Riyadh - Mubasher: Fawaz Abdulaziz Alhokair Co. (Alhokair) incurred net losses after Zakat and taxes of SAR 1.110 billion during fiscal year (FY) 2020/2021, up by 63% year-on-year (YoY) from SAR 681.2 million.
The revenues declined to SAR 4.233 billion in the year ended 31 March from SAR 5.342 billion a year earlier, the company said in a bourse disclosure on Wednesday.
The loss increase was mainly ascribed to a 20.8% drop in revenue as a result of the lockdowns and movement restrictions in response to the coronavirus (COVID-19) pandemic across Saudi Arabia and all international markets in which the company operates.
In the kingdom, all stores were shut down from 15 March 2020 to 26 April 26 2020.
The company lost revenues in the first quarter (Q1) of FY20/21 at an estimated value of SAR 1.200 billion.
Over the course of 12 months, selling, general, and administrative expenses grew by 24.1% YoY to SAR 442.3 million.
