Alhokair reports 40% growth in Q4 profits
Saudi retailer which franchises brands such as Zara and Marks and Spencer in the kingdom, Fawaz Abdulaziz Alhokair Co has posted a 40% year-on-year increase in net profit for its fourth quarter ended March 31, Reuters has reported. Profit climbed to SR190.8m ($50.9m) in the quarter, as sales rose 10% to SR1.36bn. Alhokair attributed the size of the profit rise to other income, which it did not specify. For the full financial year, net profit rose 24% to SR771.4m, as sales increased 18% to SR5.48bn.