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Fawaz A. Alhokair quarterly profit soars nearly 60%

Saudi Arabia: Monday, July 25 - 2011 @ 16:18

In the most recent quarter alone the group managed a 47.2% lift in net profit, which stood at SAR55.4m for the previous quarter.

The Saudi Arabian group, which covers fashion retail, leisure and real estate, saw gross profit grow by over a third, arriving at SAR334.7m, compared to SAR245.4m for last year’s corresponding quarter, with an increase of 36.3 per cent.

Like-for-like earnings per share now stand at SAR1.17, compared with SAR0.74 for the previous year.

Simon Marshall, Chief Executive Office at Fawaz Alhokair: “The results reflect another quarter of excellence across all branches of Fawaz A. Alhokair. We began the quarter by entering an exclusive Joint Venture with acclaimed British luxury brand Burberry, which establishes and accelerates our entry to the luxury market-place. Moreover, by drawing on our longstanding relationships with a number of globally recognised brands, Fawaz Alhokair has been able to deliver an outstanding performance in the Saudi market, as well as other international markets. The increase in sales for same stores coupled with the success of our new brands has secured our growth for the future, as we continue to expand on a global scale. At the same time, we managed to maintain our operating expenses, meaning we were able to achieve the targeted operating leverage from sales growth.”

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Monday, July 25- 2011 @ 16:18 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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