Financial Results : Alhokair Group widens FY2019 net loss to SAR 143 mln

Alhokair Group widens FY2019 net loss to SAR 143 mln

26/03/2020 Argaam Exclusive

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Abdulmohsen Alhokair Group for Tourism and Development widened its net loss after Zakat and tax by 88% year-on-year (YoY) to reach SAR 143 million for the fiscal year 2019, compared to SAR 76.1 million a year earlier.

 

The increase in loss is attributed to lower revenues due to increased market competition and closing of few low-performing entertainment centers; implementation of IFRS 16; higher financial charges by SAR 4.3 million; and non-reversal of any provisions.

 

However, the decrease was partially offset by a drop in operating expenses, including lower direct costs by SAR 34.5 million, and decreased general and administrative expenses by SAR 4 million and selling and marketing expenses by SAR 9.6 million.



Financials (M)

Item 2018 2019 Change‬
Revenues 1,150.95 1,110.02 (3.6 %)
Gross Income 227.53 272.08 19.6 %
Operating Income (49.84) 8.39 116.8 %
Net Income (76.05) (142.99) (88.0 %)
Average Shares 226.54 226.54 -
EPS (Riyals) (0.34) (0.63) (88.0 %)

In Q4 2019, the company further widened its losses YoY to reach SAR 96 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 256.82 248.51 (3.2 %)
Gross Income 25.07 45.22 80.3 %
Operating Income (41.89) (19.92) 52.4 %
Net Income (73.56) (96.03) (30.6 %)
Average Shares 226.54 226.54 -
EPS (Riyals) (0.32) (0.42) (30.6 %)

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