South Korea’s Doosan to build $834m steel casting plant in Saudi Arabia

RIYADH: Saudi franchised retailer Fawaz Abdulaziz Alhokair Co. will begin offering microfinance solutions through its extensive network of retail stores in the Kingdom, Vogacloset and other platforms.

The retailer’s revenue from online operations reached SR171 million ($45.5 million) in the nine months to December 31, the company’s chief executive, Marwan Moukarzel, told Argaam.

Alhokair currently has 1,400 stores, including 300 located outside the Kingdom, and its brand portfolio includes a total of 85 brands, according to Moukarzel.

“The company opened 63 stores in the first nine months of 2021/22 and plans nine more stores in the fourth quarter of the same fiscal year, including Flying Tiger and Alo Yoga,” he said.

Following the recent franchise agreement with US food brand Subway, the executive added that the company plans to add more than 145 Subway outlets over the next six years.

As the pandemic-hit economy recovered, the retailer managed to turn losses to a net profit of SR 82.7 million in the first nine months of its 2021 financial year.

The company saw a 46% increase in revenue over the same period, which was the main driver of the improved results, it said in a stock exchange statement earlier.

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