Apr 17 2016
| ELEMENT | CURRENT QUARTER | SIMILAR QUARTER FOR PREVIOUS YEAR | % CHANGE CURRENT | PREVIOUS QUARTER | % CHANGE PREVIOUS |
|---|---|---|---|---|---|
| NET PROFIT (LOSS) | 31,500 | 44,961 | -29.94 | 23,423 | 34.48 |
| GROSS PROFIT (LOSS) | 42,285 | 50,247 | -15.85 | 37,444 | 12.93 |
| OPERATIONAL PROFIT (LOSS) | 32,668 | 43,687 | -25.22 | 23,513 | 38.94 |
| EARNING OR LOSS PER SHARE, RIYALS | 0.32 | 0.45 | - | - | - |
| All figures are in (Thousands) Saudi Arabia, Riyals |
|---|
| ELEMENT | EXPLAINATION |
|---|---|
| REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH SAME QUARTER LAST YEAR | Despite the slight increase in revenues, the decline in net profit during the current quarter compared with the same quarter of previous year resulted from the decline in the profitability of some of the company hotels that were affected by the decreased Umrah visits, demand and spending on business visits and events. In addition to the increase in previously linked operating costs and associated with the depreciation costs and Saudization programs. As well as the increase in General and Administrative expenses resulted from the expansion of the Company business started from second half of last year. Also, due to decline in income of investments in equity accounted investees. In addition to the decrease in other income due to non-recurring revenues recorded in the corresponding quarter of last year. |
| REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH PREVIOUS QUARTER | Net income increased during the current quarter compared with the previous quarter due to the seasonal growth in operations of most of the Company properties, in addition to the effect of recording an impairment of available-for-sale investment amounted to (2.4) million riyals occurred last quarter according to the assessment carried on the local stocks investment portfolio related to some of the subsidiaries. |
| RECLASSIFICATIONS IN QUARTERLY 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. since second half 2015, as a result of the acquisition of 70% of (SCHS) by Dur. |
