Riyadh – Mubasher: Abdulmohsen Alhokair Group for Tourism and Development Company’s profits advanced by 228.6% on a yearly basis over the second quarter (Q2) of 2020, as shown by the firm’s interim financial results.

The profits came in at SAR 2.07 million in Q2 of the year, compared to SAR 630,000 in Q2 of 2019, according to a bourse filing on Sunday.

Revenue for the three-month period ended 30 June amounted to SAR 119.58 million, 60% less than SAR 298.93 million during the year-ago period.

The SAR 179.4 million plunge in quarterly revenues was largely ascribed to the effects of the coronavirus pandemic on the company’s activities. This decline was offset by a slump in total expenses that reached SAR 120.9 million in the current-year period.

In addition, the group’s selling and marketing expenses fell by SAR 13.2 million and general and administrative expenses dropped by SAR 7.3 million, while financial charges on lease liabilities slid by SAR 5.7 million and financial charges on loans went down by SAR 1.2 million.

In the meantime, other income increased by SAR 70.9 million, whereas the company’s share in net results of joint ventures (JVs) decreased by SAR 11.9 million.

During the first half (H1), the company swung to profits of SAR 4.18 million, versus losses of SAR 31.44 million in H1-19.