DUR HOSPITALITY CO. ANNOUNCES THE ANNUAL FINANCIAL RESULTS FOR THE PERIOD ENDING ON 31-12-2015

Feb 15 2016

ELEMENT	CURRENT YEAR	PREVIOUS YEAR	% CHANGE
NET PROFIT (LOSS)	144,374	103,767	39.13
EARNING OR LOSS PER SHARE, RIYALS	1.44	1.04	-
GROSS PROFIT (LOSS)	179,199	167,470	7
OPERATIONAL PROFIT (LOSS)	142,538	92,525	54.05

All figures are in (Thousands) Saudi Arabia, Riyals

ELEMENT	EXPLAINATION
REASONS OF ANNUAL FINANCIAL RESULTS	Net profit for 2015 increased by SR 41 million compared to the previous year, mainly due to improvement in operations of most of the properties of the Company, and due to the negative effect occurred last year reflecting the elimination of the remaining net book value of fixed assets related to AlRawdah and AlWatan parks amounting to SAR50.8 million as a result of the Company decision to exit the entertainment sector as stated on Tadawul website on 08-03-1436 corresponding to 30-12-2014. It is worth mentioning that last year included recording of non-recurring profit amounted to SAR14.5 million which has been realized from the sale of the residential compound in AlMaather district.
RECLASSIFICATIONS IN ANNUAL FINANCIAL RESULTS	Certain comparative figures have been reclassified to conform to the presentation in the current period. It is worth mentioning that the Income Statement and Balance Sheet of Saudi Company for Hospitality Services (SCHS) have been consolidated with the Financial Statements of Dur Hospitality Co., as a result of the acquisition of 70% of (SCHS) by Dur.

ELEMENT

EXPLAINATION

REASONS OF ANNUAL FINANCIAL RESULTS

Net profit for 2015 increased by SR 41 million compared to the previous year, mainly due to improvement in operations of most of the properties of the Company, and due to the negative effect occurred last year reflecting the elimination of the remaining net book value of fixed assets related to AlRawdah and AlWatan parks amounting to SAR50.8 million as a result of the Company decision to exit the entertainment sector as stated on Tadawul website on 08-03-1436 corresponding to 30-12-2014. It is worth mentioning that last year included recording of non-recurring profit amounted to SAR14.5 million which has been realized from the sale of the residential compound in AlMaather district.

RECLASSIFICATIONS IN ANNUAL FINANCIAL RESULTS

Certain comparative figures have been reclassified to conform to the presentation in the current period. It is worth mentioning that the Income Statement and Balance Sheet of Saudi Company for Hospitality Services (SCHS) have been consolidated with the Financial Statements of Dur Hospitality Co., as a result of the acquisition of 70% of (SCHS) by Dur.