Three Saudi-listed companies announced today the impact of coronavirus precautionary measures on its operations and financial statements.
The Saudi government has taken a series of preventive measures to curb the rapid spread of the novel coronavirus (COVID-19), including the temporary suspension of Umrah visas, international flights, closure of shopping centers and malls, except for pharmacies and groceries.
The Kingdom has also suspended sports and entertainment activities, and inter-city and in-city transport services. It has also imposed a 24-curfew in several cities and a lockdown from 3pm to 6am in other cities.
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Companies Impacted by Coronavirus Precautionary Measures |
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Company |
Procedure/ Impact |
Details |
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AlKhabeer REIT |
Received requests from 4 tenants accounting for 38.28% of total annual income |
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National Gypsum |
Expects impact on sales and financials |
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Riyad REIT |
Four business components will be impacted differently |
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The following table illustrates details of all Saudi companies impacted by COVID-19:
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Companies Impacted by Coronavirus Precautionary Measures |
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Company |
Procedure/ Impact |
Details |
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Taiba |
Core activities were affected by the steep decline in hotel occupancy rates and the temporary closure of shopping malls in Madinah |
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Saudi Catering |
Expects an impact on its revenue & net profit |
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Deferring Q4 2019 dividend distribution until the end of current outbreak |
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SGS |
Recommended withholding cash dividend for H2 2019 |
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Expects an impact on its revenue & net profit for FY2020 after suspending all international flights |
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Alandalus |
Shutting down all commercial complexes related to the company and affiliates |
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Operations, financial statements, subsidiaries and affiliates are impacted |
For more details |
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MEFIC REIT |
Shutting down all commercial complexes |
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Expects temporarily negative impact on its operations |
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Fitaihi |
Shutting down retail showrooms of 2 affiliates |
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Shutting down all retail showrooms in Saudi Arabia |
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Impact on operations |
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Abo Moati |
Shutting showrooms within malls |
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Shutting all retail showrooms |
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Shutting all whole showrooms in Riyadh, Jeddah and Dammam |
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Al Ahli REIT (1) |
Shutting down AlAndalus Mall |
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Herfy |
Shutting down 68 restaurants within the malls |
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Impact on restaurants’ operations |
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Lazurde |
Shutting down all retail shops |
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Impact on operations |
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Bonyan REIT |
Shutting down all shopping malls except pharmacies and supermarkets |
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Jarir |
Shutting down 16 showrooms within the malls |
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Shutting down all showrooms in Kuwait |
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Shutting down all showrooms in Saudi Arabia |
For more details |
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Alhokair Group |
Shutting down all entertainment centers within Saudi Arabia |
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Direct impact on its operations |
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Leejam |
Shutting down all sports centers within Saudi Arabia |
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Arabian Centres |
Shutting down all shopping malls within Saudi Arabia |
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Alhokair |
Shutting down all retail clothing showrooms within Saudi Arabia and a number of countries |
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SACO |
Shutting down 15 showrooms in the shopping malls |
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Shutting down 15 showrooms in the curfew areas |
For more details |
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Maharah |
Suspending hourly services for retail sector and temporarily halting new workers admission |
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SAPTCO |
Revenue was impacted on the temporarily suspension of Umrah and visit visas, halting of GCC citizens entry to Makkah and Medina and suspension of inter-cities and in-city services |
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eXtra |
Closure of 5 showrooms in malls, and closure of showrooms located in the cities, where a 24-hour curfew is imposed |
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Jadwa REIT Al-Haramain |
Suspension of the lease contract for Tharawat Al Andalusia Hotel due to the temporary suspension of Umrah |
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Expects negative impact on dividend distributions for H1 2020 |
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Mulkia REIT |
Closure of West Avenue Mall |
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Swicorp Wabel REIT |
Temporary closure of Al Makan Mall, except for supermarkets and pharmacies |
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Expects negative impact on its operations after the decicion to support tenants who were forced to shut down their shops |
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Tihama |
Closure of a subsidiary’s showrooms, which are located in shopping centers |
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Raydan |
Closure of restaurants located in shopping centers. Revenue and operations were directly impacted |
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SASCO |
Revenue and operations were directly impacted |
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Arriyadh Development |
Revenue of the operating segment was impacted |
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Budget Saudi |
Revenue from short-term rentals was impacted |
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Bawan |
Product distribution and supply was hit in some sectors |
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ACIG |
Gross written premiums (GWPs) were impacted |
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Al Mashaar REIT |
H1 2020 dividend was impacted |
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Alkhabeer REIT |
The fund’s operations and commercial properties were impacted |
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Makkah Construction |
Revenue, profit, and core activities were hit by low occupancy rates at its hotel, towers, as well as the temporary suspension of the shopping center |
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Al Kathiri |
Operations of the readymade concrete segment were suspended |
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SIDC |
The operations, subsidiaries and financial results were hit |
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Buruj |
GWPs are expected to be impacted |
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Aldrees |
Revenue and operations were directly impacted |
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Jabal Omar |
Core activities were hit due to the steep decline in occupancy rates in the company’s hotels, and temporary suspension of shopping centers |
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Shams |
Revenues were hard hit by the suspension of Palm Beach Resort |
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Al Etihad Insurance |
GWPs are expected to be impacted |
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Al-Omran |
Closure of all showrooms in main cities |
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Maadaniyah |
Operations and financial results could be impacted |
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Walaa Insurance |
GWPs were impacted |
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Saudi Ceramics |
Some operations were impacted |
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Al Sorayai |
Closure of showrooms located in the cities, where a 24-hour curfew is imposed |
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Al-Yamamah Steel |
Revenue is expected to drop |
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Chubb Arabia |
GWPs could be impacted |
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Tabuk Cement |
Sales and financial results were directly impacted |
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Aslak |
Production and sales were substantially impacted |
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Al Alamiya |
Operations and financial results could be hit |
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Gulf Union |
GWPs could be negatively impacted |
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Amana Insurance |
GWPs could be impacted |
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Electrical Industries |
Financial results are forecast to be hit |
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Arab Sea |
Direct sales and financial results could be impacted |
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Al Sagr Insurance |
GWPs could be impacted |
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Al-Babtain |
Revenue are likely to drop |
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Al Khaleej Training |
Difficult to determine impact at the current time |
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Malath |
A limited decline is expected in individual insurance policy sales |
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Aljazira Mawten REIT |
Operations are expected to be temporarily impacted |
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Wafrah |
Difficult to determine impact at the current time |
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Mouwasat |
Some operations were impacted due to precautionary measures |
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Al-Samaani |
Operations and financial results were impacted |
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Ataa Educational |
Difficult to determine impact at the current time |
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SAIC |
Revenues are expected to be impacted |
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BATIC |
A limited impact on operations is expected |
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Enaya |
GWPs could be impacted |
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Alinma Tokio |
Operations and financial results were impacted |
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Al Rajhi REIT |
Expects operations to be affected negatively |
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Al Akaria |
Negative impact on leasing segment, as well as subsidiaries in the contracting, infrastructure, operating and maintenance sectors. |
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SPPC |
Operations and financial statements are impacted |
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AlAhli Takaful |
Gross written premiums may be impacted |
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Arabian Shield |
Gross written premiums may be impacted |
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Derayah REIT |
Received requests to defer or lower rents. The company refused some requests and studying the others |
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Saudi Cable |
The company's operations are run at 50% operating rate |
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Aseer |
Revenues and Performance are impacted |
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Seera |
Steep decline in demand |
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Arabian Cement |
Operations may be hit |
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Saudi Steel Pipe |
Facilities working at lower capacity |
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Alasmak |
Difficult to determine impact at the current time |
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Care |
Decrease in the number of outpatients |
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Al Ahsa |
Expects revenue to be impacted |
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SABB Takaful |
Expects installs to be impacted |
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Zoujaj |
Expects operations to be impacted |
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Dallah |
Operations, activities and financials are impacted |
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Al Hammadi |
Operations and financials are impacted |
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Dr Sulaiman Al Habib |
Operations are affected negatively |
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Arabian Pipes |
Operations in production and shipping are impacted |
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SIECO |
Revenues and activities are impacted |
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Amiantit |
Revenues and revenues of affiliated companies are impacted |
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Dur |
Hotels’ revenues to be impacted in Q2 2020 |
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Shaker |
Revenues and revenues of affiliated companies are impacted negatively |
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SRMG |
Difficult to determine impact at the current time |
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Atheeb Telecom |
Sales are affected |
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SPIMACO |
Difficult to determine impact at the current time |
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AL Maather REIT |
Received requests to defer or lower rents |
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MESC |
Revenues are expected to be impacted |
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Zamil Industrial |
All factories are operating at significantly reduced and intermittent shifts |
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Zahrat Al Waha |
Difficult to determine the financial impact at the current time |
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Saudi German Hospital |
The hospital’s outpatients clinics witnessed a slowdown in number of visits. The financial impact is expected to be reflected in Q2 2019 |
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SEDCO Capital REIT |
Received requests to defer or lower rents |
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AlBaha |
Operations and financial performance of affiliated companies are impacted |
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Jadwa REIT Saudi |
Received several rent reduction requests, and expected short-term negative impact on dividends |
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Aljazira Takaful |
Gross written premiums might be affected negatively |
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