Fawaz Abdulaziz Alhokair Company reported its interim financial results for the second quarter of 2019.

Net profits after zakat and tax declined by 10.1% to SAR 224 million in Q2-19, compared to SAR 249.2 million in Q2-18, according to the firm’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.
Total revenues plunged by 6.13% to SAR 1.73 billion during the three-month period ended June, versus SAR 1.84 billion in the same period a year earlier.

Profit per share stood at SAR 1.07 by the end of June, from SAR 1.19 in the corresponding period of 2018.

The company attributed the fall in profits to the implementation of IFRS 16 on 1 April, as it resulted in the booking of an additional SAR 26 million in costs.

-Mubasher