The Abdul Mohsen Al-Hokair Group for Tourism and Development recorded a 604.4% jump in its net losses in the third quarter of this year to reach 109.32 million riyals after zakat and tax, compared to 15.52 million Real losses in the same quarter of 2019.

According to Arabiya Net, the company's revenues fell 62.5% in the third quarter of 2020 to 113.23 million riyals, compared to 301.85 million riyals in the same quarter of last year.

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The losses of Al-Hokair Group in the first 9 months of 2020 amounted to 105.15 million riyals after zakat and tax, compared to 46.96 million riyals losses in the same period last year, an increase 123.9%.

and the group returned the aggravation of losses; Reducing revenues by 188.6 million riyals in the third quarter on an annual basis; Because the company's revenues were generally negatively affected by the repercussions of the emerging Corona virus pandemic, such as suspending international flights, and not fully resuming them to date, and also as a result of the precautionary measures and preventive measures taken by the state to reduce the risks of the virus spreading, which negatively affected the number of users of the company's services.

She added, that the losses are also due to the decrease in demand on the hotel sector by the business sector and individuals, and this includes the demand for rooms, banquet halls, meeting rooms, external catering, and the closure of the number of Among the poorly performing sites during the past year included hotel, entertainment and commercial sites that were achieving operational losses, and the closure of these sites resulted in a decrease in revenues of 24.8 million riyals, as well as a decrease in the company's share in the net profits of joint ventures by 5 million riyals.

This was offset by a decrease in total expenses of 282.4 million riyals during the current period compared with the same period of the previous year, as well as an increase in other income and a decrease in direct costs by 209.0 One million riyals, due to obtaining exemptions from the rental value of 47.2 million riyals during the current period for some leased hotel, entertainment and commercial sites, coinciding with the new Corona virus. The decrease in the depreciation expense of the right-of-use assets by an amount of 51.4 million riyals, mainly due to the amendment of the lease contracts of all leased hotels from the main shareholder to become a percentage of the revenue instead of a fixed rental amount, which led to the exclusion of those hotels from the calculation within the International Financial Reporting Standard No. This is due to a decrease in the depreciation expense of right-of-use assets.

and the decrease in salaries and wages expenses by 54.5 million riyals, energy costs by 22.1 million riyals, maintenance expenses of 5.2 million riyals, and other expenses of 43.0 million riyals. And recording the provision for the decline in the value of property and equipment at an amount of 14.4 million riyals ....