Fawaz Abdulaziz Alhokair Co. reported a net consolidated loss after Zakat and tax of SAR 535.6million in the first quarter ending June 30, 2020, compared to a net profit of SAR 224.9 million in the year-earlier period.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 1,732.40 | 564.95 | (67.4 %) |
| Gross Income | 507.52 | (136.73) | (126.9 %) |
| Operating Income | 357.03 | (305.99) | (185.7 %) |
| Net Income | 224.05 | (525.43) | (334.5 %) |
| Average Shares | 114.77 | 114.77 | - |
| EPS (Riyals) | 1.95 | (4.58) | (334.5 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 1,085.03 | 564.95 | (47.9 %) |
| Gross Income | 46.84 | (136.73) | (391.9 %) |
| Operating Income | (163.11) | (305.99) | (87.6 %) |
| Net Income | (887.56) | (525.43) | 40.8 % |
| Average Shares | 114.77 | 114.77 | - |
| EPS (Riyals) | (7.73) | (4.58) | 40.8 % |
The net loss was attributed to 67.4% decline in revenue, driven primarily by the temporary closure of the company’s retail units amid COVID-19 pandemic.
However, selling, general and administrative expenses declined 1.3% year-on-year (YoY) to SAR 91.5 million in Q1-FY2021, thanks to increased operational efficiencies. In addition, the company recorded one-off impairments of SAR 63.2 million related to certain investments in foreign markets and fixed assets.
The fashion retailer sustained losses in Q1-FY2021, compared to a net profit of SAR 887.6 million in Q4-FY2020, as revenue declined by 47.9% due to the government’s precautionary measures to curb the spread of the virus outbreak.
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