Riyadh – Mubasher: Abdulmohsen Alhokair Group for Tourism and Development on Thursday reported profit declines for both the second quarter of 2017 and the first six months of the year.
The company achieved SAR 14.8 million in profits in Q2-17, down 10.3% from SAR 16.5 million, according to a bourse filing.
Meanwhile, quarter-on-quarter, profits surged 85% from SAR 8 million.
Gross profits amounted to SAR 77.6 million in Q2-17, registering a decline of 5.6% from SAR 82.2 million in the same period the year before.
Alhokair Group attributed the drop in gross, operating, and net profits to lower demand from corporate sector individuals during Q2-17, due to a decline in spending by both the government and private sector on conferences, meetings, and exhibitions.
A decline in profits from associates also contributed to the profit drop, the company added.
At the level of the first half of the year, the Saudi tourism and development firm logged SAR 22.8 million, down 65.3% from SAR 65.7 million in the corresponding period of 2016.
Earnings per share (EPS) amounted to SAR 0.42 in H1-17 versus SAR 1.19 in H1-16, according to the statement.
