Alhokair Group cuts H1 2023 loss to SAR 29.4 mln; Q2 at SAR 4.9 mln

Abdulmohsen Alhokair Group for Tourism and Development narrowed its net loss in the first half of 2023 by 56.5% to SAR 29.4 million from SAR 67.7 million a year earlier. 

Revenues increased in H1 2023 by 5.9%, or SAR 20.48 million, to SAR 364.92 million from SAR 344.44 million in H1 2022. 

The hotel segment’s revenues grew by 4.9% year-on-year (YoY), or SAR 8.99 million, to SAR 191.51 million, compared to SAR 182.52 million. 

Revenues from the entertainment segment reached SAR 154.41 million in the six-month period, an increase of 8% from SAR 143.02 million in H1 2022. 

Revenues from other segments increased by SAR 0.1 million to SAR 19 million from SAR 18.9 million a year earlier. 

Gross profit leapt 59.5%, or SAR 30.30 million, to SAR 81.24 million compared to SAR 50.94 million a year earlier, which resulted mainly from the rise in the group’s revenues. 

Operating profits increased in the six-month period by SAR 44.96 million to SAR 4.46 million, compared to operating losses of SAR 40.50 million in the same period last year. 

In the second quarter of 2023, the firm turned to a net profit of SAR 4.94 million from a net loss of SAR 35.66 million a year earlier, mainly due to a rise of 16.9%, or SAR 29.02 million, in revenues and a surge of 138.7%, or SAR 32.55 million, in total profit.  

Compared to the previous quarter, the company swung to profit from a loss of SAR 34.34 million in Q1 2023. 

Shareholders’ equity, with no minority interest, stood at SAR 261.5 million by the end of H1 2023, down from SAR 303.2 million a year earlier. 

Accumulated losses reached SAR 54 million as of June 30, 2023, representing 17.15% of the company’s capital.

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