Adbul Mohsen Al Hokair Group, the largest FEC operator in the Middle East, lost 69.95 million rials (15.9 million euros) in the second quarter, while its net profit for the same period in 2020 was 2.07 million. (471.9 million euros).
The quarter’s loss increased by 17.67%, while the first quarter’s loss was just over 60 million rials (13.6 million euros).
In a statement released by the Saudi Tadawul Stock Exchange, the company said the loss for the quarter was due to a drop in hotel revenues affected by the Covid-19 pandemic.
Group events, celebrations, wedding banquets and the hotel’s conference rooms were disrupted, and the restaurant’s open buffets were temporarily closed. The hotel’s occupancy rate is affected by international flight restrictions.
The total loss for the first half of the year was SAR 130.5 million, while the profit for the first half of 2020 was SAR 4.18 million (EUR 952,000).