Abdulmohsen Alhokair Group for Tourism and Development widened its net loss after Zakat and tax by 88% year-on-year (YoY) to reach SAR 143 million for the fiscal year 2019, compared to SAR 76.1 million a year earlier.
The increase in loss is attributed to lower revenues due to increased market competition and closing of few low-performing entertainment centers; implementation of IFRS 16; higher financial charges by SAR 4.3 million; and non-reversal of any provisions.
However, the decrease was partially offset by a drop in operating expenses, including lower direct costs by SAR 34.5 million, and decreased general and administrative expenses by SAR 4 million and selling and marketing expenses by SAR 9.6 million.
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Revenues | 1,150.95 | 1,110.02 | (3.6 %) |
| Gross Income | 227.53 | 272.08 | 19.6 % |
| Operating Income | (49.84) | 8.39 | 116.8 % |
| Net Income | (76.05) | (142.99) | (88.0 %) |
| Average Shares | 226.54 | 226.54 | - |
| EPS (Riyals) | (0.34) | (0.63) | (88.0 %) |
In Q4 2019, the company further widened its losses YoY to reach SAR 96 million.
| Item | Q4 2018 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 256.82 | 248.51 | (3.2 %) |
| Gross Income | 25.07 | 45.22 | 80.3 % |
| Operating Income | (41.89) | (19.92) | 52.4 % |
| Net Income | (73.56) | (96.03) | (30.6 %) |
| Average Shares | 226.54 | 226.54 | - |
| EPS (Riyals) | (0.32) | (0.42) | (30.6 %) |
| Item | Q3 2019 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 301.85 | 248.51 | (17.7 %) |
| Gross Income | 82.85 | 45.22 | (45.4 %) |
| Operating Income | 13.46 | (19.92) | (248.0 %) |
| Net Income | (15.52) | (96.03) | (518.8 %) |
| Average Shares | 226.54 | 226.54 | - |
| EPS (Riyals) | (0.07) | (0.42) | (518.8 %) |
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