Fawaz Alhokair says accumulated losses in Q1 amount to SAR 637.7 mln

Fawaz Abdulaziz Alhokair Co. announced in a bourse statement today that the accumulated losses at the end of the first quarter, ending June 30, 2020, amounted to SAR 637.68 million, representing 30% of the share capital.

Meanwhile, accumulated losses by the end of March 2020 amounted to SAR 112.25 million, equivalent to 5% of the share capital.

The fashion retailer attributed these accumulated losses to the temporary closure of the company’s retail units, in line with the government directives to contain the spread of the COVID-19 pandemic, and its adverse effect on the company’s Q1 2020 revenue.

The company added that the previous announcement did not indicate the amount of accumulated losses and their percentage of the capital at the end of the current period.

According to data compiled by Argaam, Fawaz Alhokair reported a net loss after Zakat and tax of SAR 535.6 million in Q1 ending June 30, compared to a net profit of SAR 224 million in the year-earlier period.