Riyadh – Mubasher: Fawaz Abdulaziz Al Hokair Company’s profits rose in the first quarter of the fiscal year 2016, ended on 30 June, by 0.86% year-on-year.
Net profit reached SAR 212.62 million ($56.69 million) in Q1-16, versus SAR 210.8 million ($56.2 million) in Q1-15, according to a bourse filing released on Wednesday.
The y-o-y rise was a result of the increase in sales in the Saudi Arabian market due to higher number of stores and the seasonality factor for holy month of Ramadan.
However, Q1 results was negatively affected by the increase in the inventory provision, which reflected on the cost of sales.
Al Hokair earlier posted a net profit of SAR 3.17 million for Q4-15, ended on 31 March 2016, 98% down from SAR 201.7 million reported for Q4-14.
