Riyadh-Mubasher: Fawaz Abdulaziz Al Hokair Co. reported net earnings of SAR 91.17 million for the third quarter ended 31 December 2014, falling 14% year-on-year from SAR 106.2 million.
The company ascribed the profit decline to low earnings from branches outside the kingdom, hurt by the euro decline in Spain and the currency devaluation in Kazakhstan and Azerbaijan, which led to a decrease in sales by SAR 85 million.
Net earnings for the nine-month period increased 2% to SAR 612.6 million, compared with SAR 601.2 million in the same period a year ago.
The profit growth was driven by a 17% increase in local sales on the new stores opened last year, Al Hokair said.
