Riyadh – Mubasher: Fawaz Abdulaziz Al Hokair on Sunday announced achieving profits worth SAR 79.35 million ($21.13 million) in the fourth quarter ended 31 March 2017, 96% higher than the previous quarter, and up from SAR 3.17 million ($844,150 million) in the same period of the prior year.

The reason for the increase in net profits in Q4 is the positive impact of the company's strategies in controlling direct selling expenses, the decrease in financing expenses, and the decline in zakat and income tax expenses, according to a filing to the Saudi Stock Exchange (Tadawul) on Sunday.

The company had previously reported a drop of 36.5% for the profits of the fiscal year ended on 31 March 2017, amounting to SAR 391.17 million, compared to SAR 615.8 million in the same period of the year before, the statement showed.

The company's sales shed 6.3% in Q4 ended on 31 March 2017, reaching SAR 1.42 billion, compared to SAR 1.516 billion in the same period of the prior year.

On late Thursday, the stock tumbled 3.8% to SAR 29.10.