Saudi Arabia-based Fawaz Abdulaziz Alhokair Company – Fawaz A Alhokair & Co. Tadawul ‘Hokair’ – recently announced the interim financial results for the period ending on March 31. The company has reported a 26% increase in global sales, 28% rise in gross profit, 18% growth in operating profit and 4.1% jump in net profit compared to the previous year.
There was an increase in trading space too through the opening of 354 new mono-brand stores, 221 of which were in Saudi Arabia, representing a total 1.1 million sqft. The company has also achieved 4.5% margin improvement in the fourth quarter by driving more efficiently in stores operating cost.
“Today we’re reporting a momentous company-wide quarter, driven by our domestic market of Saudi Arabia, within a full year of sustained growth in sales, space and profitability. Our business model continues to attract franchise partners from around the world, and the execution of our long-term expansion strategy through acquisitions and mono-brand store openings continues to deliver results. The execution by our teams, globally, has been phenomenal, and we remain laser focused on maximising shareholder value throughout 2016 and beyond,” says CEO Simon Marshall.