Dur Hospitality posts 59% profit drop in H1 2019

19/08/2019 Argaam Exclusive

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Dur Hospitality Co.'s net profit after zakat and tax declined 58.6 percent year-on-year (YoY) to SAR 13.35 million in the first half of 2019.

Earnings of H1 2019 were impacted by higher cost of sales and the implementation of IFRS 16.

Financials (M)

Item	6m 2018	6m 2019	Change‬
Revenues	230.06	240.85	4.7 %
Gross Income	53.78	41.39	(23.0 %)
Operating Income	34.64	20.38	(41.2 %)
Net Income	32.21	13.35	(58.6 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.32	0.13	(58.6 %)

Second-quarter earnings declined 72.6 percent year-on-year (YoY) to SAR 3.9 million, on higher cost of revenue as well as the implementation of IFRS 16.

On a sequential basis, net profit dropped 59.2 percent, due to increased cost of revenue on pre-operating expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2018	Q2 2019	Change‬
Revenues	114.98	126.35	9.9 %
Gross Income	25.35	17.21	(32.1 %)
Operating Income	14.94	6.85	(54.1 %)
Net Income	14.09	3.87	(72.6 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.14	0.04	(72.6 %)

Item	Q1 2019	Q2 2019	Change‬
Revenues	114.50	126.35	10.4 %
Gross Income	24.19	17.21	(28.9 %)
Operating Income	13.53	6.85	(49.3 %)
Net Income	9.48	3.87	(59.2 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.09	0.04	(59.2 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	68.87	3.7 %	36.81	11.7 %	31.09	10.3 %	0.31
Q2 2010	66.83	(87.9 %)	31.82	(90.2 %)	26.09	(91.8 %)	0.26
Q3 2010	70.22	44.2 %	38.18	89.0 %	32.58	122.7 %	0.33
Q4 2010	75.12	17.1 %	38.84	29.7 %	32.97	67.4 %	0.33
2010	281.03	(61.7 %)	145.65	(64.2 %)	122.73	(67.7 %)	1.23
Q1 2011	126.09	83.1 %	43.19	17.3 %	36.82	18.4 %	0.37
Q2 2011	59.18	(11.4 %)	44.09	38.6 %	35.69	36.8 %	0.36
Q3 2011	87.96	25.3 %	43.78	14.7 %	41.08	26.1 %	0.41
Q4 2011	95.76	27.5 %	51.94	33.7 %	40.11	21.6 %	0.40
2011	358.03	27.4 %	178.84	22.8 %	153.37	25.0 %	1.53
Q1 2012	97.25	(22.9 %)	51.19	18.5 %	97.35	164.4 %	0.97
Q2 2012	93.61	58.2 %	39.62	(10.1 %)	35.74	0.1 %	0.36
Q3 2012	103.03	17.1 %	39.33	(10.2 %)	35.08	(14.6 %)	0.35
Q4 2012	111.91	16.9 %	42.49	(18.2 %)	30.70	(23.5 %)	0.31
2012	396.10	10.6 %	161.02	(10.0 %)	198.87	29.7 %	1.99
Q1 2013	109.47	12.6 %	42.38	(17.2 %)	42.77	(56.1 %)	0.43
Q2 2013	112.45	20.1 %	38.66	(2.4 %)	36.48	2.1 %	0.36
Q3 2013	101.77	(1.2 %)	31.42	(20.1 %)	26.61	(24.2 %)	0.27
Q4 2013	108.76	(2.8 %)	25.92	(39.0 %)	37.16	21.0 %	0.37
2013	432.44	9.2 %	138.38	(14.1 %)	143.02	(28.1 %)	1.43
Q1 2014	119.36	9.0 %	45.33	7.0 %	45.77	7.0 %	0.46
Q2 2014	116.74	3.8 %	39.19	1.4 %	47.04	29.0 %	0.47
Q3 2014	123.00	20.9 %	43.94	39.8 %	36.62	37.6 %	0.37
Q4 2014	120.44	10.7 %	41.71	60.9 %	(25.66)	(169.0 %)	(0.26)
2014	479.55	10.9 %	167.47	21.0 %	103.77	(27.4 %)	1.04
Q1 2015	133.03	11.5 %	50.25	10.8 %	44.96	(1.8 %)	0.45
Q2 2015	127.90	9.6 %	42.43	8.3 %	36.63	(22.1 %)	0.37
Q3 2015	144.19	17.2 %	49.76	13.2 %	40.65	11.0 %	0.41
Q4 2015	129.15	7.2 %	37.44	(10.2 %)	23.42	191.3 %	0.23
2015	532.62	11.1 %	179.20	7.0 %	146.83	41.5 %	1.47
Q1 2016	134.93	1.4 %	42.18	(16.0 %)	31.40	(30.2 %)	0.31
Q2 2016	135.22	5.7 %	39.20	(7.6 %)	29.06	(20.6 %)	0.29
Q3 2016	119.43	(17.2 %)	36.53	(26.6 %)	29.62	(27.2 %)	0.30
Q4 2016	109.64	(15.1 %)	29.19	(22.0 %)	21.42	(8.6 %)	0.21
2016	499.21	(6.3 %)	147.10	(17.9 %)	111.50	(24.1 %)	1.11
Q1 2017	118.43	(12.2 %)	32.18	(23.7 %)	24.91	(20.7 %)	0.25
Q2 2017	130.05	(3.8 %)	38.42	(2.0 %)	31.68	9.0 %	0.32
Q3 2017	107.61	(9.9 %)	23.78	(34.9 %)	15.01	(49.3 %)	0.15
Q4 2017	127.51	16.3 %	36.14	23.8 %	19.03	(11.1 %)	0.19
2017	483.60	(3.1 %)	130.51	(11.3 %)	90.63	(18.7 %)	0.91
Q1 2018	115.07	(2.8 %)	28.44	(11.6 %)	18.13	(27.2 %)	0.18
Q2 2018	114.98	(11.6 %)	25.35	(34.0 %)	14.09	(55.5 %)	0.14
Q3 2018	111.10	3.2 %	26.39	10.9 %	15.20	1.3 %	0.15
Q4 2018	112.91	(11.5 %)	27.91	(22.8 %)	10.05	(47.2 %)	0.10
2018	454.06	(6.1 %)	108.08	(17.2 %)	57.46	(36.6 %)	0.57
Q1 2019	114.50	(0.5 %)	24.19	(14.9 %)	9.48	(47.7 %)	0.09
Q2 2019	126.35	9.9 %	17.21	(32.1 %)	3.87	(72.6 %)	0.04

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	733.26	149.5 %	406.62	187.9 %	380.57	209.4 %	3.81
2010	281.03	(61.7 %)	145.65	(64.2 %)	122.73	(67.7 %)	1.23
2011	358.03	27.4 %	178.84	22.8 %	153.37	25.0 %	1.53
2012	396.10	10.6 %	161.02	(10.0 %)	198.87	29.7 %	1.99
2013	432.44	9.2 %	138.38	(14.1 %)	143.02	(28.1 %)	1.43
2014	479.55	10.9 %	167.47	21.0 %	103.77	(27.4 %)	1.04
2015	532.62	11.1 %	179.20	7.0 %	146.83	41.5 %	1.47
2016	499.21	(6.3 %)	147.10	(17.9 %)	111.50	(24.1 %)	1.11
2017	483.60	(3.1 %)	130.51	(11.3 %)	90.63	(18.7 %)	0.91
2018	454.06	(6.1 %)	108.08	(17.2 %)	57.46	(36.6 %)	0.57

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	55.79 %	55.82 %	52.12 %
Q2 2010	47.79 %	47.87 %	36.82 %
Q3 2010	50.64 %	50.73 %	40.53 %
Q4 2010	51.83 %	51.88 %	43.67 %
2010	51.83 %	51.88 %	43.67 %
Q1 2011	44.95 %	44.99 %	37.98 %
Q2 2011	49.70 %	49.01 %	41.76 %
Q3 2011	48.77 %	47.41 %	40.14 %
Q4 2011	49.59 %	46.68 %	39.82 %
2011	49.95 %	45.92 %	40.95 %
Q1 2012	56.15 %	52.01 %	44.48 %
Q2 2012	49.80 %	47.30 %	40.41 %
Q3 2012	46.73 %	46.17 %	39.03 %
Q4 2012	42.54 %	44.12 %	35.16 %
2012	40.65 %	43.69 %	36.03 %
Q1 2013	39.19 %	42.68 %	34.52 %
Q2 2013	37.28 %	41.07 %	32.26 %
Q3 2013	35.57 %	39.64 %	30.40 %
Q4 2013	32.00 %	36.64 %	32.12 %
2013	32.00 %	36.64 %	32.12 %
Q1 2014	31.95 %	37.07 %	32.08 %
Q2 2014	31.76 %	36.86 %	31.80 %
Q3 2014	33.00 %	37.46 %	32.50 %
Q4 2014	35.49 %	38.47 %	28.98 %
2014	34.92 %	38.47 %	28.92 %
Q1 2015	35.50 %	37.62 %	28.01 %
Q2 2015	35.36 %	37.25 %	27.50 %
Q3 2015	35.04 %	37.03 %	27.16 %
Q4 2015	33.67 %	37.07 %	27.05 %
2015	33.64 %	37.29 %	27.35 %
Q1 2016	32.05 %	35.50 %	24.42 %
Q2 2016	31.02 %	35.09 %	23.36 %
Q3 2016	29.95 %	34.71 %	22.35 %
Q4 2016	29.47 %	33.06 %	21.19 %
2016	29.47 %	33.07 %	21.19 %
Q1 2017	28.40 %	32.70 %	20.57 %
Q2 2017	28.54 %	32.65 %	20.70 %
Q3 2017	26.53 %	31.02 %	18.09 %
Q4 2017	26.99 %	32.92 %	18.10 %
2017	26.99 %	32.96 %	18.10 %
Q1 2018	26.40 %	32.65 %	16.82 %
Q2 2018	24.44 %	31.05 %	14.24 %
Q3 2018	24.82 %	31.37 %	14.18 %
Q4 2018	23.80 %	30.16 %	14.27 %
2018	23.80 %	30.16 %	14.27 %
Q1 2019	22.90 %	29.39 %	12.39 %
Q2 2019	20.59 %	28.20 %	8.31 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	55.45 %	55.47 %	51.90 %
2010	51.83 %	51.88 %	43.67 %
2011	49.95 %	45.92 %	40.95 %
2012	40.65 %	43.69 %	36.03 %
2013	32.00 %	36.64 %	32.12 %
2014	34.92 %	38.47 %	28.92 %
2015	33.64 %	37.29 %	27.35 %
2016	29.47 %	33.07 %	21.19 %
2017	26.99 %	32.96 %	18.10 %
2018	23.80 %	30.16 %	14.27 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	53.45 %	53.50 %	45.15 %
Q2 2010	47.61 %	47.66 %	39.04 %
Q3 2010	54.38 %	54.42 %	46.40 %
Q4 2010	51.70 %	51.77 %	43.90 %
Q1 2011	34.26 %	34.28 %	29.20 %
Q2 2011	74.49 %	70.46 %	60.30 %
Q3 2011	49.77 %	46.99 %	39.06 %
Q4 2011	54.24 %	48.03 %	41.85 %
Q1 2012	52.64 %	49.26 %	42.34 %
Q2 2012	42.32 %	44.83 %	38.18 %
Q3 2012	38.18 %	42.75 %	34.05 %
Q4 2012	37.97 %	40.32 %	27.43 %
Q1 2013	38.71 %	43.18 %	39.07 %
Q2 2013	34.38 %	38.23 %	28.78 %
Q3 2013	30.88 %	36.66 %	26.14 %
Q4 2013	23.84 %	28.40 %	34.17 %
Q1 2014	37.98 %	44.25 %	38.34 %
Q2 2014	33.57 %	37.38 %	27.85 %
Q3 2014	35.72 %	38.97 %	29.77 %
Q4 2014	34.63 %	33.29 %	19.99 %
Q1 2015	37.77 %	40.51 %	33.80 %
Q2 2015	33.18 %	35.93 %	25.84 %
Q3 2015	34.51 %	37.93 %	28.19 %
Q4 2015	28.99 %	33.68 %	20.00 %
Q1 2016	31.26 %	34.25 %	23.27 %
Q2 2016	28.99 %	34.23 %	21.49 %
Q3 2016	30.58 %	36.89 %	24.80 %
Q4 2016	26.63 %	25.97 %	14.33 %
Q1 2017	27.17 %	32.96 %	21.03 %
Q2 2017	29.54 %	34.08 %	21.98 %
Q3 2017	22.10 %	30.31 %	13.95 %
Q4 2017	28.34 %	33.89 %	14.92 %
Q1 2018	24.71 %	31.85 %	15.75 %
Q2 2018	22.04 %	27.81 %	12.25 %
Q3 2018	23.75 %	31.66 %	13.68 %
Q4 2018	24.72 %	29.35 %	15.41 %
Q1 2019	21.13 %	28.81 %	8.28 %
Q2 2019	13.62 %	23.58 %	(2.74 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	100.00	3.83	3.83	16.68
Q2 2010	100.00	0.92	0.92	16.18
Q3 2010	100.00	1.09	1.09	16.22
Q4 2010	100.00	1.23	1.23	16.63
Q1 2011	100.00	1.28	1.28	16.30
Q2 2011	100.00	1.38	1.38	16.72
Q3 2011	100.00	1.47	1.40	16.64
Q4 2011	100.00	1.54	1.47	17.07
Q1 2012	100.00	2.14	1.51	18.27
Q2 2012	100.00	2.14	1.51	17.77
Q3 2012	100.00	2.08	1.52	17.56
Q4 2012	100.00	1.99	1.43	17.89
Q1 2013	100.00	1.44	1.44	17.45
Q2 2013	100.00	1.45	1.41	17.83
Q3 2013	100.00	1.37	1.32	17.68
Q4 2013	100.00	1.43	1.39	18.01
Q1 2014	100.00	1.46	1.42	17.75
Q2 2014	100.00	1.57	1.42	18.26
Q3 2014	100.00	1.67	1.52	18.21
Q4 2014	100.00	1.04	1.39	17.79
Q1 2015	100.00	1.03	1.38	18.24
Q2 2015	100.00	0.93	1.39	17.92
Q3 2015	100.00	0.97	1.43	17.74
Q4 2015	100.00	1.46	1.45	17.96
Q1 2016	100.00	1.32	1.31	18.17
Q2 2016	100.00	1.25	1.27	17.78
Q3 2016	100.00	1.14	1.16	17.57
Q4 2016	100.00	1.11	1.06	17.78
Q1 2017	100.00	1.05	0.99	18.03
Q2 2017	100.00	1.08	0.99	17.90
Q3 2017	100.00	0.93	0.84	17.65
Q4 2017	100.00	0.91	0.88	17.88
Q1 2018	100.00	0.84	0.81	17.76
Q2 2018	100.00	0.66	0.66	17.81
Q3 2018	100.00	0.66	0.66	17.71
Q4 2018	100.00	0.57	0.65	17.75
Q1 2019	100.00	0.49	0.56	17.25
Q2 2019	100.00	0.39	0.39	17.04

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	100.00	3.81	3.81	16.25
2010	100.00	1.23	1.23	16.63
2011	100.00	1.53	1.47	17.07
2012	100.00	1.99	1.43	17.89
2013	100.00	1.43	1.39	18.01
2014	100.00	1.04	1.39	17.79
2015	100.00	1.47	1.46	17.96
2016	100.00	1.11	1.06	17.78
2017	100.00	0.91	0.88	17.88
2018	100.00	0.57	0.65	17.75

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	5.72	5.72	1.31
Q2 2010	20.73	20.73	1.17
Q3 2010	17.14	17.14	1.16
Q4 2010	15.06	15.06	1.11
Q1 2011	14.44	14.44	1.14
Q2 2011	13.34	13.34	1.10
Q3 2011	13.60	14.25	1.20
Q4 2011	14.63	15.30	1.32
Q1 2012	13.63	19.30	1.60
Q2 2012	13.02	18.43	1.57
Q3 2012	13.16	18.02	1.56
Q4 2012	13.43	18.71	1.49
Q1 2013	19.34	19.34	1.60
Q2 2013	21.79	22.42	1.77
Q3 2013	26.51	27.33	2.05
Q4 2013	24.05	24.77	1.91
Q1 2014	23.97	24.67	1.97
Q2 2014	24.84	27.39	2.13
Q3 2014	24.45	26.79	2.24
Q4 2014	28.13	21.00	1.64
Q1 2015	31.71	23.63	1.79
Q2 2015	42.83	28.58	2.21
Q3 2015	28.82	19.50	1.57
Q4 2015	18.38	18.53	1.49
Q1 2016	17.72	17.88	1.29
Q2 2016	18.95	18.59	1.33
Q3 2016	15.54	15.22	1.00
Q4 2016	21.46	22.62	1.35
Q1 2017	20.81	22.00	1.21
Q2 2017	18.38	20.01	1.10
Q3 2017	21.87	24.15	1.15
Q4 2017	21.06	21.81	1.07
Q1 2018	24.22	25.15	1.14
Q2 2018	30.16	30.16	1.12
Q3 2018	33.11	33.11	1.24
Q4 2018	31.85	28.23	1.03
Q1 2019	41.42	36.00	1.17
Q2 2019	46.53	46.49	1.05

Period	P/E	Adjusted P/E	Price/book
2009	5.54	5.54	1.30
2010	15.06	15.06	1.11
2011	14.66	15.33	1.32
2012	13.43	18.71	1.49
2013	24.05	24.77	1.91
2014	28.13	21.05	1.64
2015	18.23	18.38	1.49
2016	21.46	22.62	1.35
2017	21.06	21.81	1.07
2018	31.85	28.23	1.03

Business Segments (Million)

Compared With The

Period	Hospitality sector	Asset management	Property management	Hotels and recreational centers sector	Owned Real estate	Services and Employment sector	Mutual transactions	Used car sales
Q3 2012	-	-	-	90.88	13.05	5.81	(6.70)	-
Q4 2012	-	-	-	74.05	27.19	15.45	(8.49)	-
Q1 2013	-	-	-	93.64	16.53	4.71	(5.40)	-
Q2 2013	-	-	-	101.71	11.59	4.56	(5.41)	-
Q3 2013	-	-	-	86.96	15.61	4.67	(5.47)	-
Q4 2013	-	-	-	84.05	14.06	10.16	(10.00)	10.48
Q1 2014	-	-	-	103.79	15.96	6.56	(6.95)	-
Q2 2014	-	-	-	103.60	14.19	5.00	(6.05)	-
Q3 2014	-	-	-	102.14	21.03	7.83	(8.00)	-
Q4 2014	-	-	-	104.08	5.96	6.95	(7.02)	10.47
Q1 2015	-	-	-	116.47	15.19	6.62	(7.27)	2.02
Q2 2015	-	-	-	113.58	13.88	7.63	(8.09)	0.91
Q3 2015	-	-	-	125.40	16.68	9.27	(7.39)	1.19
Q4 2015	-	-	-	109.30	16.78	6.10	(5.90)	0.24
Q1 2016	117.80	15.43	1.71	-	-	-	-	-
Q2 2016	116.78	16.19	2.25	-	-	-	-	-
Q3 2016	100.65	17.00	1.78	-	-	-	-	-
Q4 2016	89.70	18.05	1.89	-	-	-	-	-
Q1 2017	98.68	18.58	1.17	-	-	-	-	-
Q2 2017	109.05	19.36	1.64	-	-	-	-	-
Q3 2017	84.90	20.31	2.40	-	-	-	-	-
Q4 2017	102.49	23.88	1.14	-	-	-	-	-
Q1 2018	91.99	21.92	1.17	-	-	-	-	-
Q2 2018	89.57	24.28	1.13	-	-	-	-	-
Q3 2018	84.27	24.43	2.39	-	-	-	-	-
Q4 2018	86.97	25.24	0.70	-	-	-	-	-
Q1 2019	87.60	26.07	0.82	-	-	-	-	-
Q2 2019	97.59	27.31	1.45	-	-	-	-	-

Period	Hospitality sector	Asset management	Property management	Hotels and recreational centers sector	Owned Real estate	Services and Employment sector	Mutual transactions	Used car sales
2012	-	-	-	321.33	65.31	33.21	(23.75)	-
2013	-	-	-	366.36	57.78	24.10	(26.29)	10.48
2014	-	-	-	413.62	57.16	26.32	(28.03)	10.47
2015	-	-	-	464.75	62.53	29.63	(28.64)	4.36
2016	424.92	66.67	7.62	-	-	-	-	-
2017	395.11	82.14	6.35	-	-	-	-	-
2018	352.80	95.87	5.39	-	-	-	-	-

Financial Ratios

	Current
Market Cap (M Riyal)	2,700.00
Enterprise Value (EV) (M)	3,783.73
Shares Outstanding ((M))	100.00
EPS ( Riyal) (TTM)	0.66
Book Value (BV) ( Riyal)	16.27
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	47.70
P/E (TTM)	40.65
Price/book	1.66
Return on Average Assets (%) (TTM)	1.9
Return on Average Equity (%) (TTM)	4.1

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Dur Hospitality posts 59% profit drop in H1 2019

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2019 Q2

Financial Ratios

Share Price

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Dur Hospitality posts 59% profit drop in H1 2019

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2019

Revenue by Business Segment (Latest) 2019 Q2

Financial Ratios

Share Price

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Business Segments (Million)