Riyadh – Mubasher: Abdulmohsen Alhokair Group for Tourism and Development Company incurred SAR 200.16 million in net losses after Zakat and tax in 2020, up by 40% year-on-year (YoY) from SAR 143 million.
The Saudi group’s revenues declined to SAR 613.11 million last year, compared to SAR 1.110 billion in 2019, according to a bourse disclosure on Sunday.
The increase in net losses was attributed to lower revenue due to the repercussions of the coronavirus (COVID-19) pandemic as well as lower profit share from joint ventures.
Moreover, total operating expenses, financial charges on loans, and financial charges on lease liabilities decreased by SAR 367.8 million.
The accumulated losses reached SAR 302.33 million which represent 55% of the company’s share capital as of 31 December 2020.
During the first nine months of 2020, Alhokair Group suffered net losses of SAR 105.15 million, up from SAR 46.96 million in the same period in 2019.
