Abdulmohsen Alhokair Group for Tourism and Development turned to a net loss of SAR 60.1 million for the first quarter of 2021, against a net profit of SAR 2.1 million in the year-earlier period.
The company was hit by a revenue fall of SAR 90.1 million year-on-year (YoY), due to the COVID-19 impact and the precautionary measures adopted by the Kingdom to contain the pandemic spread.
During the first quarter of 2020, a non-recurring rent concession was recorded at a total of value SAR 23.6 million for some leased hotels, entertainment and commercial centers, amid the coronavirus pandemic.
The group also reported a lower profit share from joint ventures.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 231.05 | 140.99 | (39.0 %) |
| Gross Income | 81.29 | 2.04 | (97.5 %) |
| Operating Income | 28.54 | (41.94) | (247.0 %) |
| Net Income | 2.11 | (60.10) | (2953.9 %) |
| Average Shares | 226.54 | 226.54 | - |
| EPS (Riyals) | 0.01 | (0.27) | (2953.9 %) |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 149.24 | 140.99 | (5.5 %) |
| Gross Income | 7.76 | 2.04 | (73.7 %) |
| Operating Income | (50.35) | (41.94) | 16.7 % |
| Net Income | (95.01) | (60.10) | 36.7 % |
| Average Shares | 226.54 | 226.54 | - |
| EPS (Riyals) | (0.42) | (0.27) | 36.7 % |
When compared to the previous quarter, net losses narrowed by 36.7% from SAR 95 million, thanks to a decline in direct costs, general and administrative expenses and financial charges.
Shareholders’ equity, excluding minority interest, dropped by 57.60% to SAR 187.32 million by the end of Q1 2021, compared to SAR 441.78 million in the year-ago period.
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