The financial statements of Abdul Mohsen Al Hokair Tourism and Development showed a positive shift in the company's results in the first quarter of this year compared to the same period in 2019.
According to the results of the company for the Saudi market (Tadawul) today, Monday, the profits for the period amounted to 2.11 million riyals, compared to the losses of the first quarter of last year amounting to 32.06 million riyals. p>
The company said that despite the decrease in revenues by 29.7 million riyals during the comparison periods, the company shifted to profitability at the end of the first quarter of 2020.
She explained that the decline in revenue came as a result of the closure of a number of poorly performing sites in 2019 that included hotel, entertainment and commercial sites that were achieving operational losses, and the closure of those sites resulted in a decrease in Revenue of 14.7 million riyals.
The revenues of the entertainment sector were also negatively affected by the temporary closure of all entertainment sites on March 15, 2020, in the context of strengthening the precautionary measures and preventive measures taken by the Kingdom to control the Corona pandemic. .
The company indicated that the decline in revenue for the first quarter of this year was also offset by a decrease in total expenses of 63.3 million riyals compared to the same quarter of last year, due to lower costs Starting with 51.3 million riyals, reducing wages by 7.1 million riyals, and lower general expenses by 7 million riyals.
