Fawaz Abdulaziz Alhokair Co. achieves improvement in profitability in Q1-FY23

Fawaz Abdulaziz Alhokair Co. achieves improvement in profitability in Q1-FY23

Stable performance supports 26% growth in profitability in Q1-FY23, with a bottom line of SAR 58 million

Ramadan trading delivers revenues of c. SAR 800mn, at an annual growth of 5.2%

Cost rationalization and optimization initiatives to enable further savings

Strategic delivery progressing well, including development of unique omnichannel customer experience

Riyadh: Fawaz Abdulaziz Alhokair Co. (“Alhokair” or the “Company”, 4240 on the Saudi Exchange), the leading lifestyle retailer in Saudi Arabia, today announced its results for the first quarter ended 30 June 2022 (Q1-FY23), reporting steady revenues of SAR 1,706 million, unchanged year-on-year (YoY), and a net profit of SAR 58 million, a 26% YoY increase from Q1-FY22. The first quarter of this year, as well as that of last year, coincided with the Holy month of Ramadan which started on the 2nd of April, and which represents an important trading period for Alhokair.

The operating environment remains buoyant, with international retail and F&B reporting 22% and 8% YoY topline growth, respectively. Saudi retail recorded a stable topline performance on an adjusted basis, which excludes from the base year the impact of increased sales activity during the Ramadan ramp-up period, that was fully captured in Q1 of last year as opposed to it falling