Riyadh – Mubasher: Saudi Arabia-based Fawaz Abdulaziz AlHokair Co. on Thursday reported a 46.6% year-on-year increase in profits during its second quarter of 2018.
The firm posted SAR 10.03 million ($2.67 million) net profits after calculating Zakat and Tax by the end of Q2-18, up from SAR 6.84 million ($1.82 million) in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).
The fashion retailer attributed the growth of Q2-18 profits to a 7.7% drop in direct costs, and to a 20.4% decline in marketing and sales expenses.
Revenues fell 15% to SAR 1.27 billion during Q2-18, from SAR 1.50 billion in the corresponding period last year.
Year-on-year, operational profits levelled up 29%, reaching SAR 65.21 million, compared to SAR 50.63 million.
Quarter-on-quarter, profits slumped 96%, from SAR 249.19 million.
As for its first half, Fawaz Abdulaziz AlHokair Co.’s net profits after calculating Zakat and Tax went up 8% to SAR 255.5 million, from SAR 237.3 million in the same months a year before.
The Saudi fashion retailer further noted that profits of the six-month period grew after sales and marketing expenses tumbled 20.6%, while administrative and general expenses declined 9.8%.
Sales levelled down 13%, reaching SAR 3.12 billion during the first six months, compared to SAR 3.57 billion.
Year-on-year, operational profits increased 7.8% to SAR 379.9 million, from SAR 352.3 million.
Earnings per share (EPS) amounted to SAR 1.23, up from SAR 1.14.
Fawaz Abdulaziz AlHokair Co.’s stock inched up 0.28% to close Wednesday's trading session at SAR 21.32.
