Alhokair Group starts recovery, works on new strategy: Chairman

Majed Alhokair, Chairman of Alhokair Group 

Abdulmohsen Alhokair Group for Tourism and Development’s (Alhokair Group) turned profitable and started recovery, said Chairman Majed Alhokair.

The company is working on a new strategy that will be disclosed soon, along with the restructuring process, the Chairman said in an interview with Almodifer Show on Rotana Khalijia.

Some of the group’s losses were extinguished by closing or selling a number of hotels in Jeddah, as well as many entertainment centers and malls.

Parallelly, a new strategy is being developed, founded on raising quality, with an aim to sell at higher prices and achieve better margins.

Moreover, Alhokair Group is planning new investments, and aims to conclude some acquisitions in the upcoming period.

The group changed its name to reflect the new strategy and vision it is currently adopting; a trend applied by many other companies, the Chairman said.

According to data available with Argaam, Alhokair Group narrowed its loss to SAR 29.4 million in the end of H1 2023, from SAR 67.7 million loss in H1 2022, while it reported SAR 4.9 million profit in Q2 2023.

The company said that the accumulated losses at the end of H1 2023 amounted to SAR 54.02 million, representing 17.15% of the group’s SAR 315 million subscribed capital.