Alhokair Group widens net loss to SAR 105.2 mln in 9M 2020

28/10/2020 Argaam Exclusive

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Abdulmohsen Alhokair Group for Tourism and Development widened its net loss after Zakat and tax to SAR 105.2 million for the first nine months of 2020, from SAR 47 million in the same period a year earlier.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	861.51	463.86	(46.2 %)
Gross Income	226.86	38.21	(83.2 %)
Operating Income	28.32	(108.99)	(484.9 %)
Net Income	(46.96)	(105.15)	(123.9 %)
Average Shares	226.54	226.54	-
EPS (Riyals)	(0.21)	(0.46)	(123.9 %)

The company attributed the increase in net loss to lower revenue from the hotels segment due to the COVID-19 outbreak and lower share of profit from joint ventures.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	301.85	113.23	(62.5 %)
Gross Income	82.85	(41.57)	(150.2 %)
Operating Income	13.46	(90.29)	(770.8 %)
Net Income	(15.52)	(109.32)	(604.5 %)
Average Shares	226.54	226.54	-
EPS (Riyals)	(0.07)	(0.48)	(604.5 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	119.58	113.23	(5.3 %)
Gross Income	(1.52)	(41.57)	(2,643.7 %)
Operating Income	(47.24)	(90.29)	(91.1 %)
Net Income	2.07	(109.32)	(5383.9 %)
Average Shares	226.54	226.54	-
EPS (Riyals)	0.01	(0.48)	(5383.9 %)

Meanwhile, the company widened its net loss after Zakat and tax to SAR 109.3 million for Q3 2020, due to lower revenues.

On a quarterly basis, the company turned to net loss on lower revenues and higher direct costs.

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