A number of Saudi-listed companies temporarily closed their branches across the kingdom, in line with the Kingdom’s efforts to control the spread of coronavirus (COVID-19), data compiled by Argaam showed.
The outbreak of COVID-19 affected the companies’ operations, and the relevant financial impact cannot be defined at present.
Earlier this month, the Kingdom decided to suspend international flights, close malls and supermarkets, and suspend sports and entertainment activities.
The decision came in accordance with the preventive and precautionary measures recommended by the competent health authorities in the Kingdom, as part of its efforts to curb the spread of the novel coronavirus (COVID19).
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Companies Shutting Down Their Braches/Showrooms |
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Company |
Procedure/ Impact |
Details |
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SGS |
Expects an impact on its revenue & net profit for FY2020 after suspending all international flights |
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Alandalus |
Shutting down all commercial complexes related to the company and its affiliates |
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MEFIC REIT |
Shutting down all commercial complexes |
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Fitaihi |
Shutting down retail showrooms of two affiliates |
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Abo Moati |
Shutting showrooms within malls |
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Al Ahli REIT (1) |
Shutting down AlAndalus Mall |
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Herfy |
Shutting down 68 restaurants within the malls |
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L’Azurde |
Shutting down all retail shops |
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Bonyan REIT |
Shutting down all shopping malls except pharmacies and supermarkets |
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Al Jouf Cement |
Forming an emergency committee to follow government directions regarding coronavirus |
For more details |
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Jarir |
Shutting down 16 showrooms within the malls |
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Shutting down all showrooms in Kuwait |
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Alhokair Group |
Shutting down all entertainment centers within Saudi Arabia |
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Leejam |
Shutting down all sports centers within Saudi Arabia |
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Arabian Centres |
Shutting down all shopping malls within Saudi Arabia |
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Alhokair |
Shutting down all retail clothing showrooms within Saudi Arabia and a number of countries in which the company owns showrooms |
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SACO |
Shutting down 15 showrooms in the shopping malls |
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Maharah |
Suspending hourly services for retail sector and temporarily halting new workers admission |
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SAPTCO |
Revenue was impacted on the temporarily suspension of Umrah and visit visas, halting of GCC citizens entry to Makkah and Medina and suspension of inter-cities and in-city services. |
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eXtra |
Closure of five showrooms in malls, and closure of showrooms located in the cities, where a 24-hour curfew is imposed |
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Jadwa REIT Al-Haramain |
Suspension of the lease contract for Tharawat Al Andalusia Hotel due to the temporary suspension of Umrah
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Mulkia REIT |
Closure of West Avenue Mall |
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Swicorp Wabel REIT
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Temporary closure of Al Makan Mall, except for supermarkets and pharmacies |
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Tihama |
Closure of a subsidiary’s showrooms, which are located in shopping centers |
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Raydan |
Closure of restaurants located in shopping centers. Revenue and operations were directly impacted |
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SASCO |
Revenue and operations were directly impacted |
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Arriyadh Development
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Revenue of the operating segment was impacted |
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Budget Saudi |
Revenue from short-term rentals was impacted |
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Bawan |
Product distribution and supply was hit in some sectors |
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ACIG |
Gross written premiums (GWPs) were impacted |
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Al Mashaar REIT |
H1 2020 dividend was impacted |
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Alkhabeer REIT |
The fund’s operations and commercial properties were impacted |
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Makkah Construction |
Revenue, profit, and core activities were hit by low occupancy rates at its hotel, towers, as well as the temporary suspension of the shopping center |
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Al Kathiri |
Operations of the readymade concrete segment were suspended |
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SIDC |
The operations, subsidiaries and financial results were hit |
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Buruj Insurance |
GWPs are expected to be impacted |
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Aldrees |
Revenue and operations were directly impacted |
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Jabal Omar |
Core activities were hit due to the steep decline in occupancy rates in the company’s hotels, and temporary suspension of shopping centers |
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Shams |
Revenues were hard hit by the suspension of Palm Beach Resort
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Al Etihad Insurance |
GWPs are expected to be impacted |
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Al-Omran |
Closure of all showrooms in main cities |
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Maadaniyah |
Operations and financial results could be impacted |
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Walaa Insurance |
GWPs were impacted |
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Saudi Ceramics |
Some operations were impacted |
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Al Sorayai |
Closure of showrooms located in the cities, where a 24-hour curfew is imposed |
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Al-Yamamah Steel |
Revenue is expected to drop |
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Chubb Arabia |
GWPs could be impacted |
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Tabuk Cement |
Sales and financial results were directly impacted |
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Aslak |
Production and sales were substantially impacted
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Al Alamiya |
Operations and financial results could be hit |
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Gulf Union |
GWPs could be negatively impacted |
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Amana Insurance |
GWPs could be impacted |
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Electrical Industries |
Financial results are forecast to be hit |
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Arab Sea |
Direct sales and financial results could be impacted |
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MEFIC REIT |
Operations are expected to be temporarily impacted |
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Al Sagr Insurance |
GWPs could be impacted |
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Al-Babtain |
Revenue are likely to drop |
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Malath |
A limited decline is expected in individual insurance policy sales |
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