Riyadh – Mubasher: Abdulmohsen Al Hokair Group for Tourism and Development Company achieved a net profit of SAR 18.8 million during the second quarter of 2016 as compared to SAR 43.1 million ($11.5 million) in the same period of 2015; a drop of 56.38% year-on-year, and 62.55% quarter-on-quarter.
During the first half of 2016, earnings decreased by 31.48% to SAR 69 million from SAR 100.7 million in H1-15, according to a recent bourse statement.
Al Hokair clarified that the decrease in profits resulted from decline in revenues of existing locations due to the holy month of Ramadan that occurred in Q2, 2016 whereas in 2015 the major portion of the holy month of Ramadan occurred in the third quarter.
