Alhokair Group earns SAR 17.6M in 9M 2024, SAR 7.3M in Q3

Abdulmohsen Alhokair Group for Tourism and Development (Alhokair Group) reported a net profit of SAR 17.6 million in the first nine months of 2024, against a net loss of SAR 22.3 million in the prior-year period.

During the nine-month period, operating profits rose to SAR 53.14 million, a 67.46% year-on-year (YoY) increase from SAR 31.73 million, as operating and depreciation expenses decreased following a reassessment of the useful life of fixed assets.

Additionally, the company reversed credit loss provisions totaling SAR 12.44 million, as the related receivables were collected.

The company also received SAR 24.8 million in insurance for damage to one of its hotels and entertainment centers.

However, this was partially offset by an increase in financing costs (FCs) on loans, which reached SAR 31.72 million, up from SAR 28.68 million in 9M 2023. Revenue declined 12.55% YoY to SAR 505.7 million.

In Q3 2024, net earnings rose 1.7% to SAR 7.27 million, compared to SAR 7.15 million in Q3 2023.

The company’s share of profits from joint ventures rose to SAR 3.62 million in the current quarter, compared to a loss of SAR 1.83 million in the third quarter of 2023.

Alhokair Group’s bottom line jumped 18.9% from SAR 6.12 million in Q2 2024.

Shareholders’ equity, no minority interest, dropped to SAR 221.35 million as of Sept. 30, 2024, from SAR 269.45 million a year earlier.

Accumulated losses came in at SAR 96.56 million by the end of the nine-month period, accounting for 30.65% of the company’s capital.

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