Alhokair Group cuts H1 2022 loss to SAR 66.3 mln, Q2 at SAR 35 mln

Abdulmohsen Alhokair Group for Tourism and Development narrowed its net loss after Zakat and tax by 49% to SAR 66.3 million in H1 2022, from SAR 130.1 million a year earlier.

The group cited a 6.4% year-on-year (YoY) rise in revenue to SAR 344.44 million in H1 2022. Revenue from hotel and entertainment segments jumped 4.6% and 9.2% YoY, respectively, to SAR 182.52 million and SAR 143.02 million. The group’s operating losses dropped 35% YoY to SAR 40.22 million.

In Q2 2022, net loss after Zakat and tax halved to SAR 35 million, from SAR 69.95 million in the second quarter of 2021. Alhokair Group cited the net financial impact of non-recurring operations, despite higher revenue.

It recorded a SAR 12 million provision for impairment in the value of property and equipment in Q2 2021, based on the impairment test conducted by the group in accordance with the international financial reporting standards (IFRS).

Alhokair Group closed some unprofitable projects and entertainment centers and excluded their assets, with a loss equal to the net book value of SAR 19 million during the same quarter of 2021.

The group’s total comprehensive loss decreased by 50.1% on a sequential basis to SAR 35.27 million, compared to SAR 70.72 million, due to the decrease in the net loss.

Compared to the previous quarter, net loss widened by 11.5% from SAR 31.3 million.

Shareholders’ equity, after minority interest, stood at SAR 310.4 million by the end of H1 2022, up from SAR 116.6 million a year earlier.

Accumulated losses reached SAR 338.63 million as of June 30, 2022, representing 52.1% of the company’s capital.

View More Financial Results