AFG Retail loses SAR 233.1M in 9M 2026, SAR 99.2M in Q3

AFG Retail, formerly known as Fawaz Abdulaziz Alhokair Co., reported a net loss of SAR 233.1 million for the first nine months of 2026, compared with SAR 239.4 million in the same period a year earlier.

The company attributed the narrower loss to a 6.3% year-on-year (YoY) increase in revenue to SAR 3.90 billion, supported by growth of 4.5% in Saudi Arabia and 14.2% in international markets.

Growth was driven by the Inditex portfolio and other brands, particularly electronics, which rose 34%, sports, beauty and lifestyle, up 33.7%, and other fashion categories, up 12.8%. Online sales increased 10.1% to SAR 319.7 million.

Gross profit rose 2.6% to SAR 1.22 billion, while other operating expenses fell 87.7% to SAR 11.2 million, mainly due to the absence of foreign exchange losses and a non-recurring tax liability settlement recorded in the year-earlier period.

These gains were partly offset by an 11.4% YoY decline in food and beverage revenue to SAR 219.1 million, mainly due to portfolio rationalization and store closures. Selling, general and administrative expenses increased 1.7% to SAR 1.10 billion, including SAR 59.2 million in impairment losses.

Other operating income fell 32.9% to SAR 25.2 million, while net financing costs rose 33.8% to SAR 314.7 million, reflecting the full-year impact of financing facilities obtained in 2025.

In the third quarter of 2026, AFG Retail reported a net loss of SAR 99.2 million, compared with a net profit of SAR 129.6 million in Q3 2025. On a quarter-on-quarter basis, the net loss widened 22.7% from SAR 80.88 million in Q2 2026.

Total shareholders' equity, excluding minority interest, stood at a negative SAR 1.83 billion as of Sept. 30, 2026, compared with a negative SAR 1.33 billion a year earlier.

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