Sinome Retail identifies 26 non-strategic brands as part of its sales programme

Fawaz Abdulaziz Al Hokair & Partners, Sinomi Retail, has announced its intention to complete a series of strategic deals that support its commitment to consolidate its presence as a leading company in the retail sector in the Kingdom and support its growth process and transformation.

The company said in a statement on “Tadawul Saudi Arabia”, today, Sunday, that in compliance with the “Sinomy Retail” objective aimed at achieving leadership in the sectors in which it operates, and focusing on the brands that occupy the first or in secondly, identified 26 non-strategic brands under the sales program approved by the Board of Directors, a sales program management consultant was appointed.

He added that this program supports brand portfolio development and supports continued focus on attracting favorite brands in order to meet consumer needs and support retail growth in the whole Kingdom.

And “Sinomy Retail” continued: “The brands intended for sale are expected to impact the company’s revenues by approximately 288 million riyals, in addition to a positive impact on profitability of approximately 25 million riyals, in succession, with the completion of the sales program.”

The company also strengthened its focus on the food and beverage sector by divesting the non-strategic Azal restaurant chain and the non-strategic Shawerma restaurants, for a value of 25 million riyals.

Sinomi Retail stated that, in parallel, the growth of the chain fast food “Subway” was enhanced by completing the acquisition of 30 of the brand’s restaurants in across the Kingdom, thus adding the stores it manages directly to its group of stores operated through the franchise. .

He indicated that this strategic growth in the food and beverage sector will be strengthened through 17 additional ‘Subway’ locations opening, in addition to the 15 openings for ‘Cinnabon’ in 2023.

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