Dur Hospitality Co. announces its Interim Financial Results for the Period Ending on 2023-03-31 ( Three Months )

08 May 2023 02:52 PM

DUR 4010 15.19% 27.00 3.56

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	168,150	145,663	15.44	177,291	-5.16
Gross Profit (Loss)	51,438	35,205	46.11	61,477	-16.33
Operational Profit (Loss)	39,013	23,317	67.31	20,523	90.09
Net Profit (Loss) after Zakat and Tax	16,986	32,329	-47.46	37,991	-55.29
Total Comprehensive Income	16,986	32,329	-47.46	39,856	-57.38
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (after Deducting Minority Equity)	1,615,966	1,589,279	1.68
Profit (Loss) per Share	0.17	0.32
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The company's operating revenues increased during the first quarter of 2023 by 22.5 million riyals, or by 15.4%, and the operating profit increased by 15.7 million riyals, or by 67.3%, compared to the same quarter of 2022, due to the increase in the company's hospitality revenues due to the recovery of Umrah season and high demand for hotels in Riyadh. The reason for the decrease in the net profit for the current quarter in comparison to the same quarter of the previous year is adjustment of the net profit for the similar quarter for the income recognized from the accounting treatment of derivative financial instruments, which amounted to 19.5 million riyals, and without the effect of that adjustment, there is a growth in the net profit for the current quarter.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is	Operating profit improved during the current quarter by 18.5 million riyals, or by 90%, compared to the previous quarter. The reason for the decrease in the net profit during the current quarter compared to the previous quarter is adjustment of the previous quarter is affected by the income recognized from the accounting treatment of derivative financial instruments.
Statement of the type of external auditor's report	Unmodified conclusion
Reclassification of Comparison Items	Some of the comparative numbers have been reclassified to be consistent with the current period presentation. During the three-month period ending on December 31, 2022, the company processed the accounting of financial derivatives retrospectively related to the previous periods in the consolidated financial statements, which were not recorded in the periods prior to December 31, 2022.

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