KEY HIGHLIGHTS Strategy The Impact Of Escalating Middle East Tensions A fluid situation with oil prices the key worry. Small/Mid Cap Highlights BRC Asia (BRC SP/BUY/S$1.94/Target: S$2.42) 1QFY24: Strong results as construction demand recovers. TRADERS’ CORNER Aztech Global (AZTECH SP): Trading BUY Isdn Holdings (ISDN SP): Trading BUY
Alhokair Tourism recorded Q4 2016 consolidated sales in decline by 6% to SAR258.96m vs. SAR275.59m in the same quarter last year. The group posted a net profit amounting to SAR20.21m, down by 36.6% compared to Q4 2015 due to a decline in demand from corporate sector and individuals on hotels. The net profit fall was also due to a drop in the current Omrah season and the increase in finance charges on the back of the major increase in SIBOR.
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During Q3 2016, Alhokair recorded a sales increase of 6.4% to SAR336.9m compared to SAR316.6m in the same quarter last year. The group posted a net income of SAR58.4m, up 2.1% compared to Q3 2015. Alhokair closed the first nine months with a revenue increase of 5.1% yoy to SAR914.6m due to a 18% growth in the segment of Recreational Centers which represented around 17% of Q3 2016 total sales. However, the Hotels division’s revenues witnessed a decline of 4.1% to reach SAR170.9m.
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