Riyadh – Mubasher: Fawaz Abdulaziz AlHokair on Sunday posted a 7.22% year-on-year growth in net profits for the first quarter of 2018.

The company’s profits amounted to SAR 249.19 million ($66.38 million) in Q1-18, up from SAR 232.41 million ($61.96 million) achieved in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul).

Compared to the first quarter, Fawaz Abdulaziz AlHokair was profitable having suffered SAR 184.45 million in net losses.

The firm attributed the rise in its Q1-18 profits to implementing administration policies that focused on achieving long-term growth.

The retail apparel Tadawul-listed company posted a 4.34% increase in operating profits to SAR 314.72 million during Q1-18, compared to SAR 301.64 million in the corresponding period a year earlier.

Earnings per share (EPS) amounted to SAR 1.19 in the period between April and June versus SAR 1.11 in the year-ago period.

Fawaz Abdulaziz AlHokair fiscal year end in March each year.

The company’s stock last gained 0.57% to close Thursday at SAR 21.16.