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FINANCIAL NEWS
Saudi Fawaz A. Alhokair reports USD32m profit in Q1
25 Jul 2012
(MENAFN) Saudi retailer Fawaz A. Alhokair and Company SJSC reported a 48 percent increase in quarterly profits on higher sales, the company said in a press release.
The company said it made USD32.24 million net profit during the fiscal first quarter ended in June 30, up from USD21.76 million a year earlier.
Revenue for the quarter rose by 21 percent to USD108.36 million compared to USD91.92 million generated a year earlier, Alhokair added.
The group operates over 70 international brands through over 1,200 retail stores, and runs department stores and fashion brands including Marks & Spencer, Gap, Zara and Mango.
Alhokair attributed the increase in quarterly results mainly to higher operating profit from increased same store sales, an increase in the number of stores and the increase in other investments incomes.
The company has retail operations in Saudi Arabia, Jordan, Morocco, Egypt, Kazakhstan, Azerbaijan, Georgia and the US.
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