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Saudi’s Fawaz Alhokair Co Quarterly Net Rises 7.7%, Misses View

Saudi’s Fawaz Alhokair Co Quarterly Net Rises 7.7%, Misses View

The company made a net profit of SAR303.74 million ($81.0 million) in the third quarter, up from SAR282.08 million in the year-earlier period.

Saudi Arabia retailer Fawaz Abdulaziz Alhokair Co reported a 7.7 per cent rise in second-quarter profit on Monday as sales increased and it made foreign exchange gains, but the profit missed analysts’ estimates.

The company made a net profit of SAR303.74 million ($81.0 million) in the three months to Sept. 30, up from SAR282.08 million in the year-earlier period, according to a bourse filing. Alhokair’s financial year starts on April 1.

Analysts polled by Reuters had on average forecast the company would make a quarterly profit of SAR351.7 million.

Alhokair said its quarterly profit rise was due to increasing sales; quarterly turnover rose 32 per cent to SAR2.07 billion.

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