Alhokair trims first-half losses by 49pc

RIYADH, Aug 28 (Arab News): Abdulmohsen Alhokair Group for Tourism and Development has narrowed down its losses by 49 per cent in the first half of 2022, thanks to strong revenue growth.
The Saudi hospitality giant managed to bring down its losses to SR66 million ($18 million), from SR130 million in the same period last year, according to a bourse filing.
The reduction in losses was mainly driven by a 6.4 per cent rise in revenue to SR344 million from SR323 million a year earlier.
Alhokair saw growth across its different units during the six-month period, recording higher revenue from the hotel and entertainment sectors by 4.6 per cent and 9.2 per cent, respectively.
The group's accumulated losses reached 52.1 per cent of capital by June end, which it attributed to pandemic repercussions and the emergence of the Omicron variant.