Riyadh – Mubasher: Abdul Mohsen Al Hokair Group for Tourism and Development Company (Al Hokair) reported its interim financial results for the second quarter of 2019.

Net profits after zakat and tax fell by 79.6% to SAR 630,000 in Q2-19, compared to SAR 3.1 million in Q2-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

The company attributed the drop in profits to decrease in revenues, in addition to increased financial charges by SAR 1.6 million.

Similarly, revenues inched down 2.8% to SAR 298.93 million by the end of June, from SAR 307.6 million in the same period of the prior year.

For the first six months of 2019, Al Hokair’s net losses hiked 611.3% to SAR 31.4 million, versus SAR 4.42 million in H1-18.

Total revenues retreated by 3.2% to SAR 559.66 million in H1-19, from SAR 578.61 million in the corresponding period a year ago.