Dur Hospitality 2022 earnings rise to SAR 40.2 mln; Q4 at SAR 38 mln

21/02/2023 Argaam Exclusive

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Dur Hospitality Co. posted net earnings after Zakat and tax to SAR 40.2 million to 2022, compared with SAR 1.2 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	473.15	568.40	20.1 %
Gross Income	59.50	134.95	126.8 %
Operating Income	26.23	89.38	240.8 %
Net Income	1.19	40.17	3264.0 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.01	0.40	3264.0 %

The profit growth was driven by a 20.1% rise in revenues, mainly due to the improved hospitality revenues on the revival of the Umrah and Hajj season and higher demand for hotels in Riyadh as a result of the convening of many conferences and events.

Further, revenues from the real estate segment also increased due to the full occupancy of the residential complexes. This led to an increase in operating profit by 136.2% or SAR 35.7 million in 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	142.41	177.29	24.5 %
Gross Income	30.31	61.48	102.8 %
Operating Income	19.45	47.96	146.6 %
Net Income	9.33	37.99	307.1 %
Average Shares	100.00	100.00	-
EPS (Riyals)	0.09	0.38	307.1 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	120.66	177.29	46.9 %
Gross Income	18.91	61.48	225.2 %
Operating Income	9.38	47.96	411.0 %
Net Income	(2.08)	37.99	1928.2 %
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.02)	0.38	1928.2 %

The fourth-quarter net earnings reached SAR 38 million, compared with SAR 9.33 million a year before.

Compared with the previous quarter, the company turned a profit from a loss of SAR 6.05 million.

Total shareholders’ equity, after minority interest, reached SAR 1.59 billion as of Dec. 31, 2022, compared with SAR 1.55 billion a year earlier.

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