Financial Results : Alhokair Group turns to SAR 60.1 mln net loss in Q1 2021

Alhokair Group turns to SAR 60.1 mln net loss in Q1 2021

10/05/2021 Argaam Exclusive

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Abdulmohsen Alhokair Group for Tourism and Development turned to a net loss of SAR 60.1 million for the first quarter of 2021, against a net profit of SAR 2.1 million in the year-earlier period.

 

The company was hit by a revenue fall of SAR 90.1 million year-on-year (YoY), due to the COVID-19 impact and the precautionary measures adopted by the Kingdom to contain the pandemic spread.

During the first quarter of 2020, a non-recurring rent concession was recorded at a total of value SAR 23.6 million for some leased hotels, entertainment and commercial centers, amid the coronavirus pandemic.

 

The group also reported a lower profit share from joint ventures.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 231.05 140.99 (39.0 %)
Gross Income 81.29 2.04 (97.5 %)
Operating Income 28.54 (41.94) (247.0 %)
Net Income 2.11 (60.10) (2953.9 %)
Average Shares 226.54 226.54 -
EPS (Riyals) 0.01 (0.27) (2953.9 %)

When compared to the previous quarter, net losses narrowed by 36.7% from SAR 95 million, thanks to a decline in direct costs, general and administrative expenses and financial charges.

Shareholders’ equity, excluding minority interest, dropped by 57.60% to SAR 187.32 million by the end of Q1 2021, compared to SAR 441.78 million in the year-ago period.

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