News Source: www.arabnews.com
Lockdown hotel closures hit Saudi hospitality giant Alhokair 2020 earnings
News Source/Courtesy: www.arabnews.com

DUBAI: Saudi Arabia’s Abdulmohsen Alhokair Group for Tourism and Development (Alhokair) said profits fell as lockdowns forced the closure of hotels across the Kingdom. The shares retreated by about 2.3 percent on Sunday.

Net profit fell by about 40 percent to SR200.2 million ($53.3 million) last year, it said in a stock exchange filing. Sales also fell by about 45 percent to SR613.1 million. The group also reported a lower profit share from its joint ventures, which it also attributed to the pandemic.
“The company’s business was negatively affected during the year by the COVID-19 pandemic,” it said, citing the suspension of the entertainment sector from March 15 2020, that led to the closure of hotels, wedding halls and cafes operated by the company.

Control measures against COVID-19 have put pressure on the tourism and hospitality industry worldwide, however the gradual return of flights to some destinations has improved the outlook for the sector in the second half of this year.

Alhokair owns 35  hotels in the Kingdom, including global brands such as Holiday Inn, Hilton Garden Inn and Accor.

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News Source: www.arabnews.com

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