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Fawaz Alhokair net profits fall 14.2pc

DUBAI, January 21, 2016

Saudi Arabian retailer Fawaz Abdulaziz Alhokair Company reported a 14.2 per cent fall in third-quarter net profit on Thursday.

The company made a net profit of SR91.2 million ($24.3 million) in the three months to December 31, down from SR106.2 million in the year-earlier period, according to a bourse filing. Alhokair's financial year starts on April 1.

Analysts at NCB Capital and Aljazira Capital expected the company to make a quarterly profit of SR130 million and 124.3 million respectively.

Alhokair, which owns franchise rights for brands including Mango, Zara and Banana Republic in the Middle East, said its quarterly profit fall was due to a drop in profits from international operations because of a fall in the euro impacting profits in Spain and currency devaluations in Kazakhstan and Azerbaijan hurting business in those countries.

It also cited a seasonal impact from the fact the same quarter last year included sales from part of the Haj religious season. - Reuters




Tags: NCB | Saudi Arabian | Alhokair |

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