Riyadh – Mubasher: Abdulmohsen Alhokair Group for Tourism and Development (Alhokair Group) has turned to a net loss, after zakat and tax, of SAR 15.52 million during the third quarter of 2019, against profits valued at SAR 1.93 million over the same period a year ago.

Revenues of the period shrank by 4.332% to SAR 301.85 million from SAR 315.52 million in Q3-18, according to a bourse filing on Tuesday.

During the nine-month period this year, Alhokair Group’s net losses enlarged by 1,785.9% to SAR posted an increase of SAR 46.96 million from SAR 2.49 million during the same period in 2018.

Furthermore, revenues declined by 3.648% to SAR 861.51 million over the first nine months this year from SAR 894.13 million in the corresponding period of 2018.

Until the end of the nine-month period on 30 September 2019, Alhokair Group’s accumulated losses totalled SAR 77.83 billion which accounts for 14.15% of the total SAR 550 billion capital.

The Tadawul-listed company attributed the losses in 9M-19 to several factors, including a drop of SAR 2.6 million in the company’s share in net result of joint ventures, in addition to higher financial charges by SAR 5.4 million.

It is noteworthy to mention that during the first six months of 2019, Al Hokair Group’s net losses hiked 611.3% to SAR 31.4 million