Riyadh – Mubasher: Abdulmohsen Alhokair Group for Tourism and Development Company reported an increase in net losses by 88% last year, as shown by the company’s annual financial results.
Losses after zakat and tax amounted to SAR 143 million in 2019, compared with SAR 76.05 million in the year before, according to a statement to the Saudi Stock Exchange (Tadawul).
The company attributed the decline in losses to lower revenues and the closure of weak-performing facilities, which resulted in non-recurring losses.
During the fourth quarter (Q4) of 2019, net losses decreased by 77.13% to SAR 4.76 million, compared with SAR 20.81 million for Q4-18.
