Financial Results : Dur turns to losses of SAR 1.9 mln in H1 2021

Dur turns to losses of SAR 1.9 mln in H1 2021

12/08/2021 Argaam Exclusive

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Dur Hospitality Co. turned to a net loss after Zakat and tax of SAR 1.9 million in H1 2021, from a net profit of SAR 941,000 in the prior-year period.

 

The loss was attributed to the continued operational challenges of the company’s hotels, particularly in Makkah, due to halting Umrah for pilgrims from abroad. Demand for other hotels decreased due to continuation of preventive measures taken for controlling the spread of COVID -19.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 232.86 213.74 (8.2 %)
Gross Income 45.88 15.01 (67.3 %)
Operating Income 22.67 2.15 (90.5 %)
Net Income 0.94 (1.87) (298.6 %)
Average Shares 100.00 100.00 -
EPS (Riyals) 0.01 (0.02) (298.6 %)

The company narrowed its net loss after Zakat and tax of SAR 3.7 million in Q2 2021, from a net loss of SAR 9.9 million in the same quarter last year, on improved revenues of some of its hotels, and lower general and administrative expense.

 

On a sequential basis, the company also turned to losses in Q2 2021, compared to a profit of SAR 1.9 million in Q1 2021.

 

The company reported accumulated losses of SAR 484,533 by the end of June 30, 2021, representing 0.048% of its paid-up capital. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 92.95 113.56 22.2 %
Gross Income 13.17 12.22 (7.2 %)
Operating Income 1.63 3.94 141.3 %
Net Income (9.93) (3.74) 62.3 %
Average Shares 100.00 100.00 -
EPS (Riyals) (0.10) (0.04) 62.3 %

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