Al Hokair Group announced its financial results for the second quarter of the year 2023, as the Group achieved a net profit of 4.94 million Saudi riyals, compared to a net loss of 35.66 million Saudi riyals during the same quarter of the year 2022. Quarterly revenues increased by 16.86% to 201 million Saudi riyals.
Commenting on the results, Mr. Sami Alhokair, Managing Director and CEO of Alhokair Group, said: "We are pleased with the good performance achieved by the Group in the second quarter of 2023. This performance is due to several factors, including the recovery of the tourism sector in the Kingdom of Saudi Arabia and the increase in demand. Our local and international customer base supports hospitality and entertainment services. The strategic initiatives implemented by the Group during the past period contributed to creating added value, resulting in improved performance, cost reduction, and increased operational efficiency. The Group also diversified its revenue sources by obtaining strategic projects and increasing its portfolio of brands. We have also recently launched a series of new initiatives to improve the customer experience at all of the Group's locations."
Alhokair added: "We are confident that the Group will continue to achieve outstanding results in the future, as the Kingdom of Saudi Arabia has many elements that make it a major global tourist destination. The Group also has an experienced team of experts with extensive experience in the hospitality and entertainment sector. We in the Group are committed to making All efforts to grow and expand in the coming years, and we believe we can achieve more success."