In its June issue and for the third year in a row, Forbes Middle East has named Abdullah Al-Othaim Markets Company among the 100 largest public companies in the Middle East for the year 2020.
The listing was based on the company’s financial and commercial performance this year. Forbes raised its estimate of the company’s market value to $2.2 billion and the asset value to $1.3 billion, exceeding the company’s previous year revenues by $2.2 billion. Abdullah Al-Othaim Markets Company ranked third in the retail sector in Saudi Arabia, and was the sole listed company in the food retail sector.
Forbes analyzed major industrial, financial and economic entities in the Middle East for the annual list.
Abdul Aziz Abdullah Al-Othaim, board member and CEO of Abdullah Al-Othaim Markets Company, said: “We’re proud of the continuous selection of the company among the 100 largest companies in the Middle East by Forbes. In light of the excellent customer service offered to our customers, we are very optimistic about the promising future of the company and the sustainable growth and success.”
He added: “We managed to achieve high sales rates and an excellent market share growth in the previous three years by adopting an aggressive growth strategy, with an increasing number of branches — now standing at 243 — across the Kingdom. This reflects the company’s eagerness to serve all segments of society, and contribute to the economic growth of the Kingdom as envisioned in Vision 2030, under the guidance of King Salman and Crown Prince Mohammed bin Salman. May God bless them.”
Al-Othaim expressed gratitude for the company’s team members, underlining their pivotal role in the success achieved over the recent years.
Abdullah Al-Othaim Markets Company is a Saudi Arabia-based joint stock company. Its main activities include food wholesaling, grocery stores and malls.
Forbes ranked Al-Othaim Markets third on the list of top executive management in the Arab world retail in 2016.
Al-Othaim Markets ranked 50th on Forbes’ list of top 100 Saudi Arabian companies in 2016.
The magazine ranked Al-Othaim Markets 109th on the list of top 200 companies in the Arab World in 2016.