Fawaz Alhokair incurs SAR 681.2 mln losses in FY2020

Fawaz Alhokair incurs SAR 681.2 mln losses in FY2020

30/06/2020 Argaam Exclusive

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Fawaz Abdulaziz Alhokair Co. sustained a net loss after zakat and tax of SAR 681.2 million for the fiscal year ended March 2020, against a net profit of SAR 138.1 million a year earlier.



Financials (M)

Item 2018 2019 Change‬
Revenues 5,425.80 5,341.79 (1.5 %)
Gross Income 1,084.50 995.88 (8.2 %)
Operating Income 335.80 344.01 2.4 %
Net Income 144.75 (656.26) (553.4 %)
Average Shares 114.77 114.77 -
Earnings Per Share before unusual items 1.04 (1.82) (274.6 %)
EPS (Riyals) 1.26 (5.72) (553.4 %)


Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 1,072.57 1,085.03 1.2 %
Gross Income 34.57 46.84 35.5 %
Operating Income (84.52) (163.11) (93.0 %)
Net Income (141.00) (887.56) (529.5 %)
Average Shares 114.77 114.77 -
Earnings Per Share before unusual items (1.22) (2.69) (120.8 %)
EPS (Riyals) (1.23) (7.73) (529.5 %)

The losses were attributed to a decline of 1.6% in FY2020 revenue, due to the implementation of a portfolio optimization strategy and the temporary closure of the company’s retail units as a result of the COVID-19 pandemic.

 

Depreciation and amortization expenses also increased to SAR 295.5 million in FY2020, up 1.9% or SAR 5.6 million compared to a year earlier.

 

Impairments also rose to SAR 242.5 million in the same fiscal year from SAR 2.6 million in FY2019 as the company recorded a one-time asset impairment following a reappraisal of legacy assets.

 

Finance costs also increased to SAR 451.5 million in FY2020, up by 124.7% or SAR 250.6 million on an annual basis.

 

In Q4, the fashion retailer incurred net losses of SAR 912.51 million.

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