Dur makes SAR 24 mln profit in H1 2023; Q2 at SAR 7 mln

Dur Hospitality Co. posted a net profit of SAR 24 million for the first half of 2023, down from SAR 37 million a year earlier.

The profit decline was due to adjusting the net profit for H1 2022 to the profits realized from the accounting treatment of financial derivatives, which amounted to SAR 28.7 million. Without the effect of this treatment, H1 2023 net profit would increase by 192.3%, SAR 15.8 million, compared with the same period a year before.

Operating revenues amounted to SAR 346 million, a rise of SAR 75.5 million over the same period of 2022. Operating profit soared 109% year-on-year (YoY).

In Q2 2023, net profit reached SAR 7 million, rising 52% from SAR 4.64 million a year before.

Operating revenue during the current quarter amounted to SAR 177.8 million, an YoY increase of 42%, or SAR 53 million.

Operating profit soared 221%, or SAR 19.31 million, compared to the same quarter a year before.

Compared with the previous quarter, Q2 2023 net profit fell 58.5% from SAR 16.99 million.

Total shareholders’ equity, after minority interest, reached SAR 1.62 billion by the end of the six-month period, a rise from SAR 1.59 billion in the prior-year period.

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