Fawaz Abdulaziz Alhokair Co. turned to a net loss after Zakat and tax of SAR 761.9 million in the nine-month period ending Dec. 31, 2020, compared to a net profit of SAR 234.3 million in the year earlier.
The losses were attributed to a 27.2% decrease in revenue driven primarily by the temporary closure of the company’s retail units for a part of the period due to the COVID-19 pandemic.
In addition, the company booked a one-off impairment of SAR 18.5 million related to certain doubtful assets, an increase of 10.8% in depreciation and amortization, as well as a 47.7% increase in Zakat and income tax expense.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 4,256.76 | 3,100.26 | (27.2 %) |
| Gross Income | 949.04 | 288.08 | (69.6 %) |
| Operating Income | 507.12 | (255.47) | (150.4 %) |
| Net Income | 231.31 | (752.88) | (425.5 %) |
| Average Shares | 114.77 | 114.77 | - |
| EPS (Riyals) | 2.02 | (6.56) | (425.5 %) |
The company reported a net loss after Zakat and tax of SAR 128.1 million in Q3, compared to a net profit after Zakat and tax of SAR 36.1 million, on the back of higher selling, general and administrative (SG&A) expenses, and depreciation and amortization costs, despite revenue growth.
On a quarterly basis, Alhokair losses narrowed by 30.4%, as revenue surged by 13.8%.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 1,289.78 | 1,349.71 | 4.6 % |
| Gross Income | 258.24 | 281.45 | 9.0 % |
| Operating Income | 102.14 | 91.63 | (10.3 %) |
| Net Income | 34.47 | (128.56) | (472.9 %) |
| Average Shares | 114.77 | 114.77 | - |
| EPS (Riyals) | 0.30 | (1.12) | (472.9 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 1,185.60 | 1,349.71 | 13.8 % |
| Gross Income | 143.36 | 281.45 | 96.3 % |
| Operating Income | (41.11) | 91.63 | 322.9 % |
| Net Income | (98.79) | (128.56) | (30.1 %) |
| Average Shares | 114.77 | 114.77 | - |
| EPS (Riyals) | (0.86) | (1.12) | (30.1 %) |
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