Saudi-based Fawaz Abdulaziz Alhokair Co. announced its results for the full year ended 31 March 2022 (FY22), reporting revenues of SAR 1,387 million for the final quarter, a 22% growth year-on-year (y-o-y), with annual revenues of SAR 5,915 million recording a 40% increase from the previous year.
The strong top-line performance was predominantly driven by the recovery in both domestic and international retail markets with a strong improvement in consumer sentiment translating into higher in-store foot traffic, despite the marginal impact of the Omicron variant in December. F&B revenues continued to grow but were hampered by capacity and other Covid-19 related restrictions which persisted throughout the year. Overall, the gompany reported a net profit of SAR 38 million for FY22, compared to a net loss of SAR 1,109 million in FY21, with the increase driven by the growth in revenues, expansion in trading margins, absence of one-off inventory provisions recorded in FY21, partially offset by a one-off, non-cash impairment charge of SAR 71 million related to the goodwill arising from the acquisition of NESK Group in 2012. Adjusted net profit, excluding the impairment charge, is SAR 109 million.
“Alhokair has successfully navigated a challenging year to generate topline growth of 40% and a strong underlying profitability. The robust results are supported by the trading activity returning to pre-pandemic levels, the successful execution on the operational upgrade strategy and the strength of our teams across the business. We entered the new year on a strong footing, ready to sustain our path to recovery and build on our industry-leading position,” said Mohamad Mourad, Interim Chief Executive Officer at Alhokair.
“The optimisation of our brand portfolio is paying off, and we were pleased to successfully launch and onboard great brands this year, whilst the rationalisation of our store network is approaching normalisation. Our investments in key international operations have done well with the CIS countries, Egypt and Jordan being key contributors to the performance,” he added.
Alhokair recorded revenues of SAR 1,387 million in Q4-FY22, up by 22% from SAR 1,132 million booked in Q4-FY21. Meanwhile, full-year revenue increased 40% y-o-y to SAR 5,915 million, in line with guidance. The strong growth in the top-line was primarily driven by Alhokair’s ongoing focus on portfolio optimization and increasing revenue per SQM, supported by the market’s return to normalcy as pandemic-related restrictions continued to be lifted across the globe, in addition to a general improvement in business activity and sentiment. This translated into enhanced performances across the board, with a marked growth in Saudi and international retail revenues, as well as F&B.
J Lindeberg was started by Johan Lindeberg in 1990s with the aimSeptember 2, 2022 | By Shruthi Nair
Majid Al Futtaim has made significant strides toward environmental, social, and corporateJuly 5, 2022 | By RetailME Bureau
Al Maya Group has announced the opening of its new supermarket in Arabian
Locally-owned supermarket Spinneys and pharmacy retailer Aster Pharmacy have joined forces to
Majid Al Futtaim has announced its audit reviewed operational and financial results
Dubai’s largest developer Emaar has announced that it will sell it’s online
Walmart announced this week that it will offer Paramount Global’s streaming service
Employee retention has been on every company’s minds, especially since the fears
The Frozen Chicken’ as Spinneys was fondly referred to back in the
Veppy.com, a Q-Commerce marketplace startup just announced their go live date in the
GMG, a global well-being company retailing, distributing, and manufacturing a portfolio of leading
Lulu Group International recently introduced the world’s first AI-powered Food Delivery Robot
Eid Al-Fitr is an occasion to gather with your friends and family
Inflation has been the biggest subject for both consumers and businesses alike,
Let’s be honest. There is no such thing as a fully sustainable
The latest State of the UAE Retail Economy report has been released
According to a recent NielsenIQ study, 60% of Saudi Arabian consumers say they’re buying a greater variety of brands
The top 25 global retailers by market capitalisation (MCap) reported a 14%
Words by: David Lancefield, Director of Software Solutions, EMEA, Zebra Technologies Most
The RetailME Tech and Marcom Summit, which saw more than 45 speakers,
A recent report published by Talkwalker and YouGov has revealed the shifts in
“It was all sand”, I recently heard from yet another Dubai resident
B2B, B2C, B2B2C, D2C… as much as they look like a strange
Back in 2017, a lot of TV and newspaper headlines were overtly