Riyadh – Mubasher: Saudi Arabia’s Abdul Mohsen Al Hokair Group for Tourism and Development Co on Monday reported turning to loss during the full-year year 2018, against achieving a profit in 2017.

The firm’s net losses after calculating Zakat and Tax amounted to SAR 76.05 million ($20.27 million) last year, against logging a profit of SAR 8.69 million ($2.32 million) during 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

The company attributed the negative turn in its 2018 financials to a drop in the revenues of the existing entertainment centres and hotels by SAR 93.8 million, and a decline in demand for conferences, meetings and exhibitions from individuals and corporate sector.

“It is worth noting that the management of the company has taken a lot of actions to reduce the operating, administrative and marketing expenses of the existing locations, so the total expenses reduction amounted to SAR 49.7 million as compared to the last year’s expenses,” the statement added.

Revenues levelled up 2.4% to SAR 1.15 billion from January to December 2018, against SAR 1.12 billion in the previous year.

Abdul Mohsen Al Hokair Group for Tourism and Development incurred operational losses at SAR 49.84 million last year, against SAR 6.63 million in 2017.

The value of total shareholders’ equity, excluding the minority interest, tumbled 13% to SAR 582.33 million in 2018, compared to SAR 669.61 million a year earlier.

The firm deepened losses by 218% to SAR 73.55 million in the fourth quarter of 2018, from SAR 23.11 million in Q4-17, according to data compiled by Mubasher.

Abdul Mohsen Al Hokair Group for Tourism and Development Co’s stock went up 1.09% to close Monday’s trading session at SAR 18.50.