In comparison to the same quarter last year, when the second quarter ended on September 30, Fawaz Abdulaziz Al-Hokair and Partners Company reported an increase in profits of 11. 5% to 23. 3 million riyals.
Today, Wednesday, the business said in a statement on the “Tadawul Saudi Arabia” website that the increase in quarterly profits was brought on by the maintenance of a healthy level of revenues worth 1. 372 billion riyals, as opposed to 1.
361 billion riyals were spent in the same three months last year.
The company stated that this fixed performance comes against the background of the slowdown in retail revenues in the Saudi market, which was compensated by the strong improvement in international operations revenues (+9% on an annual basis), and the recovery of the food and beverage sector (+5% on an annual basis).
Seasonal considerations and inflationary pressures caused Saudi retail revenues to decline by 2% annually, thereby affecting consumer purchasing power and discretionary expenditure.
Sales, public, and administration costs dropped by 2.7%, or 3. 1 million Saudi riyals, to 113. 8 million riyals. The corporation is still concentrating on cost containment.
Sales, public, and administrative expenses as a proportion of revenues fell to 8.
6% in the same period the year before, to 3.3% in the second quarter of the current fiscal year.
The company’s profits increased in the first half ended on September 30, by 21. 6% to 81 million riyals, compared to 66. 6 million riyals in the comparative period of the previous year..
“Saudi Al- Hokair’s” quarterly earnings increase by 12% to 23 million riyals.
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