03 June, 2023
Retail operator Almrakez sees 9% drop in profit due to pandemic shutdowns


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Thu, 2022-02-10 20:15

RIYADH: Saudi retail operator Arabian Centres has reported a 9 percent drop in profits during the last nine months of 2021, compared to a year earlier.

Also known as Almrakez, the company registered a net profit of SR327 million ($87 million), down from SR359 million in the same period a year earlier, according to a bourse filing.

The decline in profits was mainly caused by a 15.4 percent increase in cost of revenue due to pandemic-related shutdowns and restrictions.

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