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Al Hokair Q2 profits rise 46.6% on lower costs, general expenses

2018-11-08 14:57:09 GMT (Economies.com)
Al Hokair Q2 profits rise 46.6% on lower costs, general expenses
 

Preliminary financial results of Fawaz Abdulaziz Al-Hokair showed a 46.6% rise in profits in the second quarter ending 30 September 2018.

 

The company reported a net profit of SAR 10.03 million, compared to a net profit of SAR 6.84 million in the corresponding quarter of 2017.

 

Q2 net operating profit rose to SAR 65.2 million, compared to a net operating profit of SAR 50.6 million in the year-ago period.

 

The company said the rise in second-quarter net profit was due to a 7.7% drop in direct costs compared to the same period last year, in addition to a decrease in sales and marketing expenses by 20.4% from the same quarter last year.

 

The company also continued to implement a plan to reduce general and administrative expenses, which resulted in a decrease of 5.2% in expenses compared to the same quarter last year.

 

In contrast, revenues fell to SAR 1.3 billion during the second quarter, compared to revenues of SAR 1.5 billion in the corresponding quarter of 2017.

 

Meanwhile, the company's profits rose to SAR 255.5 million during the six months ended September 30, 2018, compared to a net profit of SAR 237.3 million in the same period a year earlier.

 

The company earlier posted a net profit of SAR 249.2 million for the first quarter ended June 30, 2018, compared to a net profit of SAR 232.4 million in the corresponding quarter of 2017.

 
 
 
  Symbol Last Change Chg.%
1.1338
0.0010
0.0874%
1.3019
0.0099
0.7635%
14.190
0.031
0.219%
56.133
-3.710
6.200%
66.07
-0.05
0.08%
1212.295
2.825
0.234%
 
 
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