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Saudi’s Fawaz Alhokair Q2 Net Profit Up 15.7%, Misses Forecasts

Saudi’s Fawaz Alhokair Q2 Net Profit Up 15.7%, Misses Forecasts

Net profit in the three months to June 30 was SAR191.2 million ($51.0 million), compared to SAR165.2 million in the same period a year earlier.

Saudi Arabian retailer Fawaz Abdulaziz Alhokair Co reported a 15.7 per cent increase in second-quarter net profit on Monday, but missed analysts’ estimates.

Net profit in the three months to June 30 was SAR191.2 million ($51.0 million), compared to SAR165.2 million in the same period a year earlier, it said in a bourse statement.

It attributed the rise to “opening new stores, adding new brands and an increase in sales in the international markets.”

Six analysts polled by Reuters had forecast, on average, that Alhokair would record a net profit of SAR208.23 million in the quarter.

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