Fawaz Abdulaziz Alhokair Co , the Saudi Arabian retailer which franchises brands such as Zara and Marks and Spencer in the kingdom, reported on Monday a 40 per cent year-on-year leap in net profit for its fourth quarter ended March 31.
Profit climbed to SAR190.8 million ($50.9 million) in the quarter, missing the average forecast of three analysts polled by Reuters of SAR230 million.
Sales climbed 10 per cent in the quarter to SAR1.36 billion. In a brief statement, 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 per cent to SAR771.4 million, as sales increased 18 per cent to SAR5.48 billion.
The company also said it planned to pay a dividend of SAR3 per share for the second half of its last financial year, and that its board had recommended doubling the company’s capital to SAR2.1 billion through a one-for-one bonus issue of shares.