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Dur to pursue implementation of strategic plan, announces status of its project portfolio
Dur Hospitality Co. is pursuing the implementation of its strategic plan announced in 2013, according to the board of directors’ report for 2019.
The plan includes following up on the execution of its growth chart related to its facilities and projects portfolio, as well expanding the reach of "Makarem" trademark dedicated to Makkah and Madinah, to hit 10,000 rooms by 2028.
The plan also includes expanding the reach of “Shada” brand that offers national and cultural heritage services within the serviced apartments and medium-sized hotels sector. The company completed the acquisition of 60% stake in “Shada” and aims to expand across the Kingdom, reaching more than 3,400 rooms by 2025.
Dur is also working on developing a plan to expand its accommodation facilities to meet the expected tourists’ flow to several Saudi destinations.
The company announced the list of completed projects in 2019, in addition to those under development and execution, as well as those in the study or design phases.
The table below lists the completed projects in 2019:
|
Projects completed in 2019 |
|
|
Project |
Details |
|
DARRAQ project |
DUR signed an agreement with Suliman Swayeh Group (SSG) to build the fifth phase of Darraq project, which comprises 55 residential units |
|
Marriott Hotel project- Embassy district |
The hotel includes 80 rooms and 140 hotel apartments, spread over an area of 250,000 square meters (sqm) |
|
Dur Alwadi Residential |
The project includes 66 apartments for the staff and the their families |
|
Dur Twaiq Residential Complex |
464 rooms for the company’s hotel employees on 7,000 sqm |
The table below lists the projects under development and execution:
|
Projects under construction and development |
|
|
Project |
Details |
|
Holiday Inn - Jubail |
144 rooms & suites with an area of 10,000 sqm – It is expected to open in 2020 |
|
Makarem Ajyad Makkah Hotel - Renovations |
Renovation and expansions of 411 rooms & suites - It is expected to open in 2020 |
|
Riyadh Airport Marriott Hotel |
Adding 100 rooms & suites - It is expected to open in 2020 |
|
Makarem Annakheel Village - Expansion |
Expanding the hotel and the resort which is located on Obhur Gulf in Jeddah |
|
Makarem in Madinah |
The project includes 400 rooms, located in the northern area of Al Masjid in Nabawi. |
|
Developing Makarem Hotel with Al-Manakhah Company in Madinah |
The project includes 1,365 rooms, located in Madinah |
The table below lists the projects in the design and study phases:
|
Projects under study |
|
|
Project |
Details |
|
Crown Plaza Hotel - 2nd stage of public areas development |
Includes 304 rooms on an area of 1,400 sqm
|
|
Holiday Inn Al-Ahsa |
Includes 60 rooms and 60 suites over an area of 10,135 sqm |
|
Jeddah Hotel Courtyard & Residence Inn |
Includes 238 residential units on an area of 3,850 sqm at Al-Madina road, Al-Mohammadiya district |
|
Yanbu Courtyard Hotel & Residence Inn
|
The project comprises 150 residential units, divided into 90 hotel rooms and 60 hotel apartments, on an area of 7,500 sqm |
|
Makarem Ajyad Makkah Hotel - Expansion |
Adding a new building attached to the current one; features a unique location beside the Holy Mosque in Makkah |
|
King Khalid Road land development in Riyadh |
Includes 80 villas equipped with the latest services and equipment plus sports facilities on an area of 29,500 sqm
|
|
Dur AlHada Residential Compound |
The project is expected to include 200 residential units over an area of 19,900 sqm |
|
Shada’s projects under construction |
|
|
Project |
Details |
|
Shada Hotel - Corniche - Jeddah |
Includes 96 rooms |
|
Shada Hotel – Satwa – Dubai |
Includes 104 rooms |
|
Shada Executive Hotel - Al Khalidiyyah - Jeddah |
Includes 150 rooms |
|
Shada Hotel – Jeddah |
Includes 130 rooms |
|
Shada Suites – Al Rayan – Riyadh |
Includes 50 rooms |
|
Shada Suites – Al Riddah – Jeddah |
Includes 140 rooms |
|
Shada Suites – Tabuk |
Includes 61 rooms |
|
Shada Hotel – Qurtubah – Riyadh |
Includes 59 rooms |
Dur’s sales revenue is distributed among 3 main regions within the Kingdom, including Riyadh, Makkah and Tabuk.
|
Sales by Region (SAR mln) |
||||
|
Period |
Riyadh |
Makkah |
Tabuk |
Total |
|
2018 |
324.9 |
114.1 |
15.0 |
454.0 |
|
2019 |
428.8 |
110.5 |
14.5 |
553.8 |
|
Variation |
+32% |
(3%) |
(3%) |
+22% |
The company reported a net profit after Zakat and tax of SAR 53 million for the fiscal year 2019, a 7% year-on-year (YoY) decrease, according to data compiled by Argaam.
The drop was attributed to higher cost of sales as the company incurred pre-opening costs, as well as operating expenses and amortization expenses of projects that entered into operational stage.
The company also cited the implementation of IFRS 16, and the accounting treatment of financial charges for completed projects.
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