Fawaz Alhokair CEO says delivery on operational upgrade strategy ‘materializing’

Logo of Fawaz Abdulaziz Alhokair Co.

Fawaz Abdulaziz Alhokair Co.’s delivery on its operational upgrade strategy is “materializing”, as the company turned to profit in the six months that ended September 2021, Chief Executive Officer (CEO), Marwan Moukarzel, said in a statement.  

“We are pleased with the progress we are making on all strategic pillars. We are on track to launch Alo Yoga and Flying Tiger during the second half of the year followed by Fnac Darty in FY23,” Moukarzel added commenting on the company’s financial results. 

The company continues to calibrate its portfolio by exiting seven brands during the quarter. Pursuing new lifestyle brands acquisitions that better fit our diversification strategy is key. 

Moukarzel also announced the acquisition of two new franchise deals in the food & beverages (F&B) industry, with an additional Quick Service Restaurant (QSR)  master franchise agreement in Saudi Arabia with over 200 stores currently being in advanced stages.

Commenting on the board of directors’ recommendation to increase capital via rights issue, Moukarzel indicated that the issue will help accelerate the strategy implementation in a way that will boost the business growth momentum. 

In the second quarter, the company turned to a net profit of SAR 22 million versus a net loss of SAR 99 million a year earlier, Argaam reported.