Abdulmohsen Al-Hokair Group for Tourism and Development Group announces the impact of the decisions issued to limit the spread of the Corona virus emerging (COVID-19)
Reference is made to the precautionary measures taken by the government of the Kingdom of Saudi Arabia to protect citizens and residents, and to contain the spread of the new Corona virus (COVID-19), including, temporary suspension of Umrah and visit visas, stopping international and domestic trips, and closing commercial and entertainment centers inside and outside malls, health clubs, suspending events and weddings, and reducing restaurants activities.
The company would like to indicate that its revenues were directly affected by the implementation of these precautionary measures. The company has first closed all entertainment sites in line with the decision of the Ministry of Municipal and Rural Affairs, and this was announced on March 15, 2020. The company has then also temporarily closed a number of restaurants and hotels to reduce expenses and maintain cash flows.
In light of the lack of knowledge of the duration of the precautionary measures, it is difficult for the company to determine the financial impact resulting from these decisions. The company is currently following developments in this regard, and any material development will be announced in due course