Fawaz Abdulaziz AlHokair Co. reported SAR 303.74 million net earnings in the second quarter, rising 7.68% year-on-year from SAR 282.08 million and 58.86% quarter-on-quarter from SAR 191.2 million.
The Tadawul-listed company ascribed Q3 profit growth y/y to the increase in sales and rise in other income from foreign exchange and investments.
AlHokair said the rise in nine-month earnings was due to the growth in the sales for the same stores and the successful opening of new stores, as well as introducing new concepts and brands. It added that other income has increased by SAR 27 million which has been offset by similar increase in finance charges and tax expense.
Q3 profit growth q/q was driven by the season factor of Ramadan and Hajj, as well as the increasing number of stores for the high performing brands. In addition, the other income has contributed to the increase compared to the previous quarter.
The Tadawul-listed company ascribed Q3 profit growth y/y to the increase in sales and rise in other income from foreign exchange and investments.
AlHokair said the rise in nine-month earnings was due to the growth in the sales for the same stores and the successful opening of new stores, as well as introducing new concepts and brands. It added that other income has increased by SAR 27 million which has been offset by similar increase in finance charges and tax expense.
Q3 profit growth q/q was driven by the season factor of Ramadan and Hajj, as well as the increasing number of stores for the high performing brands. In addition, the other income has contributed to the increase compared to the previous quarter.
Source:
Mubasher
