RIYADH: Abdulmohsen Alhokair Group for Tourism and Development narrowed down its losses by 49 percent in the first half of 2022 but saw its share price drop on Sunday.

The Saudi hospitality giant managed to bring down its losses to SR66 million ($18 million), from SR130 million in the same period last year, according to a bourse filing.

Shares of the company fell 1.6 percent following the earnings announcement to close the session at SR12.28.

The reduction in losses was mainly driven by a 6.4 percent rise in revenue to SR344 million from SR323 million a year earlier.

Alhokair saw growth across its different units during the six-month period, recording higher revenue from the hotel and entertainment sectors by 4.6 percent and 9.2 percent, respectively.

The group’s accumulated losses reached 52.1 percent of capital by June end, which it attributed to pandemic repercussions and the emergence of the Omicron variant.