Financial Results : Fawaz Alhokair turns to loss of SAR 761.9 mln in 9M FY20/21

Fawaz Alhokair turns to loss of SAR 761.9 mln in 9M FY20/21

10/02/2021 Argaam Exclusive

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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.



Financials (M)

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%.



Current Quarter Comparison (M)

Compared With The
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 %)

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