Alhokair Group earns SAR 10.3M in H1 2024, SAR 6.1M in Q2

05/08/2024 Argaam Exclusive

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Abdulmohsen Alhokair Group for Tourism and Development (Alhokair Group) reported a net profit of SAR 10.3 million in H1 2024, against a net loss of SAR 29.4 million in the prior-year period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	364.92	344.61	(5.6 %)
Gross Income	81.24	102.54	26.2 %
Operating Income	1.81	26.45	1361.0 %
Net Income	(29.40)	10.34	135.2 %
Average Shares	315.00	315.00	-
EPS (Riyals)	(0.09)	0.03	135.2 %

During the six-month period, gross profits rose to SAR 102.54 million, from SAR 81.24 million in H1 2023.

Operating profit also jumped from SAR 2.85 million in the first half of 2023, to SAR 27.51 million in H1 2024. The company also received SAR 24.8 million in insurance compensation for damage and halted operations at one of its hotels and entertainment centers.

On the other hand, revenue declined 5.57% year-on-year (YoY) to SAR 344.61 million.

In Q2 2024, net earnings jumped 24% to SAR 6.1 million, compared to SAR 4.9 million in Q2 2023 as gross profits increased to SAR 57.95 million, from SAR 56.02 million in Q2 2023.

Operating profit also jumped from SAR 20.05million in Q2 2023, to SAR 21.62 million in Q2 2024.

Operating expenses decreased on better efficiency. However, revenue shrank by 7.25% YoY.

Alhokair Group’s bottom line leapt 44.9% from SAR 4.2 million in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	201.08	186.49	(7.3 %)
Gross Income	56.02	57.95	3.4 %
Operating Income	19.19	20.73	8.0 %
Net Income	4.94	6.12	23.7 %
Average Shares	315.00	315.00	-
EPS (Riyals)	0.02	0.02	23.7 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	158.11	186.49	17.9 %
Gross Income	44.59	57.95	30.0 %
Operating Income	5.72	20.73	262.6 %
Net Income	4.22	6.12	44.8 %
Average Shares	315.00	315.00	-
EPS (Riyals)	0.01	0.02	44.8 %

Shareholders’ equity, no minority interest, dropped to SAR 214.71 million as of June 30, 2024, from SAR 261.55 million a year earlier.

Accumulated losses came in at SAR 103.83 million by the end of the six-month period, accounting for 32.96% of the company’s capital.

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