Saudi Arabia retailer Fawaz Abdulaziz Alhokair Company reported a 20.3 per cent fall in third-quarter profit, missing analyst estimates, blaming seasonal factors.

The company made a net profit of SR106.2 million ($28.3 million) in the three months to December 31, down from SR133.3 million in the year-earlier period, according to a bourse filing. Alhokair's financial year starts on April 1.

Three analysts polled by Reuters had on average forecast the company would make a quarterly profit of SR144.7 million.

The profit fall came despite a 19 per cent increase in turnover to SR1.55 billion during the quarter.

The company said the decline in net profit was due to lower sales linked to the Haj religious holiday taking place during the second quarter of 2014, rather than the third quarter during the year before, which reduced the number of high-margin goods it sold.  - Reuters