Political turmoil in the region did not slow sales at the Saudi Arabian retailer Fawaz Abdulaziz Alhokair and Company, where annual profit doubled.
The company reported a 100 per cent jump in net profit for the full year ending March 31 to 55 million Saudi riyals, compared with the same period a year ago.
Sales stood at 613m riyals, up 24.4 per cent on the previous year, which was above some analysts' estimates, including 12.4 per cent above Al Mal Capital's forecasts.
Alhokair is one of the few Saudi retailers with direct exposure to countries that have suffered from political instability, with 50 of its more than 1,000 stores based in Egypt.
Irfan Ellam, an analyst at Al Mal Capital who covers the stock, maintained his "outperform" rating, with a target price of 50.8 riyals.
He said the growth was mainly driven by business initiatives including the opening of five children's stores in Saudi Arabia, thanks to a tie-up with the Zippy franchise, and expansion outside the kingdom.
The retailer is also looking to open up to 45 stores in Saudi Arabia in the next six months to support its new private label, FG4.
The label, a joint venture with George Davies, the Next founder, will target the under-14s.
This month, the company signed a memorandum of understanding with International Finance Corporation, a member of the World Bank Group, for 281m riyals to finance its expansion into international markets.
The company operates more than 1,000 branches in Saudi Arabia and has increasingly moved towards international retailing since it was established in 1989.
In a cautious note, Mr Ellam said the expansion initiatives were likely to put pressure on margins in the future.
Shares in the company have climbed 33 per cent since the beginning of last month.
They closed yesterday 0.4 per cent higher at 45 riyals.
fhalime@thenational.ae
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
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THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
ESSENTIALS
The flights
Emirates, Etihad and Swiss fly direct from the UAE to Zurich from Dh2,855 return, including taxes.
The chalet
Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.
AGUERO'S PREMIER LEAGUE RECORD
Apps: 186
Goals: 127
Assists: 31
Wins: 117
Losses: 33
A meeting of young minds
The 3,494 entries for the 2019 Sharjah Children Biennial come from:
435 – UAE
2,000 – China
808 – United Kingdom
165 – Argentina
38 – Lebanon
16 – Saudi Arabia
16 – Bangladesh
6 – Ireland
3 – Egypt
3 – France
2 – Sudan
1 – Kuwait
1 – Australia
UAE SQUAD
Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani
Defenders: Bandar Al Ahbabi, Shaheen Abdulrahman, Walid Abbas, Mahmoud Khamis, Mohammed Barghash, Khalifa Al Hammadi, Hassan Al Mahrami, Yousef Jaber, Salem Rashid, Mohammed Al Attas, Alhassan Saleh
Midfielders: Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Majed Hassan, Yahya Nader, Ahmed Barman, Abdullah Hamad, Khalfan Mubarak, Khalil Al Hammadi, Tahnoun Al Zaabi, Harib Abdallah, Mohammed Jumah, Yahya Al Ghassani
Forwards: Fabio De Lima, Caio Canedo, Ali Saleh, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri
Results
Stage 5:
1. Jonas Vingegaard (DEN) Team Jumbo-Visma 04:19:08
2. Tadej Pogacar (SLO) UAE Team Emirates 00:00:03
3. Adam Yates (GBR) Ineos Grenadiers
4. Sergio Higuita (COL) EF Education-Nippo 00:00:05
5. Joao Almeida (POR) Deceuninck-QuickStep 00:00:06
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates 17:09:26
2. Adam Yates (GBR) Ineos Grenadiers 00:00:45
3. Joao Almeida (POR) Deceuninck-QuickStep 00:01:12
4. Chris Harper (AUS) Team Jumbo-Visma 00:01:54
5. Neilson Powless (USA) EF Education-Nippo 00:01:56
Essentials
The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.
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Match info
Liverpool 3
Hoedt (10' og), Matip (21'), Salah (45 3')
Southampton 0
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