Alhokair Group's Q2 profit spurred by tourism rebound, stronger demand for leisure: CEO

Sami AlHokair, CEO of Alhokair Group

The recovery of Saudi Arabia’s tourism sector, combined with increased demand for leisure and hospitality services from local and international customers, helped Abdulmohsen Alhokair Group for Tourism and Development (Alhokair Group) achieve profits in the second quarter of 2023, the company’s CEO, Sami AlHokair, said.

In a press release, AlHokair empathized that the group's strategic initiatives over the past year contributed to the creation of added value, which resulted in improved performance, lower costs, and increased operational efficiency.

The CEO said that the group has diversified its sources of revenues by securing strategic projects, boosting its portfolio of entertainment brands, and launching a series of new initiatives aimed at improving customer experience across all of the group's locations.

AlHokair expects the group to achieve more outstanding results, given the Kingdom's strong capabilities to become a major international tourism destination. 

Alhokair Group narrowed its net loss in the first half of 2023 to 56.5% to SAR 29.4 million from SAR 67.7 million a year earlier. Q2 profit amounted to SAR 4.9 million, according to Argaam's data.