Financial Results : Dur Hospitality’s Q1 net profit falls 27%

Dur Hospitality’s Q1 net profit falls 27%

24/04/2018 Argaam Exclusive

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Dur Hospitality Co. reported a net profit of SAR 18 million for Q1 2018, a drop of 27.2 percent year-on-year (YoY), due to lower hotel revenue amid declining demand from the business segment and partial shutdown of some hotels for renovation amid fierce competition in the hospitality sector.

On a sequential basis, the hospitality firm's net earnings declined 7.4 percent, on the back of the exceptional performance of some hotels in Riyadh during Q4 2017.



Current Quarter Comparison (M)

Compared With The
Item Q1 2017 Q1 2018 Change‬
Revenues 118.43 115.07 (2.8 %)
Gross Income 32.18 28.44 (11.6 %)
Operating Income 24.69 19.70 (20.2 %)
Net Income 24.91 18.13 (27.2 %)
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items (Riyals) 0.25 0.18 (27.2 %)
EPS (Riyals) 0.25 0.18 (27.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 66.41 2.2 % 32.95 5.1 % 27.37 4.3 %
Q2 2009 554.02 654.1 % 323.52 874.5 % 318.31 1019.0 %
Q3 2009 48.69 (35.3 %) 20.20 (44.7 %) 15.38 (50.9 %)
Q4 2009 64.15 (20.0 %) 29.96 (25.4 %) 24.60 (24.9 %)
Q1 2010 68.87 3.7 % 36.81 11.7 % 31.76 16.1 %
Q2 2010 66.83 (87.9 %) 31.82 (90.2 %) 26.87 (91.6 %)
Q3 2010 70.22 44.2 % 38.18 89.0 % 33.57 118.3 %
Q4 2010 75.12 17.1 % 38.84 29.7 % 32.56 32.4 %
Q1 2011 126.09 83.1 % 43.19 17.3 % 37.85 19.2 %
Q2 2011 59.18 (11.4 %) 44.09 38.6 % 36.71 36.6 %
Q3 2011 87.96 25.3 % 43.78 14.7 % 35.22 4.9 %
Q4 2011 95.76 27.5 % 51.94 33.7 % 40.52 24.5 %
Q1 2012 97.25 (22.9 %) 51.19 18.5 % 42.36 11.9 %
Q2 2012 93.61 58.2 % 39.62 (10.1 %) 36.32 (1.1 %)
Q3 2012 103.03 17.1 % 39.33 (10.2 %) 36.45 3.5 %
Q4 2012 111.91 16.9 % 42.49 (18.2 %) 34.88 (13.9 %)
Q1 2013 109.47 12.6 % 42.38 (17.2 %) 38.09 (10.1 %)
Q2 2013 112.45 20.1 % 38.66 (2.4 %) 33.79 (7.0 %)
Q3 2013 101.77 (1.2 %) 31.42 (20.1 %) 28.04 (23.1 %)
Q4 2013 108.76 (2.8 %) 25.92 (39.0 %) 19.35 (44.5 %)
Q1 2014 119.36 9.0 % 45.33 7.0 % 40.97 7.6 %
Q2 2014 116.74 3.8 % 39.19 1.4 % 31.60 (6.5 %)
Q3 2014 123.00 20.9 % 43.94 39.8 % 36.93 31.7 %
Q4 2014 120.44 10.7 % 41.71 60.9 % 25.81 33.4 %
Q1 2015 133.03 11.5 % 50.25 10.8 % 42.48 3.7 %
Q2 2015 127.90 9.6 % 42.43 8.3 % 32.56 3.0 %
Q3 2015 144.19 17.2 % 49.76 13.2 % 40.58 9.9 %
Q4 2015 129.15 7.2 % 37.44 (10.2 %) 25.92 0.4 %
Q1 2016 134.93 1.4 % 42.18 (16.0 %) 32.57 (23.3 %)
Q2 2016 135.22 5.7 % 39.20 (7.6 %) 29.93 (8.1 %)
Q3 2016 119.43 (17.2 %) 36.53 (26.6 %) 29.15 (28.2 %)
Q4 2016 109.64 (15.1 %) 29.19 (22.0 %) 15.77 (39.2 %)
Q1 2017 118.43 (12.2 %) 32.18 (23.7 %) 24.69 (24.2 %)
Q2 2017 130.05 (3.8 %) 38.42 (2.0 %) 29.65 (0.9 %)
Q3 2017 107.61 (9.9 %) 23.78 (34.9 %) 15.90 (45.5 %)
Q4 2017 127.51 16.3 % 36.14 23.8 % 24.89 57.8 %
Q1 2018 115.07 (2.8 %) 28.44 (11.6 %) 19.70 (20.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2009 28.19 5.4 % 0.28 - 28.19 0.28
Q2 2009 318.06 992.1 % 3.18 - 318.06 3.18
Q3 2009 14.63 (56.6 %) 0.15 - 14.63 0.15
Q4 2009 19.69 (41.1 %) 0.20 - 19.69 0.20
Q1 2010 31.09 10.3 % 0.31 - 31.09 0.31
Q2 2010 26.09 (91.8 %) 0.26 - 26.09 0.26
Q3 2010 32.58 122.7 % 0.33 - 32.58 0.33
Q4 2010 32.97 67.4 % 0.33 - 32.97 0.33
Q1 2011 36.82 18.4 % 0.37 - 36.82 0.37
Q2 2011 35.69 36.8 % 0.36 - 35.69 0.36
Q3 2011 41.08 26.1 % 0.41 6.72 34.36 0.34
Q4 2011 40.11 21.6 % 0.40 0.03 40.08 0.40
Q1 2012 97.35 164.4 % 0.97 56.17 41.18 0.41
Q2 2012 35.74 0.1 % 0.36 - 35.74 0.36
Q3 2012 35.08 (14.6 %) 0.35 - 35.08 0.35
Q4 2012 30.70 (23.5 %) 0.31 - 30.70 0.31
Q1 2013 42.77 (56.1 %) 0.43 - 42.77 0.43
Q2 2013 36.48 2.1 % 0.36 4.12 32.36 0.32
Q3 2013 26.61 (24.2 %) 0.27 0.00 26.60 0.27
Q4 2013 37.16 21.0 % 0.37 - 37.16 0.37
Q1 2014 45.77 7.0 % 0.46 - 45.77 0.46
Q2 2014 47.04 29.0 % 0.47 14.53 32.51 0.33
Q3 2014 36.62 37.6 % 0.37 - 36.62 0.37
Q4 2014 (25.66) (169.0 %) (0.26) (49.73) 24.08 0.24
Q1 2015 44.96 (1.8 %) 0.45 - 44.96 0.45
Q2 2015 36.63 (22.1 %) 0.37 3.57 33.06 0.33
Q3 2015 40.65 11.0 % 0.41 - 40.65 0.41
Q4 2015 23.42 191.3 % 0.23 (2.41) 25.83 0.26
Q1 2016 31.40 (30.2 %) 0.31 - 31.40 0.31
Q2 2016 29.06 (20.6 %) 0.29 - 29.06 0.29
Q3 2016 29.62 (27.2 %) 0.30 - 29.62 0.30
Q4 2016 21.42 (8.6 %) 0.21 5.70 15.72 0.16
Q1 2017 24.91 (20.7 %) 0.25 - 24.91 0.25
Q2 2017 31.68 9.0 % 0.32 3.09 28.59 0.29
Q3 2017 15.01 (49.3 %) 0.15 - 15.01 0.15
Q4 2017 19.03 (11.1 %) 0.19 - 19.03 0.19
Q1 2018 18.13 (27.2 %) 0.18 - 18.13 0.18

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 48.35 % 48.34 % 42.15 %
Q2 2009 55.82 % 55.82 % 53.28 %
Q3 2009 55.63 % 55.62 % 52.62 %
Q4 2009 55.45 % 55.47 % 51.90 %
Q1 2010 55.79 % 55.82 % 52.12 %
Q2 2010 47.79 % 47.87 % 36.82 %
Q3 2010 50.64 % 50.73 % 40.53 %
Q4 2010 51.83 % 51.88 % 43.67 %
Q1 2011 44.95 % 44.99 % 37.98 %
Q2 2011 49.70 % 49.01 % 41.76 %
Q3 2011 48.77 % 47.41 % 40.14 %
Q4 2011 49.59 % 46.68 % 39.82 %
Q1 2012 56.15 % 52.01 % 44.48 %
Q2 2012 49.80 % 47.30 % 40.41 %
Q3 2012 46.73 % 46.17 % 39.03 %
Q4 2012 42.54 % 44.12 % 35.16 %
Q1 2013 39.19 % 42.68 % 34.52 %
Q2 2013 37.28 % 41.07 % 32.26 %
Q3 2013 35.57 % 39.64 % 30.40 %
Q4 2013 32.00 % 36.64 % 32.12 %
Q1 2014 31.95 % 37.07 % 32.08 %
Q2 2014 31.76 % 36.86 % 31.80 %
Q3 2014 33.00 % 37.46 % 32.50 %
Q4 2014 35.49 % 38.47 % 28.98 %
Q1 2015 35.50 % 37.62 % 28.01 %
Q2 2015 35.36 % 37.25 % 27.50 %
Q3 2015 35.04 % 37.03 % 27.16 %
Q4 2015 33.67 % 37.07 % 27.05 %
Q1 2016 32.05 % 35.50 % 24.42 %
Q2 2016 31.02 % 35.09 % 23.36 %
Q3 2016 29.95 % 34.71 % 22.35 %
Q4 2016 29.47 % 33.06 % 21.19 %
Q1 2017 28.40 % 32.70 % 20.57 %
Q2 2017 28.54 % 32.65 % 20.70 %
Q3 2017 26.53 % 31.02 % 18.09 %
Q4 2017 26.99 % 32.92 % 18.10 %
Q1 2018 26.40 % 32.65 % 16.82 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2009 100.00 1.24 1.24 12.90
Q2 2009 100.00 4.13 4.13 16.31
Q3 2009 100.00 3.94 3.94 16.16
Q4 2009 100.00 3.81 3.81 16.25
Q1 2010 100.00 3.83 3.83 16.68
Q2 2010 100.00 0.92 0.92 16.18
Q3 2010 100.00 1.09 1.09 16.22
Q4 2010 100.00 1.23 1.23 16.63
Q1 2011 100.00 1.28 1.28 16.30
Q2 2011 100.00 1.38 1.38 16.72
Q3 2011 100.00 1.47 1.40 16.64
Q4 2011 100.00 1.54 1.47 17.07
Q1 2012 100.00 2.14 1.51 18.27
Q2 2012 100.00 2.14 1.51 17.77
Q3 2012 100.00 2.08 1.52 17.56
Q4 2012 100.00 1.99 1.43 17.89
Q1 2013 100.00 1.44 1.44 17.45
Q2 2013 100.00 1.45 1.41 17.83
Q3 2013 100.00 1.37 1.32 17.68
Q4 2013 100.00 1.43 1.39 18.01
Q1 2014 100.00 1.46 1.42 17.75
Q2 2014 100.00 1.57 1.42 18.26
Q3 2014 100.00 1.67 1.52 18.21
Q4 2014 100.00 1.04 1.39 17.79
Q1 2015 100.00 1.03 1.38 18.24
Q2 2015 100.00 0.93 1.39 17.92
Q3 2015 100.00 0.97 1.43 17.74
Q4 2015 100.00 1.46 1.45 17.96
Q1 2016 100.00 1.32 1.31 18.17
Q2 2016 100.00 1.25 1.27 17.78
Q3 2016 100.00 1.14 1.16 17.57
Q4 2016 100.00 1.11 1.06 17.78
Q1 2017 100.00 1.05 0.99 18.03
Q2 2017 100.00 1.08 0.99 17.90
Q3 2017 100.00 0.93 0.84 17.65
Q4 2017 100.00 0.91 0.88 17.88
Q1 2018 100.00 0.84 0.81 17.76

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 12.83 12.83 1.24
Q2 2009 4.97 4.97 1.26
Q3 2009 5.39 5.39 1.31
Q4 2009 5.54 5.54 1.30
Q1 2010 5.72 5.72 1.31
Q2 2010 20.73 20.73 1.17
Q3 2010 17.14 17.14 1.16
Q4 2010 15.06 15.06 1.11
Q1 2011 14.44 14.44 1.14
Q2 2011 13.34 13.34 1.10
Q3 2011 13.60 14.25 1.20
Q4 2011 14.63 15.30 1.32
Q1 2012 13.63 19.30 1.60
Q2 2012 13.02 18.43 1.57
Q3 2012 13.16 18.02 1.56
Q4 2012 13.43 18.71 1.49
Q1 2013 19.34 19.34 1.60
Q2 2013 21.79 22.42 1.77
Q3 2013 26.51 27.33 2.05
Q4 2013 24.05 24.77 1.91
Q1 2014 23.97 24.67 1.97
Q2 2014 24.84 27.39 2.13
Q3 2014 24.45 26.79 2.24
Q4 2014 28.13 21.00 1.64
Q1 2015 31.71 23.63 1.79
Q2 2015 42.83 28.58 2.21
Q3 2015 28.82 19.50 1.57
Q4 2015 18.38 18.53 1.49
Q1 2016 17.72 17.88 1.29
Q2 2016 18.95 18.59 1.33
Q3 2016 15.54 15.22 1.00
Q4 2016 21.46 22.62 1.35
Q1 2017 20.81 22.00 1.21
Q2 2017 18.38 20.01 1.10
Q3 2017 21.87 24.15 1.15
Q4 2017 21.06 21.81 1.07
Q1 2018 24.22 25.15 1.14

Business Segments (Million)

Compared With The
Period Hospitality sector Asset management Property management Hotels and recreational centers sector Owned Real estate Services and Employment sector Mutual transactions Others
Q3 2012 - - - 90.88 13.05 5.81 (6.70) -
Q4 2012 - - - 74.05 27.19 15.45 (8.49) -
Q1 2013 - - - 93.64 16.53 4.71 (5.40) -
Q2 2013 - - - 101.71 11.59 4.56 (5.41) -
Q3 2013 - - - 86.96 15.61 4.67 (5.47) -
Q4 2013 - - - 84.05 14.06 10.16 (10.00) 10.48
Q1 2014 - - - 103.79 15.96 6.56 (6.95) -
Q2 2014 - - - 103.60 14.19 5.00 (6.05) -
Q3 2014 - - - 102.14 21.03 7.83 (8.00) -
Q4 2014 - - - 104.08 5.96 6.95 (7.02) 10.47
Q1 2015 - - - 116.47 15.19 6.62 (7.27) 2.02
Q2 2015 - - - 113.58 13.88 7.63 (8.09) 0.91
Q3 2015 - - - 125.40 16.68 9.27 (7.39) 1.19
Q4 2015 - - - 109.30 16.78 6.10 (5.90) 0.24
Q1 2016 117.80 15.43 1.71 - - - - -
Q2 2016 116.78 16.19 2.25 - - - - -
Q3 2016 100.65 17.00 1.78 - - - - -
Q4 2016 89.70 18.05 1.89 - - - - -
Q1 2017 98.68 18.58 1.17 - - - - -
Q2 2017 109.05 19.36 1.64 - - - - -
Q3 2017 84.90 20.31 2.40 - - - - -
Q4 2017 102.49 23.88 1.14 - - - - -
Q1 2018 91.99 21.92 1.17 - - - - -


Financial Ratios
Current
Market Cap (M Riyal) 2,700.00
Enterprise Value (EV) (M) 3,783.73
Shares Outstanding ((M)) 100.00
EPS ( Riyal) (TTM) 0.66
Book Value (BV) ( Riyal) 16.27
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 47.70
P/E (TTM) 40.65
Price/book 1.66
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 4.1
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Share Price

Dur Hospitality Company
27.00
0.20 0.75 %

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