One of Saudi Arabia’s largest hospitality groups, Abdulmohsen Alhokair Group for Tourism and Development, narrowed losses last year by 14 percent to SR172 million ($46 million) as it began to recover from the pandemic.

The improved results came on the back of sales that soared 16 percent year-on-year to SR708 million, propelled by a hike in revenues from the entertainment division, a bourse filing revealed.

A year earlier, the hospitality firm recorded losses amounting to SR200 million, as lockdowns forced the closure of hotels across the Kingdom.

The group’s accumulated losses reached 41.9 percent of capital, which it also attributed to pandemic repercussions during 2020. 

Established in 1978, Abdulmohsen Alhokair Group is one of Saudi Arabia’s leaders in the hospitality and entertainment industry.

Source: arabnews.com

Edited by: Vietnamarab.net Team

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