Thob Al Aseel Co. managed to diversify sources of income amid the fallout of COVID-19 and signed contracts in the healthcare sector, which boosted Q3 2020 financial results, CEO Ahmed Al-Sultan told Argaam.
“We seek to maintain our medical supplies to the healthcare companies, which we started at the time of the pandemic,”Al-Sultan said.
He added that sales proceeds from the new medical products amounted to SAR 57 million in Q3 2020, and came as part of the company’s SAR 73.13 million contract signed with National Unified Procurement Company (NUPCO) to supply medical equipment.
“We are studying the market to fulfill its requirements. New products will be introduced to the market soon,” the CEO noted.
Al-Sultan indicated that the company obtained SAR 752,000 worth of financial support during the pandemic outbreak, highlighting the impact from the value-added tax (VAT) hike.
Thob Al Aseel reported net profit of SAR 5.9 million in Q3 2020, up by 14% year-on-year (YoY), Argaam reported.
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