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Saudi's Alhokair sees Q3 profit up 21pc

Riyadh, January 17, 2014

Saudi Arabian retailer Fawaz Abdulaziz Alhokair Company said its third-quarter net profit rose 20.7 per cent on the back of higher like-for-like sales and revenue from new store openings.

Alhokair represents international brands such as Zara chain owned by Spain's Inditex and Marks and Spencer.

The firm posted a net profit for the three months to December 31 of SR133.3 million ($35.5 million), versus SR110.5 million for the corresponding period of the previous financial year, it said in a bourse filing on Thursday. Alhokair's financial year runs from April 1.

The earnings beat the average forecast of three analysts polled by Reuters, who expected a net profit for the quarter of SR126.3 million .

Alhokair's profit for the first nine months of its financial year rose 20 per cent to SR580.6 million.-Reuters




Tags: Alhokair | Saudi retailer |

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