Riyadh – The net losses after Zakat and tax of Abdulmohsen Alhokair Group for Tourism and Development (Alhokair Group) plummeted by 48.99% to SAR 66.34 million in the first half (H1) of 2022, versus SAR 130.05 million in H1-21.

The revenues increased by 6.43% year-on-year (YoY) to SAR 344.44 million in the first six months (6M) of 2022, compared to SAR 323.64 million, according to the initial income statements.

Furthermore, the loss per share settled at SAR 1.02 in H1-22, lower than SAR 2.36 in H1-21.

Meanwhile, the company’s accumulated losses amounted to SAR 338.63 million as of H1-22, accounting for 52.10% of the SAR 650 million capital.

During the second quarter (Q2) of 2022, the net losses after Zakat and tax plunged by 50.01% to SAR 34.97 million from SAR 69.95million in Q2-21.

The revenues decreased by 5.79% YoY to SAR 172.07 million in Q2-22 from SAR 182.65 million.

In the January-March 2022 period, the Saudi listed firm suffered net losses after Zakat and tax worth SAR 31.37 million, lower by 47.80% YoY to SAR 60.10 million.

Last June, Alhokair Group’s board proposed a 46.15% capital cut to amortise its accumulated losses.