RIYADH: Leading franchise retailer Fawaz Abdulaziz Alhokair Co. reported a 26 percent profit surge, despite a fire that damaged some of its outlets in the Mall of Dhahran during the second quarter of the year.
The Saudi-based retailer achieved SR58 million ($15 million) in first quarter profits, up from SR45 million during the same period a year earlier, according to a bourse filing.
A massive fire at Mall of Dhahran affected at least 11 of the retailer’s stores, but it did not affect Alhokair’s financial statements due to comprehensive insurance coverage.
Revenue stayed flat at SR1.7 billion due to muted growth in Saudi retail revenue, which was compensated for by solid growth in international retail.
Revenue in Saudi retails decreased 3.8 percent year-over-year due to ramp up activity prior to Ramadan.
In a separate announcement, Alhokair said that its accumulated losses have been cut to zero, following a 45.3 percent capital reduction.
