Financial Results : Alhokair Group’s losses widen in 2023 to SAR 89.6M; Q4 at SAR 67.3M

Alhokair Group’s losses widen in 2023 to SAR 89.6M; Q4 at SAR 67.3M

28/03/2024 Argaam Exclusive

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Abdulmohsen Alhokair Group for Tourism and Development’s (Alhokair Group) losses widened in 2023 to SAR 89.6 million from SAR 81.5 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Revenues 720.89 742.14 2.9 %
Gross Income 136.02 187.56 37.9 %
Operating Income (46.17) 0.42 100.9 %
Net Income (81.49) (89.70) (10.1 %)
Average Shares 315.00 315.00 -
Earnings Per Share before unusual items (Riyals) (0.33) (0.27) 17.0 %
EPS (Riyals) (0.26) (0.28) (10.1 %)

This was attributed to the group divestiture from the cinema sector represented in its investment in the joint venture, Luxury Entertainment Co., incurring a total loss of SAR 32.6 million.

 

The Group also increased provisions for the delay of some clients in paying commercial receivables. Accordingly, provisions jumped to SAR 20.3 million in 2023, compared to SAR 4.6 million in 2022.

 

Additionally, the cost of finance increased by SAR 15.5 million, or 64%, to SAR 39.7 million in 2023, compared to SAR 25.6 million a year earlier.

 

Q4 2023 losses reached SAR 67.3 million, compared to SAR 25.15 million in a year-earlier period.

 

On a sequential basis, the company swung to a loss from net profit of SAR 7.15 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 199.95 163.83 (18.1 %)
Gross Income 38.72 46.38 19.8 %
Operating Income (9.78) (21.35) (118.3 %)
Net Income (25.06) (67.45) (169.2 %)
Average Shares 315.00 315.00 -
Earnings Per Share before unusual items (Riyals) (0.08) (0.17) (119.4 %)
EPS (Riyals) (0.08) (0.21) (169.2 %)

Total shareholders’ equity, no minority interest, stood at SAR 203.43 million by Dec. 31, 2023, compared to SAR 290.17 million a year ago.

 

Accumulated losses reached SAR 114.17 million by Dec. 31, 2023, accounting for 36.24% of the company’s capital.

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