Abdul Mohsen Al-Hokair Group for Tourism & Development has announced its financial headlines for 4Q2015. Net income came in at SAR31.9 million (-36.5% Y-o-Y, -44.2% Q-o-Q). Operating income came in at SAR27.5 million (-42.2% Y-o-Y, -48.0% Q-o-Q). Gross profit came in SAR91.4 million (+5.8% Y-o-Y, -23.2% Q-o-Q). This leaves 2015 net income roughly unchanged at SAR189.8 million (-3.4% Y-o-Y), operating profit at SAR170.9 million (-6.2% Y-o-Y), and gross profit at SAR421.8 million (+19.4% Y-o-Y). Management attributed the Y-o-Y rise in gross profit in 4Q2015 to the opening of new entertainment centres and hotels in 2015, and the drops in the operating and the net income in the same period to: i) expensing pre-operating expenses related of the opening of new hotels; ii) the rise in operating expenses, following the opening of the hotels (with the associated rise in revenue still ramping-up); and iii) seasonality effect, with the shift back of Eid Al-Adha holidays to 3Q2015, unlike last year. The first three factors also weighed down on the full year’s operating and net income figures, according to management. (Tadawul)