Fawaz Abdulaziz Alhokair Co.'s net profit of SAR 27 million for Q3 Financial Year 2019 exceeded Al Rajhi Capital's estimates of a net loss of SAR 18 million.
Revenue declined 8.6 percent year-on-year (YoY) to SAR 1.2 billion beating the brokerage's estimate of SAR 1.16 billion, due to lower number of stores and continued pressure on LFL sales in the Kingdom.
However, the company managed to control sales and marketing expenses (-13.4 percent YoY), while continued cost efficiency program resulted in lower general and administrative expenses (-5 percent YoY).
Al Rajhi Capital maintained “neutral” rating on the stock, setting the target price at SAR 20 a share.
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