Financial Results : Dur’s 9M 2023 profit dips 18.5% to SAR 28.4 mln; Q3 at SAR 4.4 mln

Dur’s 9M 2023 profit dips 18.5% to SAR 28.4 mln; Q3 at SAR 4.4 mln

31/10/2023 Argaam Exclusive

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Dur Hospitality Co. reported a net profit of SAR 28.4 million for the first nine months of 2023, down 18.5% from SAR 34.9 million in the year-earlier period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 391.11 495.35 26.7 %
Gross Income 73.47 123.08 67.5 %
Operating Income 41.43 85.41 106.2 %
Net Income 34.89 28.43 (18.5 %)
Average Shares 100.00 100.00 -
EPS (Riyals) 0.35 0.28 (18.5 %)

The company reported improved hotel revenue as the number of pilgrims returned to previous levels, in addition to increased demand for other hotels year-on-year (YoY).

 

In addition, operating profit for the current period also increased by SAR 44 million, or 106.2%, YoY.

 

The profit decline was due to adjusting of profit for a similar period of the previous year for the income recognized from the accounting treatment of financial derivatives, worth SAR 32.7 million. Without the adjustment, net profit for the current period would be SAR 26.3 million, or 1,207% YoY.

 

Dur logged a 311% YoY profit surge in Q3 2023 at SAR 4.40 million due to higher annual operational earnings by 95.7%.

 

However, the profit fell 37.5% from SAR 7.04 million in Q2 2023.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 120.66 149.39 23.8 %
Gross Income 18.91 30.49 61.3 %
Operating Income 9.38 18.36 95.7 %
Net Income (2.08) 4.40 311.7 %
Average Shares 100.00 100.00 -
EPS (Riyals) (0.02) 0.04 311.7 %

Total shareholders’ equity, excluding minority interest, stood at SAR 1.62 billion as of Sept. 30, 2022, compared to SAR 1.59 billion in the prior-year period.

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