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- China's Sinopec Signs Joint Venture Agreement with Saudi Aramco Worth $4 Billion
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28/07/2016 05:16 AST
Saudi Arabian retailer Fawaz Abdulaziz Alhokair Co. reported a 0.9 percent rise in first-quarter net profit on Wednesday as sales increased at its outlets in the Kingdom.
The company made a net profit of SR212.6 million ($56.7 million) in the three months to June 30, up from SR210.8 million in the year-earlier period, according to a bourse filing. Alhokair's financial year starts on April 1.
EFG Hermes forecast the company would make a quarterly profit of SR170.1 million during the quarter, while NCB Capital estimated a profit of SR190.0 million.
Alhokair, which owns franchise rights for brands including Mango, Zara and Banana Republic in the Middle East, said its quarterly profit rise was due to increasing sales in Saudi Arabia due to more stores and also the boost from the holy month of Ramadan.
These factors helped offset the negative impact from an increased inventory provision, which lifted the cost of sales, as well as a SR27 million charge following the sale of Spanish brand Blanco in the quarter.
Quarterly sales rose 17.1 percent year on year to SR2.2 billion.
Retail names in Saudi Arabia have struggled in the first half of 2016 as a protracted slump in oil prices put government and consumer spending under pressure, while a two-month salary bump to government employees which boosted retail sales in early 2015 wasn't repeated.
Arab News
23/08/2017
In an effort of rebalancing its debt exposure especially the Short Term portion, Fawaz Abdulaziz Al Hokair & Co. signed a new Murabaha Agreement with Alrajhi Bank under the following terms:
Tadawul
17/04/2017
ALHOKAIR Fashion Retail launched the first Lefties flagship store, the famous accessible price international fashion brand, in KSA at Nakheel Mall Riyadh. This exhibition is the first Lefties store i
Saudi Gazette
21/09/2016
Fawaz Abdulaziz Al Hokair Company, a leading Saudi-based group with a focus on retail and real estate business sectors, has won a major contract to develop a commercial and entertainment district adj
Trade Arabia
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| JARIR | 12.64 | -0.06 (-0.48 |
| EXTRA | 92.90 | 1.10 (1.19 |
| NICEONE | 37.50 | -1.50 (-3.85 |
| SASCO | 63.70 | 0.70 (1.11 |
| ALSAIFGALLERY | 7.31 | -0.02 (-0.28 |
29/04/2025
China's state-run Sinopec said on Monday it had signed an agreement with a unit of Saudi Aramco to establish a joint venture company aimed at operating ports, transporting crude oil, and providing ot
Asharq Al Awsat
29/04/2025
Gulf Bank has officially released its Fifth Annual Sustainability Report for the year 2024, titled "From Vision to Execution", highlighting the Bank's advancements in sustainability in line with Kuwa
Kuwait Times
29/04/2025
In an interview with CNBC International, Shaikha Al-Bahar, Deputy Group Chief Executive Officer of National Bank of Kuwait (NBK) affirmed the Group's commitment to maintaining excellence and fosterin
Kuwait Times
29/04/2025
Borouge today announced a series of strategic asset expansion projects to accelerate its growth, contributing annually between $165 million and $200 million (AED600 million - AED730 million) in EBITD
Trade Arabia
29/04/2025
Saudi developer Emaar, The Economic City has signed final agreements with four local banks to reschedule SR3.39 billion ($904 million) in existing debt and secure a new credit facility.
In a
Arab News
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