Riyadh – Mubasher: Abdul Mohsen Al Hokair Group for Tourism and Development Company on Wednesday said that net profits after calculating Zakat and Tax plunged 79% year-on-year in the third quarter of 2018 to SAR 1.9 million, from SAR 9 million.

The firm attributed the third-quarter profit decrease to a decline in operating profits and a drop in the profit share of a joint venture (JV), according to a statement to the Saudi Stock Exchange (Tadawul).

Revenues inched down 0.18%, reaching SAR 315.5 million by the end of Q3-18, compared to SAR 316.1 million in the year-ago period.

Quarter-on-quarter, Al Hokair Group’s profits fell 38.7% during the three-month period ended September, from SAR 3.1 million.

During the first nine months of this year, Al Hokair Group turned to loss after incurring SAR 2.5 million after calculating Zakat and Tax, against a net profit of SAR 31.8 million in the year-ago period.

Revenues increased 3.5% to SAR 894.1 million from January to September of this year, from SAR 863.8 million in the same nine months of 2017.

Al Hokair Group’s stock inched down 0.36% to close Wednesday’s trading session at SAR 16.64.