The Saudi retail group has posted a smaller loss in the final quarter of its fiscal year as revenues finally begin to recover following the Coronavirus pandemic.
The group reported a net loss of SR 348M in the three months through March 2021, down from SR 915M in the previous year. It’s full-year loss increased 63 per cent to SR 1.11bn. Revenues in the fourth quarter rose to SR 1.13bn from SR 1.09bn a year earlier, while full-year revenues declined by 20.8 per cent to SR 4.23bn.
Alongside their financial results, the company closed a net 141 stores in the year and opened a net six food and beverage outlets. Brands including Decathlon, Public Desire and Marie France have joined the group in the period.
Marwan Moukarzel, Chief Executive Officer of Alhokair Group, said in the filing: “This financial year presented extraordinary challenges that no market was prepared for, creating one of the most challenging retail operating environments in living memory. Although a difficult period, which saw sales decline year-on-year in all segments, Saudi retail began to show signs of recovery as Covid-19 restrictions eased.”
