Riyadh – Mubasher: Abdulmohsen Al Hokair Group on Thursday announced an 83.8% decline in profits for the first quarter of 2017, compared to Q1-16.
Net profits reached SAR 7.99 million in Q1-17, compared to SAR 49.16 million in Q1-16, according to a filing to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits fell 55.88%.
The company attributed the decrease in net profits to the decline in demand by businesses and individuals on hotels, seasonal activity which affected the income and profits of hotels and luxury centres, and the drop of the company's stake in sister companies due to seasonal activity.
Revenues amounted to SAR 258.32 million in Q1-17, compared to SAR 297.81 million in the corresponding quarter in the year before.
The Saudi company had previously reported a 22.23% drop in profits to SAR 147.66 million in 2016.
Al Hokair’s stock closed in the green zone at SAR 32.40 on Thursday, inching up 0.06%.
