 million net profit in 2024, compared to SAR 490.7 million in 2023. Q4 net profit grew by 73% YoY to SAR 286.5 million, driven by the gains from MC4 offering.