The Saudi Abdul Mohsen Al Hokair Group for Tourism and Development (Al Hokair Group) reduced its losses by 47.8% in the first quarter 2022, to reach 31.37 million riyals, compared to losses of 60.1 million riyals in First quarter 2021.
According to Arabiya Net, losses decreased on a quarterly basis by 34.2%, compared to losses of about 47.7 million riyals in the fourth quarter of 2021.
The company said in a statement that the decline in losses in the first quarter of 2022, on an annual basis, is due to an increase in the group's revenues of 31.39 million riyals, or 22.3%, achieving Revenues of 172.38 million riyals, compared to revenues of 140.99 million riyals.
And she added that the decline in losses is also due to the increase in the group's total profit of 26.05 million riyals, or 1277.4%, as it achieved a total profit of 28.09 million riyals, compared to a total profit of 2.04 million riyals, which resulted mainly from the increase in the group's revenues.
The group's operating losses also decreased by 23.98 million riyals by 57.2%, as it recorded operating losses of 17.96 million riyals, compared to operating losses of 41.94 million riyals, which was mainly caused by About the increase in gross profit.
Al Hokair Group recorded accumulated losses of about 303.66 million riyals at the end of the first quarter of 2022, equivalent to 46.72% of the capital of 650 million riyals.
