Abdulmohsen Alhokair Group for Tourism and Development (Alhokair Group) reported a 24% jump in net profit for the second quarter of 2024 due to higher operational efficiency.

Net earnings rose to SAR 6.12 million ($1.63 million) in the second quarter of 2024 from SAR 4.94 million a year earlier.

Revenue fell 7% to SAR 186.5 million during the quarter from SAR 201 million a year earlier.

The company turned to a profit of SAR 10.34 million ($2.75 million) in the first half of 2024 versus a net loss of SAR 28.62 million in the same period last year.

The top line was down 6% year-on-year to SAR 344.6 million in the first half.

Shareholders’ equity fell 18% to SAR 214.71 million by June 30, 2024, compared to SAR 261.55 million a year ago.

(Editing by Seban Scaria seban.scaria@lseg.com)