Dwindling profits
Alhokair recorded a 1.7% yoy decline in Q3 2016 consolidated revenues to SAR1.43bn vs. SAR1.455bn in the same quarter last year. The group posted a net profit amounting to SAR40.5m, down 55.6% compared to Q3 2015 (-31% on a qoq basis). The decrease in net income was mainly due to additional markdown during sales period (higher than expected discounts) in order to mitigate the impact of the decrease in demand as well as extra provisions and increasing new stores costs.Fawaz Abdulaziz Alhokair Company SJSC Formerly known as Fawaz Abdulaziz Al Hokair And Company. Fawaz Abdulaziz Alhokair Co SJSC is a Saudi Arabia-based company. The Company's activities include the wholesale and retail trade in ready-made cloth for men, women and children, shoes, textiles, house and office furniture, perfumes, natural cosmetics, ornaments and beauty materials and their compounds and traditional jewelry; the wholesale and retail trading in sports wares and shoes and their complementary; the management and operation of optics centers, wholesale and retail trading in eye glasses and sun glasses, contact lenses, optical equipment and accessories; purchase of land and construction of building thereon for the purpose of running the Company's activities and business; the manufacture, wholesale and retail in Abayas, robes, scarfs and other women embroidered gowns; the wholesale and retail trading in gold and silver, among others.
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