Fawaz Abdulaziz Alhokair Co.’s net profit after zakat and tax edged down 16.7% year-on-year (YoY) to SAR 234.3 million in the nine-month period ending on Dec. 31, 2019.
This profit decline was driven by a 2% drop in revenue and a hike of 194% in depreciation and amortization expenses.
The third-quarter net profit after zakat and tax jumped 40.07% YoY to SAR 36 million on higher revenue, together with the implementation of a portfolio optimization strategy.
On a quarterly basis, Alhokair incurred SAR 26.7 million losses in Q2 2019/2020.
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