Fawaz Abdulaziz Al Hokair and Hokair Company rose by 62.99%, reaching SR 1.110 billion in 2021, compared to SR 681.2 million in 2020.
According to Arab Net, Al-Hokair said in a statement that high losses were due to several factors, including a 20.8% decline in revenue in the fiscal year ended March 31, equivalent to SR 1.106 billion, to record 4.23 billion riyals.
The company added that low revenue reflects the impact of the temporary closure of the network of stores and restrictions on the movement, a commitment to public health measures relating to the Kovid-19 norm throughout Saudi Arabia and all international markets in which the company operates.
In the Kingdom, all stores were fully closed from March 15, 2020. The fashion stores were gradually opened with additional restrictions, while food and beverage stores continued to work with a limited number of people within the entire year, along with intermittent closures At other times.
The major international markets committed throughout the year with limited hours of work.
The lost revenue on the company was estimated in the first quarter of 2021 because of closures of SR 1.2 billion, and also falling to the closure of stores that do not exceed the company's profits, and exclude weak performance brands during the same period.
Al-Hokair said that its accumulated losses amounted to 1.038 billion riyals by the end of the fiscal year ended March 31, 2021, equivalent to 49.4% of the capital of 2.1 billion riyals.
