The losses of Abdul Mohsen Al Hokair for Tourism and Development are deepened by 39.98%, with net losses 200.16 million riyals, compared to 142.99 million riyals during 2019.
According to Arab Net, in a statement the cause of net losses this year, compared to the previous year, is due to a decrease in revenues at the amount of SR 496.9 million, mainly because the company's revenues were negatively affected by the new Corona virus as well as precautionary actions and preventive measures taken Of the competent authorities in Saudi Arabia to control and reduce the risk of spread.
The losses also due to the decline in the share of the company in the net profit of SR 20.0 million.
During the current year, the decline in property and equipment was recorded at an amount of 28.3 million riyals, based on the test of the company's impairment in accordance with International Financial Reporting Standards. This has been decrease in the total operational expenses, funding costs and financial persons on rent contracts for the total amount of 367.8 million Real.
