Financial Results : Dur Hospitality’s net profit down 8% in FY19

Dur Hospitality’s net profit down 8% in FY19

29/01/2020 Argaam Exclusive

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Dur Hospitality Co. reported a net profit after zakat and tax of SAR 53 million for the fiscal year of 2019, a 7.8% year-on-year (YoY) decrease, the company said in a bourse statement on Wednesday.

 

The drop was attributed to higher cost of sales as the company incurred pre-opening costs as well as operating expenses and depreciation expenses for project entered into operational stage, according to the statement.

 

The company also cited the impact of implementing IFRS (6) and the accounting treatment of financial charges for completed projects as reasons for the drop.



Financials (M)

Item 2018 2019 Change‬
Revenues 454.06 553.85 22.0 %
Gross Income 108.08 119.18 10.3 %
Operating Income 69.53 78.73 13.2 %
Net Income 57.46 53.00 (7.8 %)
Average Shares 100.00 100.00 -
EPS (Riyals) 0.57 0.53 (7.8 %)

The company’s net profit for Q4 2019 more than doubled YoY to SAR 24.46 million due to improved revenue of the company’s hotels in Riyadh and improved revenue from real estate sector.

 

On a sequential basis, Q4 2019 net profit grew by 61% compared to the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 112.91 173.84 54.0 %
Gross Income 27.91 47.68 70.8 %
Operating Income 17.19 36.05 109.7 %
Net Income 10.05 24.46 143.5 %
Average Shares 100.00 100.00 -
EPS (Riyals) 0.10 0.24 143.5 %

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