Saudi retailer Alhokair swings into profit after pandemic losses

Saudi retailer Alhokair swings into profit after pandemic losses

RIYADH: Leading franchise retailer Fawaz Abdulaziz Alhokair Co. reported a net profit of SR82.7 million ($22 million) during the nine months period ending Dec. 31, as COVID-19 restrictions eased. The Saudi-based retailer managed to erase losses of SR762 million incurred during the same period a year earlier, according to a filing by the Saudi Stock Exchange. The gradual ease of COVID-19 containment measures, which led to a recovery in consumer sentiment, helped the company attain a 46 percent increase in revenues during the last nine month of 2021, the filing reported. Established in 1990, Alhokair is one of the Kingdom's leading retailers, working with around 98 brands through 1,876 stores. The Alhokair group has interests in food, fashion, retail franchises, shopping malls, wholesale and export sales, and a diverse portfolio of other businesses. Following the recent franchise agreement with US Subway, the company’s CEO said: “the new franchise acquisitions are aligned with our commitment to create an experiential omnichannel shopping environment supported by our digital transformation," in its earning release. “We are well-positioned to achieve our topline target of SAR 6 billion despite renewed Covid-19 related restrictions affecting some operations over the past two months,” Marwan Moukarzel added.