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Abdulmohsen Alhokair Group for Tourism and Development announces its Interim Financial Results for the Period Ending on 2020-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 231.05260.73-11.383248.51-7.025
Gross Profit (Loss) 81.2959.736.16445.2279.765
Operational Profit (Loss) 28.54-3.31--19.92-
Net Profit (Loss) after Zakat and Tax 2.11-32.06--96.03-
Total Comprehensive Income 1.97-32.08--95.66-
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 441.78550.26-19.714
Profit (Loss) per Share 0.04-0.58
All figures are in (Millions) Saudi Arabia, Riyals
Accumulated LossesCapitalPercentage %
100,071,617550,000,00018.19
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The Reasons for achieving a net profit in the current quarter, compared with a net loss in the same quarter of the last year is as follows:

1. Although there is a decrease in revenues by SAR 29.7 million mainly resulted from:

Closure of a number of low performing locations during the last year included Hotels, Entertainment and Commercial centers which incurred operational losses, resulting in a decreased revenues of SAR 14.7 million.

Entertainment sector revenue’s negatively affected due to the temporary closure of all Entertainment sites on 15th of March 2020, in accordance with the precautionary and preventive measures taken by the government to control the emerging corona virus.

2. This was offset by the reduction of the total expenses amounted to SAR 63.3 million during the current quarter, compared to the same quarter of the last year, as follows:

Decreased direct cost by SAR 51.3 million, mainly due to getting rental exemption with SAR 23.6 million for some leased Hotels, Entertainment and Commercial centers, Coinciding with corona virus. Reduction on salaries and related benefits expenses by SAR 7.1 million, depreciation expenses by SAR 7.8 million, utilities expenses by SAR 4.8 million and other miscellaneous expenses by SAR 8.0 million.

Decrease in general and administration expenses by SAR 7.0 million mainly from salaries and related benefits expenses.

Decrease in selling and marketing expenses by SAR 3.2 million.

Decrease in financial charges on lease liabilities by SAR 2.4 million, while increased financial charges on loans by SAR 0.6 million due to the increase of the loans.

3. Other income increased by SAR 0.3 million, also the Company’s share in net results of joint ventures increased by SAR 0.2 million.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The Reasons for achieving a net profit in the current quarter, compared with a net loss in the previous quarter is as follows:

1. Although there is a decrease in revenues by SAR 17.5 million mainly resulted from:

Entertainment sector revenue’s negatively affected due to the temporary closure of all Entertainment sites on 15th of March 2020, in accordance with the precautionary and preventive measures taken by the government to control the emerging corona virus.

Closure of a number of low performing locations during the previous quarter included Hotels, Entertainment and Commercial centers which incurred operational losses, resulting in a decreased revenues of SAR 3.5 million during the current quarter.

2. This was offset by the reduction of the total expenses amounted to SAR 119.3 million during the current quarter, compared to the previous quarter, as follows:

Direct cost decreased by SAR 51.8 million, mainly due to getting rental exemption with SAR 23.6 million for some leased Hotels, Entertainment and Commercial centers, Coinciding with corona virus. Also included reduction on salaries and related benefits expenses by SAR 5.5 million, depreciation expenses by SAR 3.7 million, utilities expenses by SAR 5.1 million and other miscellaneous expenses by SAR 13.9 million.

Decrease in general and administration expenses by SAR 9.3 million mainly from salaries and related benefits expenses.

Decrease in selling and marketing expenses by SAR 3.1 million.

Non-recurring losses recorded during the previous quarter amounted to SAR 48.4 million, resulted from the write off fixed assets and termination cost from a number of low performing locations included Hotels, Entertainment and Commercial centers which incurred operational losses.

Decrease in financial charges on lease liabilities by SAR 6.7 million.

3. The Company’s share in net results of joint ventures decreased by SAR 3.8 million.

Basis of the External Auditor's Opinion Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion NA
Reclassification of Comparison Items NA
Additional Information Total revenues during current quarter amounted to SAR 231.05 million compared to SAR 260.73 million for the same quarter of last year with a decrease of 11.4%.

Gross Profit during current quarter amounted to SAR 81.29 million compared to SAR 59.70 million for the same quarter of last year with an increase of 36.2%.

Operational Profit during the current quarter amounted to SAR 28.54 million compared to Operational loss amounted to SAR 3.31 million for the same quarter of last year.

Net Profit during current quarter amounted to SAR 2.11 million compared to Net loss amounted to SAR 32.06 million for the same quarter of last year and compared to Net loss amounted to SAR 96.03 million for the previous quarter.

Total comprehensive income during current quarter amounted to SAR 1.97 million compared to Total comprehensive loss amounted to SAR 32.08 million for the same quarter of last year and compared to Total comprehensive loss amounted to SAR 95.66 million for the previous quarter.

Earning per share for the current period amounted to SAR 0.04 , compared to loss per share amounted to SAR 0.58 for the same period of last year.

Total Shareholders Equity ( No Minority interests ) during the current period amounted to SAR 441.78 million compared to SAR 550.26 million of the same period of last year with a decrease of 19.71%.

The accumulated losses as of 31-03-2020 amounted to SAR 100.07 million which represent 18.19% of the Company’s share capital.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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