Thob Al Aseel CEO says full-capacity Umrah driving sales; positive growth to continue

Ahmed Al-Sultan, CEO of Thob Al Aseel Co.

Ahmed Al-Sultan, CEO of Thob Al Aseel Co., said the Saudi government’s decision to allow the performance of Umrah with full capacity reflected positively on the company’s sales and market recovery in general.

Umrah performers represent a purchasing power that positively impacts the company’s sales, he told Argaam in a telephone interview.

The increase in Umrah performers from outside the Kingdom contributed to the recovery of sales from the Western Region, the CEO noted.

He added that the first quarter witnessed an improvement in the business environment, which reflected positively on the company’s performance, as sales rose by 34% year-on-year, in line with its plans and programs.

Al-Sultan expected Thob Al Aseel’s positive growth to continue over the next period, supported by the client incentives and programs, as well as the continued improvement in the business conditions.

The Tadawul-listed firm posted a net profit after Zakat and tax of SAR 19 million for the first quarter of 2022, a rise of 36% compared with SAR 14 million a year earlier, according to data available with Argaam.