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.
| 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.
| 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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