Saudi retailer Alhokair net up 39pc
Riyadh, May 14, 2013
Saudi fashion retail giant Fawaz Abdulaziz Alhokair Company has registered a SR619.69 million ($165 million) net profit for the first quarter, up 38.5 per cent compared to SR447.38 million last year.
Alhokair, which specialises in clothing and catering, netted a gross profit of SR1.13 billion, up 43 per cent compared to SR789.98 million last year, the company said in a statement posted on the website of the Saudi bourse.
The earnings per share (EPS) for the year ended March 31, 2013 is SR8.85 compared the same period last year (SR6.39), it added.
The Saudi retailer pointed out that its operating profit for the period surged to SR583.93 million, thus posting an increase of 32.9 per cent compared to SR439.28 million last year.
The company said the Q1 profit growth was mainly due to the increase in the sales for the same stores and the successful opening of new stores, introducing new concepts & brands.
Alhokair represents international brands such as Zara chain owned by Spain's Inditex and Marks and Spencer.-TradeArabia News Service