Saudi retailer Alhokair Q2 profit up 11.8pc
Dubai, October 28, 2013
Saudi Arabian retailer Fawaz Abdulaziz Alhokair posted an 11.8 percent rise in second-quarter net profit on Monday that fell short of analysts' forecasts despite increased sales from expansion of stores.
The firm made a net profit of 282.08 million riyals ($75.21 million) in the three months to September 30, up from 252.4 million riyals in the year-earlier period, according to a statement to the Saudi bourse. Alhokair's financial year starts on April 1.
Five analysts polled by Reuters on average forecast the company would make a quarterly profit of 299.9 million riyals.
Alhokair said the profit rise was due to an "increase of the sales for the same stores and the successful opening of new stores".
The company's second-quarter turnover was 1.57 billion riyals, up 13.5 percent from 1.38 billion riyals in the corresponding period of 2012.
In September, Alhokair said it would open nearly 250 stores in its current financial year. -Reuters