Thob Al Aseel expects growth to continue in Q1 2024; aims to expand: CEO

Ahmed Al-Sultan, CEO of Thob Al Aseel

Thob Al Aseel Co. CEO Ahmed Al-Sultan expects sustained growth in the first quarter of 2024, driven by increased sales linked to Ramadan, coupled with a rise in the number of visitors to Saudi Arabia.

In an interview with Argaam, Al-Sultan said that the company is focusing on expanding its market share by growing its customer base and enhancing the online shopping experience.

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The CEO highlighted the outstanding performance of the company in 2023, attributed to increased sales, improved collection rates, and a decrease in allocated expenses for credit loss provision compared to the same period a year ago.

These results signify the company's commitment to meeting customer needs and delivering optimal value to shareholders, he noted.

Al-Sultan highlighted the substantial contribution to fourth-quarter revenues from the sales of Saudi winter garments and fur within the subsidiary companies, effectively meeting customer demands aligned with the winter season.

Additionally, the CEO pointed out a remarkable growth in online store sales, reaching SAR 8.16 million in 2023, compared to SAR 3 million in 2022.

Clarifying the reduction in the Chairman's ownership to less than 5%, Al-Sultan stated it is a result of transferring 10 million shares to his children. Emphasizing the nature of this action, Al-Sultan reassured that the shift in ownership will not have any adverse impact on the company's performance.

According to data available on Argaam, Thob Al Aseel’s profits surged to SAR 76.9 million by the end of 2023, a 44% increase from SAR 53.4 million in the same period of 2022. Additionally, the company reported fourth-quarter profits totaling SAR 11.5 million in 2023.