Fawaz Abdulaziz Al Hokair & Partners Company (Al Hokair) achieved an 11.48% increase in profits for the second quarter of the company's fiscal year that ended on September 30 last, to reach 23.3 million riyals, after zakat and tax, compared to 20.9 million riyals in the same quarter of the previous fiscal year.
According to Arabiya Net, Al Hokair's net profit declined by 59.6% in the second quarter of the company's current fiscal year, compared to a net profit of about 57.7 million riyals in the first quarter of the company's current fiscal year.
The company said in a statement, that the increase in net profits in the second quarter of the current fiscal year of the company, on an annual basis, is due to revenues maintaining their level at about 1.37 billion riyals, and selling, general and administrative expenses decreased by 2.7% to 113.8 million riyals, as well as a decrease in net costs. Financing by 41.7% to 41 million riyals.
During the first half of the company's fiscal year, the net profit after zakat and tax increased by 21.6% to about 81 million riyals, compared to about 66.6 million riyals in the same half of the company's previous fiscal year.
It is worth mentioning that Al Hokair Fashion Retail Group, the leading retail and lifestyle products company in the Kingdom of Saudi Arabia, has signed a Letter of Intent with the giant Turkish fashion brand, Trendyol, to establish its first presence in the Kingdom.
The partnership was approved at an official signing ceremony attended by His Excellency Khalid Al-Falih, Minister of Investment of the Kingdom of Saudi Arabia, along with Dr. Noureddin Nebti, Turkish Minister of Finance and Treasury.
