Thob Al-Aseel looks at opening new branches, says CEO

Thob Al-Aseel Co. is conducting feasibility studies on a number of new locations for new branches, chairman Faisal Al-Jedaie told Argaam.

This is part of the company’s expansion plan to meet the rising demand for its products, he said.

Thob Al-Aseel met its sales target during Ramadan season, he said adding that sales amounted to SAR 400 million during the period, of which 5 percent came from overseas sales.

Nomu-listed Thob Al-Aseel Co., which specializes in the import, export, and wholesale and retail trade of textiles and apparel, had reported a net profit of SAR 104.1 million for the nine-month period ending June 30, 2017.

The increase in profit margins was due to optimal utilization in addition to a decrease in the selling and distribution expenses, and a decline in the general and administrative expenses, compared to the sales volume achieved, the CEO said.