Fawaz Abdulaziz Alhokair Co., the leading franchise retailer in Saudi Arabia, today announced its results for the first quarter ended 30 June 2021, reporting a healthy rebound in revenues of SAR 1,700.7 million and a net profit of SAR 45.7 million, marking a return to profitability.
“We are pleased with the results achieved in the first quarter, as we returned to profitability following five consecutive quarters of net losses. Top-line recovery was significant, with sales figures returning to pre-pandemic levels as Covid-19 related restrictions lifted across markets and supported by Ramadan seasonal sales,” said Marwan Moukarzel, Chief Executive Officer at Alhokair.
Q1-FY22 positive topline performance stemmed from a recovery in the Saudi retail segment, as the quarter coincided with the holy month of Ramadan, one of its strongest seasons in the year, in addition to the gradual reopening of international markets such as Georgia. This came despite ongoing closures during the quarter in some international operations such as Azerbaijan which only opened up mid-June 2021.
“Our commitment to digitalization is stronger than ever and we made significant progress in migrating brands to Vogacloset, with 29 additions during the first quarter, while the plan is to continue diversifying the brand offering on the platform. In addition, we continue to expand our online presence in Saudi Arabia and in our international markets where we launched 2 new monobrand platforms during the quarter, which will support growth in online sales across markets,” he added.
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