Fawaz Abdulaziz Alhokair Co. delivers stable revenue with continued strong momentum by F&B and international operations

Fawaz Abdulaziz Alhokair Co. delivers stable revenue with continued strong momentum by F&B and international operations

- Tactical optimization of inventories continues with further reduction of 15% YTD

- Sustained positive momentum from F&B and international portfolio with 5% and 9% growth respectively

Riyadh: Fawaz Abdulaziz Alhokair Co. (“Alhokair” or the “Company”, 4240 on the Saudi Exchange), the leading lifestyle retailer in Saudi Arabia (KSA), today announced its results for the second quarter and first half of the year ending 30 September 2022 (Q2-FY23 and H1-FY23). The company reported steady revenues of SAR 1,373 million, and SAR 3,079 million respectively, following an improved performance in international retail and the food and beverage (F&B) segment, which counterbalanced the softer seasonal domestic operating environment.

Ahmed Belbesy, Chief Financial Officer, Alhokair said: “We have established a firm base and are confident in Alhokair’s ability to drive forward in the face of market challenges. In KSA, the secular change in consumer spending habits has been further impacted by a return of summer travel following a COVID-impacted two-year period, and the return and rise of pre-pandemic activities.

We have successfully maintained a positive revenue trend, supported by our F&B and international segments, which continued to deliver solid results during this period. By persistently optimizing our operations, we will focus on delivering improvements in profitability and