Abdulmohsen Alhokair Group for Tourism and Development (Alhokair Group) turned to a net profit after Zakat and tax of SAR 2.1 million for the first quarter of 2020, compared to a net loss of SAR 32 million in the same period last year.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 260.73 | 231.05 | (11.4 %) |
| Gross Income | 59.70 | 81.29 | 36.2 % |
| Operating Income | (3.31) | 28.54 | 963.2 % |
| Net Income | (32.06) | 2.11 | 106.6 % |
| Average Shares | 226.54 | 226.54 | - |
| EPS (Riyals) | (0.14) | 0.01 | 106.6 % |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 248.51 | 231.05 | (7.0 %) |
| Gross Income | 45.22 | 81.29 | 79.8 % |
| Operating Income | (19.92) | 28.54 | 243.2 % |
| Net Income | (96.03) | 2.11 | 102.2 % |
| Average Shares | 226.54 | 226.54 | - |
| EPS (Riyals) | (0.42) | 0.01 | 102.2 % |
The company attributed the performance to reduction in total expenses amounting to SAR 63.3 million, lower general and administration expenses by SAR 7 million and selling and marketing costs by SAR 3.2 million, and higher other income and share in net results of joint ventures.
This was partially offset by lower revenue by SAR 29.7 million due to several low-performing assets including hotels, entertainment and commercial centers on COVID-19 preventive measures.
When compared to the previous quarter, the company turned to profits on lower total expenses.
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