Riyadh – Mubasher: The net losses after Zakat and tax of Abdulmohsen Alhokair Group for Tourism and Development (Alhokair Group) shrank by 60.57% to SAR 22.25 million in the first nine months (9M) of 2023, versus SAR 56.43 million in 9M-22.
Revenues rose by 11.01% to SAR 578.31 million during January-September 2023 from SAR 520.94 million in the corresponding period a year earlier, according to the initial financial results.
The loss per share stood at SAR 0.07 in 9M-23, compared to SAR 0.18 in 9M-22.
Financial Results for Q3-23
In the third quarter (Q3) of 2023, the group recorded net profits of SAR 7.15 million, a drop of 36.27% from SAR 11.22 million in the same quarter a year earlier.
The revenues reached SAR 213.39 million in July-September 2023, increasing by 20.90% YoY from SAR 176.50 million.
On a quarterly basis, the Q3-23 net profits surged by 44.74% from SAR 4.94 million in Q2-23 and the revenues rose by 6.12% from SAR 201.08 million.
Accumulated Losses
The accumulated losses of the listed group amounted to SAR 46.87 million as of 30 September 2023, accounting for 14.88% of the SAR 315 million capital.
It is worth mentioning that in January 2023, Fahd bin Muhammad Al Fawaz stepped down from his position as Alhokair Group's CEO due to personal reasons. His resignation took effect on 28 February 2023.
