The general index of the Saudi stock market “Tassi”, at the beginning of Monday’s trading session, the first sessions in the month of June, increased by 0.48%, gaining 34.91 points, to reach the level of 7247.94 points, and the parallel market index increased – a growth of 0.88%, gaining 62.63 points to reach the level of 7187.39 Points, and the trading volume reached 116.7 million shares, valued at 2.6 billion riyals.
In a related context, Abdul Mohsen Al-Hokair Tourism Group announced the preliminary financial results for the period ending March 31, 2020, and the group turned to profitability and achieved 2.11 million riyals net profit after Zakat and tax compared to 32.06 million riyals losses during the same quarter of the previous year, and the reason for achieving a net Profits during the current quarter compared to net losses in the same quarter of the previous year to that although there is a decrease in revenue of 29.7 million riyals mainly resulting from the closure of a number of poorly performing sites during the past year that included hotel, entertainment and commercial sites that were achieving operational losses The closure of those sites resulted in a decrease in revenues of 14.7 million riyals, and the entertainment sector revenues were negatively affected due to the temporary closure of all entertainment sites on 15 March 2020, in the context of strengthening the precautionary measures and preventive measures taken by the state to control the emerging Corona virus, but it was offset by a decrease In total expenses, amounting to 63.3 million riyals during the current quarter, compared to the same quarter of the previous year.
She added that the total expenses decreased as direct costs decreased by 51.3 million riyals, mainly due to obtaining exemptions from the rental value of 23.6 million riyals for some of the hotel, entertainment and commercial rental sites, in conjunction with the emerging Corona virus. Decrease in salaries and wages expenses by amounting to 7.1 million riyals, depreciation expenses in the amount of 7.8 million riyals, energy costs in the amount of 4.8 million riyals and other expenses in the amount of 8.0 million riyals, lower general and administrative expenses in the amount of 7.0 million riyals mainly from salaries and wages expenses, and decrease in selling and marketing expenses by 3.2 million riyals , And the decrease in financial burdens on lease obligations by SR 2.4 million. However, the financing costs increased by 0.6 million riyals, as a result of the increase in the amount of loans, as other income increased by 0.3 million riyals, and the company’s share in the net profits of the joint ventures increased by 0.2 million riyals.