Financial Results : Alhokair Group trims 9M 2023 loss to SAR 22.3 mln, earns SAR 7.2 mln in Q3

Alhokair Group trims 9M 2023 loss to SAR 22.3 mln, earns SAR 7.2 mln in Q3

07/11/2023 Argaam Exclusive

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Abdulmohsen Alhokair Group for Tourism and Development narrowed its net loss in the first nine months of 2023 by 60.6% to SAR 22.3 million from SAR 56.4 million a year earlier.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 520.94 578.31 11.0 %
Gross Income 97.31 141.18 45.1 %
Operating Income (36.39) 21.76 159.8 %
Net Income (56.43) (22.25) 60.6 %
Average Shares 315.00 315.00 -
EPS (Riyals) (0.18) (0.07) 60.6 %

Revenues increased by 11% year-on-year (YoY) to SAR 578.31 million and gross profit rose by 45.1% to SAR 141.18 million. Operating profit also increased by SAR 60.66 million to SAR 26.27 million compared to an operating loss of SAR 34.39 million mainly due to an increase in gross profit.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 176.50 213.39 20.9 %
Gross Income 46.36 59.94 29.3 %
Operating Income 3.12 19.95 539.6 %
Net Income 11.22 7.15 (36.3 %)
Average Shares 315.00 315.00 -
EPS (Riyals) 0.04 0.02 (36.3 %)

The third-quarter net earnings fell by 36% YoY to SAR 7.2 million.

 

This was due to higher cost of finance. Although revenues leapt by 20.9% YoY to SAR 213.39 million and gross profit rose 29.3% YoY to SAR 13.58 million.

 

Sequentially, Q3 net profit leapt 44.6% from SAR 4.9 million in Q2 2023.

 

Total shareholders’ equity, no minority interest, stood at SAR 269.45 million as of Sept. 30, 2023, compared to SAR 315.4 million in a prior-year period.

 

Accumulated losses came in at SAR 46.87 million as of Sept. 30, 2023, representing 14.88% of the company’s capital.

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