Fawaz Abdulaziz Alhokair Co. is planning to launch its own e-commerce platform in December, Faisal AlJedaie acting chief executive officer told CNBC Arabia on Thursday.
“The company is also looking to venture into other activities, such as cinemas and restaurants to diversify its portfolio,” AlJedaie added.
Alhokair will be a main play on the Saudi expansions. It is currently in talks with operators of entertainment cities to gain presence in new shopping malls.
Commenting on Q2 2018 results, AlJedaie said Alhokair’s profit and gross margins were bolstered by cost efficiency, improved discount policies and more favorable commercial terms with external partners.
“We’re focusing on alternative marketing channels, mainly the social media and direct existence in shopping malls across the Kingdom,” he added.
This trend has helped reducing marketing costs amid weak demand and changed consumption pattern in the Saudi market, AlJedaie concluded.
Alhokair’s Q2 2018 net profit came in at SAR 10.03 million, jumping 47 percent year-on-year.
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