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FINANCIAL NEWS
USD20.4m profits in Q4: Alhokair
11 Feb 2012
(MENAFN) Saudi retailer Fawaz Abdulaziz Alhokair & Co said reported a 126 percent increase in profits to USD20.4 million in the fourth quarter from a year earlier, Arabian Business reported.
The retail group said its fourth quarter results were driven by an increase in sales, expecting its profits to more than double this year and next year compared to 2010.
It added that comparing to the third quarter, profits declined by 62 percent due the seasonal factor of Ramadan.
In November, Alhokair unveiled plans to open 400 new stores within the next two years both at home and overseas.
Fawaz Abdulaziz Alhokair & Co has 75 franchises in the Middle East and 1,300 stores worldwide.
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