Dur turns to losses of SAR 7.5 mln in 9M 2020

11/11/2020 Argaam Exclusive

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Dur Hospitality Co. turned to a net loss after Zakat and tax of SAR 7.5 million for the first nine months of 2020, compared to a profit of SAR 28.5 million in the same period a year earlier.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	380.01	332.45	(12.5 %)
Gross Income	71.50	60.28	(15.7 %)
Operating Income	42.68	29.20	(31.6 %)
Net Income	28.54	(7.47)	(126.2 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.29	(0.07)	(126.2 %)

The company attributed nine-month net losses to lower hotel revenue in Makkah, due to the suspension of the Umrah and Hajj season and weak demand for hotels by business and individuals amid the preventive precautions taken to contain the COVID-19 pandemic. In addition, the decrease in other revenues and allocation of doubtful debt provisions also weighed on the results.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	139.16	99.59	(28.4 %)
Gross Income	30.10	14.41	(52.1 %)
Operating Income	22.30	6.53	(70.7 %)
Net Income	15.19	(8.41)	(155.4 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.15	(0.08)	(155.4 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	92.95	99.59	7.1 %
Gross Income	13.17	14.41	9.4 %
Operating Income	1.63	6.53	299.6 %
Net Income	(9.93)	(8.41)	15.3 %
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.10)	(0.08)	15.3 %

The company turned to losses of SAR 8.4 million in Q3 2020 from a profit of SAR 15.2 million in the same quarter a year earlier.

When compared to previous quarter, the company narrowed its losses in Q3 2020 on improved revenue of some company’s facilities.

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