RIYADH: Alhokair Group, a leading hospitality and tourism player in Saudi Arabia, has narrowed down its losses by 48 percent in the first quarter on the back of strong revenue growth.
The company managed to bring down its losses to SR31 million ($8 million) in the first quarter from SR60 million reported in the same period last year, according to a bourse filing.
Its results improved due to a 22 percent revenue growth to SR172 million for the first quarter in comparison to the first quarter of 2021.
The company saw its shares advance 1.49 percent in early trading to reach SR 13.62, as of 11:53 a.m. Saudi time.
At Tuesday’s closing bell, the shares ended flat for the day.
Alhokair Group has 92 entertainment centers and 35 hotels spread in Saudi Arabia and the UAE.
