Fawaz Abdulaziz Alhokair Co. turned to a net loss after Zakat and tax of SAR 633.8 million in the six-month period ended Sept. 30, 2020, compared to a profit of SAR 198.2 million in the same period a year earlier.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 2,966.98 | 1,750.55 | (41.0 %) |
| Gross Income | 690.79 | 6.64 | (99.0 %) |
| Operating Income | 400.87 | (347.10) | (186.6 %) |
| Net Income | 196.83 | (624.22) | (417.1 %) |
| Average Shares | 114.77 | 114.77 | - |
| EPS (Riyals) | 1.72 | (5.44) | (417.1 %) |
This profit decline was driven by a 41% drop in revenue, as a result of the temporary closure of the company’s retail units due to COVID-19, and a hike of 14.6% in depreciation and amortization expenses.
The company also cited lower gross profit and a 28.4% increase in selling, general and administrative expenses for the losses.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 1,234.59 | 1,185.60 | (4.0 %) |
| Gross Income | 183.28 | 143.36 | (21.8 %) |
| Operating Income | 43.84 | (41.11) | (193.8 %) |
| Net Income | (27.22) | (98.79) | (263.0 %) |
| Average Shares | 114.77 | 114.77 | - |
| EPS (Riyals) | (0.24) | (0.86) | (263.0 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 564.95 | 1,185.60 | 109.9 % |
| Gross Income | (136.73) | 143.36 | 204.9 % |
| Operating Income | (305.99) | (41.11) | 86.6 % |
| Net Income | (525.43) | (98.79) | 81.2 % |
| Average Shares | 114.77 | 114.77 | - |
| EPS (Riyals) | (4.58) | (0.86) | 81.2 % |
The Q2 2020/21 net loss after Zakat and tax widened to SAR 98.2 million on lower revenue and gross profit, together with higher other income and depreciation and amortization expenses.
On a quarterly basis, Alhokair’s net losses narrowed on higher revenue.
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