Dur net profit plunges 93% to SAR 941,000 in H1 2020

23/08/2020 Argaam Exclusive

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Dur Hospitality Co. reported a 93% slump in net profit after Zakat and tax of SAR 941,000 for H1 2020, from SAR 13.3 million a year earlier. The company was hit by lower hotel revenues, due to the precautionary measures adopted by the Kingdom to curb the COVID-19 outbreak.

Moreover, other income also dropped on an annual basis. Dur has mitigated the COVID-19 negative impact by cutting expenses.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	240.85	232.86	(3.3 %)
Gross Income	41.39	45.88	10.8 %
Operating Income	20.38	22.67	11.3 %
Net Income	13.35	0.94	(93.0 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.13	0.01	(93.0 %)

In Q2 2020, Dur incurred a net loss after Zakat and tax of SAR 10 million, against a net profit of SAR 3.9 million in prior-year period. The losses were attributed to lower hotel revenues amid the partial or full closure of hotel facilities, and a decline in other income.

The hospitality services provider reported a net profit of SAR 10.9 million in Q1 2020.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	126.35	92.95	(26.4 %)
Gross Income	17.21	13.17	(23.5 %)
Operating Income	6.85	1.63	(76.2 %)
Net Income	3.87	(9.93)	(356.9 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.04	(0.10)	(356.9 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	139.91	92.95	(33.6 %)
Gross Income	32.71	13.17	(59.7 %)
Operating Income	21.04	1.63	(92.2 %)
Net Income	10.87	(9.93)	(191.3 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.11	(0.10)	(191.3 %)

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