- H1-FY22 top line grows 74.9% y-o-y to SAR 3.1 billion and exceeds pre-pandemic H1-FY20
- Second sustainably profitable quarter in a row with Q2-FY22 net profit of SAR 20.9 million
- Margins restored to pre-pandemic level with Q2-FY22 gross margin at 17.1% and EBITDA margin of 11.4%
- Strengthening of financial position through proposed SAR 1.0 billion rights issue
(Riyadh) Fawaz Abdulaziz Alhokair Co. (“Alhokair” or the “Company”, 4240 on the Saudi Exchange), the leading franchise retailer in Saudi Arabia, today announced its results for the second quarter and first half of the year to 30 September 2021, reporting a positive Q2-FY22 top and bottom line rebound with revenue of SAR 1,361.3 million, surpassing pre-pandemic Q2-FY20 level, and a net profit of SAR 20.9 million marking two sequential quarters of profitability underpinned by the delivery on its operational upgrade strategy to support long term sustainable growth.
Marwan Moukarzel, Chief Executive Officer at Alhokair said:
“The delivery on our operational upgrade strategy is materializing, and we are pleased to have delivered a profitable first half supported by a significant recovery in our top-line, with sales figures and margins returning to pre-pandemic levels as further Covid-19 related restrictions lifted. From this base, we are confident that we will deliver a profitable full year performance.
Overall, we are pleased with the progress we are making on all strategic pillars. We are on track to launch Alo Yoga and Flying Tiger during the second half of the year followed by Fnac Darty in FY23 while we continue to calibrate our portfolio by exiting 7 brands during the quarter. Pursuing new lifestyle brands acquisitions that better fit our diversification strategy is key and we are pleased to announce the acquisition of two new franchise deals in F&B with an additional QSR master franchise agreement in KSA with over 200 stores currently being in advanced stages
On the digital front, the momentum is picking up with 36 brands successfully migrated to Vogacloset and the launch of a new category, fragrance, further diversifying our brand offering on the platform. Our online presence across all geographies is also expanding with 19 monobrands platforms now live across Saudi Arabia and internationally.
Our goal to become the leading lifestyle retail destination in the Kingdom and in key strategic growth markets is clearly in sight, particularly in light of the proposed rights issue which represents a key milestone in our transformation journey. We are confident that we are on the right path to generate sustainable long-term value for our customers, investors, brand partners, and other stakeholders.”
Read the full report here.
-Ends-
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
