RIYADH: Abdulmohsen Alhokair Group for Tourism and Development has narrowed down its losses by 49 percent 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 percent 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 percent and 9.2 percent, respectively.
The group’s accumulated losses reached 52.1 percent of capital by June end, which it attributed to pandemic repercussions and the emergence of the Omicron variant.