Fawaz Alhokair Co quarterly net rises 7.7 %, misses view

DUBAI: Saudi Arabia retailer Fawaz Abdulaziz Alhokair Co reported a 7.7 per cent rise in second-quarter profit on Monday as sales increased and it made foreign exchange gains, but the profit missed analysts’ estimates.

The company made a net profit of 303.74 million riyals (Dh297 million) in the three months to Sept. 30, up from 282.08 million riyals in the year-earlier period, according to a bourse filing. Alhokair’s financial year starts on April 1.

Analysts polled by Reuters had on average forecast the company would make a quarterly profit of 351.7 million riyals.

Alhokair said its quarterly profit rise was due to increasing sales; quarterly turnover rose 32 per cent to 2.07 billion riyals.