Alhokair Group trims losses to SAR 81.5 mln in 2022; Q4 at SAR 27.3 mln

Abdulmohsen Alhokair Group for Tourism and Development trimmed its net loss after Zakat and tax to SAR 81.5 million in 2022, from SAR 173.7 million a year earlier.

The drop in losses came as revenues increased 1.8% to SAR 720.89 million in 2022, compared to SAR 708.42 million a year ago.

The hotel segment revenues decreased 6.6% year-on-year (YoY) to SAR 356.8 million in 2022 as result of the implementation of the group’s policy to close some poor-performing hotels in order to improve profitability margins.

Revenues from the entertainment sector also jumped 14% YoY to SAR 327.72 million during the same year, stemming mainly from the improvement in the pace of business and the uptick in the number of visitors to entertainment centers.

On the other hand, revenues from other sectors plunged to SAR 36.37 million in 2022, compared to revenues of SAR 39.06 million in the year before.

In Q4 2022, Alhokair Group narrowed losses to SAR 27.3 million from SAR 49.85 million in the year-ago period.

Sequentially, the group turned to losses from a net profit of SAR 12.12 million in Q3 2022.

Total shareholders’ equity, excluding minority interest, declined to SAR 290.17 million by the end of Dec. 31, 2022, from SAR 372.04 million a year earlier.

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