Financial Results : Alhokair Group turns to SAR 2.1 mln profit in Q1 2020

Alhokair Group turns to SAR 2.1 mln profit in Q1 2020

01/06/2020 Argaam Exclusive

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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.



Current Quarter Comparison (M)

Compared With The
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 %

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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