Dur Hospitality Co. reported a net loss after Zakat and tax of SAR 49.5 million for 2020 from a net profit of Zakat and tax of SAR 53 million in 2019.
The company attributed the losses to lower hospitality revenue resulting from closure of its facilities in Makkah due to COVID-19, which led to stoppage of Umrah and pilgrimage season.
In addition, there was a drop of demand for hotels sector by business sector and individuals because of the preventive measures taken to control spread of the virus, along with a decrease of other revenue, booking of provisions for doubtful debts as well as booking some provisions to meet some probable liabilities.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 553.85 | 442.32 | (20.1 %) |
| Gross Income | 119.18 | 60.82 | (49.0 %) |
| Operating Income | 78.73 | 5.75 | (92.7 %) |
| Net Income | 53.00 | (49.50) | (193.4 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.53 | (0.49) | (193.4 %) |
The company reported a net loss after Zakat and tax of SAR 42 million for Q4 2020, compared to net profit of SAR 24.5 million in Q4 2019.
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 173.84 | 109.87 | (36.8 %) |
| Gross Income | 47.68 | 0.54 | (98.9 %) |
| Operating Income | 36.05 | (23.44) | (165.0 %) |
| Net Income | 24.46 | (42.03) | (271.8 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | 0.24 | (0.42) | (271.8 %) |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 99.59 | 109.87 | 10.3 % |
| Gross Income | 14.41 | 0.54 | (96.3 %) |
| Operating Income | 6.53 | (23.44) | (459.3 %) |
| Net Income | (8.41) | (42.03) | (399.7 %) |
| Average Shares | 100.00 | 100.00 | - |
| EPS (Riyals) | (0.08) | (0.42) | (399.7 %) |
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