RIYADH: Saudi Arabia’s Fawaz Alhokair Co. turned into profit in the six months ending Sept. 30 as the retailer benefited from the ease of restrictions over COVID-19 measures.
The company, one of the largest retailers and operators of malls in the Kingdom, reported a 110-percent increase in net profit of SR67 million compared to a loss of SR634 million a year ago. The company’s fiscal year ends in March 2022.
Its sales increased by 75 percent, or SR1.3 billion, to SR3.1 billion for the half of the fiscal year 2022 “as the severe impact of containment measures in response to the Covid-9 pandemic witnessed in first half of 2021 were gradually eased and trade rebounded,” it said in a filing. It also attributed the profit increase to the reduction in finance cost for non-performing stores it closed down.