Riyadh – Mubasher: Fawaz Abdulaziz Al Hokair Co. on Thursday reported a net profit of SAR 3.17 million ($845,000) for the fourth quarter of its fiscal year, a drop of 98% from SAR 201.7 million ($53.79 million) achieved in the same period a year earlier.
The profit plunge was ascribed to a 3.2% decline in sales, including a 7% drop in the Saudi market, which had seen stronger performance in the year-ago period, according to a filing to the Saudi Stock Exchange (Tadawul).
Net profit in the 12-month period was down 23% to SAR 615.8 million ($164.2 million) from SAR 802.95 million ($214.12 million) in the same period a year earlier.
Sales during the 12-month period retreated by 3.2%, while profit margin fell 12.2% in the Saudi market in Q4.
