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Saudi Al Dawaa Sees Profit Surge After IPO Draws Strong Demand

Al Dawaa Medical Services Co. expects profit to grow at least 30% this year, its chief executive officer said, after the Saudi pharmacy chain set the price range of its initial public offering at the top end of a range.

“We have strong potential growth coming over the next three years as a result of the investments we have made” in infrastructure, Mohammed Al-Farraj said in an interview. “Al Dawaa will be doing not less than 30%-40% profit growth this year compared to 2021.”