Riyadh – Mubasher: Fawaz Abdulaziz Alhokair Company’s net losses for the second quarter ended on 30 September 2020 amounted to SAR 98.2 million, up by 267.8% on a year-on-year (YoY) basis.
The surge in the quarterly loss was ascribed to shrinkage in revenues and gross profits by SAR 49 million and SAR 131.4 million, respectively, according to a bourse statement on Tuesday.
Meanwhile, selling, general, and administrative expenses surged by 57.3% YoY while other income jumped by 112.1%.
Revenue for the second quarter reached SAR 1.2 billion, a 3.97% YoY drop.
During the first half (H1), the company turned to net losses of SAR 633.8 million, against net profits of SAR 198.2 million a year earlier.
