Dur profit falls to SAR 17 mln in Q1 2023

08/05/2023 Argaam Exclusive

Dur Hospitality Co. reported a net profit of SAR 17 million in Q1 2023, from SAR 32.3 million in the year-ago period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 145.66 168.15 15.4 %
Gross Income 35.21 51.44 46.1 %
Operating Income 23.32 39.01 67.3 %
Net Income 32.33 16.99 (47.5 %)
Average Shares 100.00 100.00 -
EPS (Riyals) 0.32 0.17 (47.5 %)

The profit decline was attributed to the adjustment of Q1 2022 net profit for the income recognized from the accounting treatment of derivative financial instruments, which amounted to SAR 19.5 million. When excluding the effect of adjustment, net profit would grow for the current quarter.

 

However, operating revenue increased by 15.4%, or SAR 22.5 million, year-on-year (YoY) during Q1 2023, and operating profit rose by 67.3%, or SAR 15.7 million, YoY, due to the growth in hospitality revenue on the recovery of Umrah season and high demand for hotels in Riyadh.

 

Compared to Q4 2022, the first-quarter net earnings dropped 55.3% from SAR 37.99 million.

 

Total shareholders’ equity, after minority interest, declined to SAR 1.61 billion at the end of Q1 2023, from SAR 1.58 billion a year earlier.

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Share Price

Dur Hospitality Company
27.00
0.20 0.75 %


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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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 119.36 9.0 % 45.33 7.0 % 40.97 7.6 %
Q2 2014 116.74 3.8 % 39.19 1.4 % 31.60 (6.5 %)
Q3 2014 123.00 20.9 % 43.94 39.8 % 36.93 31.7 %
Q4 2014 120.44 10.7 % 41.71 60.9 % 25.81 33.4 %
Q1 2015 133.03 11.5 % 50.25 10.8 % 42.48 3.7 %
Q2 2015 127.90 9.6 % 42.43 8.3 % 32.56 3.0 %
Q3 2015 144.19 17.2 % 49.76 13.2 % 40.58 9.9 %
Q4 2015 129.15 7.2 % 37.44 (10.2 %) 25.92 0.4 %
Q1 2016 134.93 1.4 % 42.18 (16.0 %) 32.57 (23.3 %)
Q2 2016 135.22 5.7 % 39.20 (7.6 %) 29.93 (8.1 %)
Q3 2016 119.43 (17.2 %) 36.53 (26.6 %) 29.15 (28.2 %)
Q4 2016 109.64 (15.1 %) 29.19 (22.0 %) 15.77 (39.2 %)
Q1 2017 118.43 (12.2 %) 32.18 (23.7 %) 24.69 (24.2 %)
Q2 2017 130.05 (3.8 %) 38.42 (2.0 %) 29.65 (0.9 %)
Q3 2017 107.61 (9.9 %) 23.78 (34.9 %) 15.90 (45.5 %)
Q4 2017 127.51 16.3 % 36.14 23.8 % 24.89 57.8 %
Q1 2018 115.07 (2.8 %) 28.44 (11.6 %) 19.70 (20.2 %)
Q2 2018 114.98 (11.6 %) 25.35 (34.0 %) 14.94 (49.6 %)
Q3 2018 111.10 3.2 % 26.39 10.9 % 17.70 11.4 %
Q4 2018 112.91 (11.5 %) 27.91 (22.8 %) 17.19 (30.9 %)
Q1 2019 114.50 (0.5 %) 24.19 (14.9 %) 13.53 (31.3 %)
Q2 2019 126.35 9.9 % 17.21 (32.1 %) 6.85 (54.1 %)
Q3 2019 139.16 25.3 % 30.10 14.1 % 22.30 26.0 %
Q4 2019 173.84 54.0 % 47.68 70.8 % 36.05 109.7 %
Q1 2020 139.91 22.2 % 32.71 35.2 % 21.04 55.5 %
Q2 2020 92.95 (26.4 %) 13.17 (23.5 %) 1.63 (76.2 %)
Q3 2020 99.59 (28.4 %) 14.41 (52.1 %) 6.53 (70.7 %)
Q4 2020 109.87 (36.8 %) 0.54 (98.9 %) (23.44) (165.0 %)
Q1 2021 100.18 (28.4 %) 2.79 (91.5 %) (1.79) (108.5 %)
Q2 2021 113.56 22.2 % 12.22 (7.2 %) 3.94 141.3 %
Q3 2021 117.00 17.5 % 14.18 (1.6 %) 4.63 (29.1 %)
Q4 2021 142.41 29.6 % 30.31 5513.0 % 19.45 183.0 %
Q1 2022 145.66 45.4 % 35.21 1162.3 % 23.32 1404.1 %
Q2 2022 124.78 9.9 % 19.36 58.4 % 8.73 121.5 %
Q3 2022 120.66 3.1 % 18.91 33.3 % 9.38 102.9 %
Q4 2022 177.29 24.5 % 61.48 102.8 % 47.96 146.6 %
Q1 2023 168.15 15.4 % 51.44 46.1 % 39.01 67.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 45.77 7.0 % 0.46 - 45.77 0.46
Q2 2014 47.04 29.0 % 0.47 14.53 32.51 0.33
Q3 2014 36.62 37.6 % 0.37 - 36.62 0.37
Q4 2014 (25.66) (169.0 %) (0.26) (49.73) 24.08 0.24
Q1 2015 44.96 (1.8 %) 0.45 - 44.96 0.45
Q2 2015 36.63 (22.1 %) 0.37 3.57 33.06 0.33
Q3 2015 40.65 11.0 % 0.41 - 40.65 0.41
Q4 2015 23.42 191.3 % 0.23 (2.41) 25.83 0.26
Q1 2016 31.40 (30.2 %) 0.31 - 31.40 0.31
Q2 2016 29.06 (20.6 %) 0.29 - 29.06 0.29
Q3 2016 29.62 (27.2 %) 0.30 - 29.62 0.30
Q4 2016 21.42 (8.6 %) 0.21 5.70 15.72 0.16
Q1 2017 24.91 (20.7 %) 0.25 - 24.91 0.25
Q2 2017 31.68 9.0 % 0.32 3.09 28.59 0.29
Q3 2017 15.01 (49.3 %) 0.15 - 15.01 0.15
Q4 2017 19.03 (11.1 %) 0.19 - 19.03 0.19
Q1 2018 18.13 (27.2 %) 0.18 - 18.13 0.18
Q2 2018 14.09 (55.5 %) 0.14 - 14.09 0.14
Q3 2018 15.20 1.3 % 0.15 - 15.20 0.15
Q4 2018 10.05 (47.2 %) 0.10 (7.35) 17.40 0.17
Q1 2019 9.48 (47.7 %) 0.09 - 9.48 0.09
Q2 2019 3.87 (72.6 %) 0.04 7.32 (3.46) (0.03)
Q3 2019 15.19 (0.1 %) 0.15 4.10 11.09 0.11
Q4 2019 24.46 143.5 % 0.24 - 24.46 0.24
Q1 2020 10.87 14.6 % 0.11 - 10.87 0.11
Q2 2020 (9.93) (356.9 %) (0.10) - (9.93) (0.10)
Q3 2020 (8.41) (155.4 %) (0.08) - (8.41) (0.08)
Q4 2020 (42.03) (271.8 %) (0.42) - (42.03) (0.42)
Q1 2021 1.88 (82.7 %) 0.02 14.12 (12.25) (0.12)
Q2 2021 (3.74) 62.3 % (0.04) - (3.74) (0.04)
Q3 2021 (6.27) 25.5 % (0.06) - (6.27) (0.06)
Q4 2021 9.33 122.2 % 0.09 9.40 (0.07) 0.00
Q1 2022 32.33 1624.1 % 0.32 2.22 30.11 0.30
Q2 2022 4.64 223.9 % 0.05 - 4.64 0.05
Q3 2022 (2.08) 66.9 % (0.02) - (2.08) (0.02)
Q4 2022 37.99 307.1 % 0.38 5.21 32.78 0.33
Q1 2023 16.99 (47.5 %) 0.17 (1.42) 18.41 0.18

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
Q1 2019 22.90 % 29.39 % 12.39 %
Q2 2019 20.59 % 28.20 % 8.31 %
Q3 2019 20.17 % 28.66 % 7.00 %
Q4 2019 21.52 % 30.89 % 7.51 %
Q1 2020 22.05 % 31.82 % 7.42 %
Q2 2020 22.65 % 33.42 % 6.69 %
Q3 2020 21.33 % 33.62 % 3.36 %
Q4 2020 13.75 % 25.03 % (11.19 %)
Q1 2021 7.68 % 22.65 % (18.04 %)
Q2 2021 7.08 % 22.67 % (15.70 %)
Q3 2021 6.75 % 21.56 % (14.59 %)
Q4 2021 12.58 % 29.75 % (4.72 %)
Q1 2022 17.72 % 32.11 % 3.86 %
Q2 2022 18.69 % 32.31 % 5.36 %
Q3 2022 19.45 % 33.20 % 6.11 %
Q4 2022 23.74 % 20.86 % 11.52 %
Q1 2023 25.59 % 22.54 % 9.10 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2019 100.00 0.39 0.35 17.19
Q4 2019 100.00 0.53 0.42 17.41
Q1 2020 100.00 0.54 0.43 17.52
Q2 2020 100.00 0.41 0.36 16.92
Q3 2020 100.00 0.17 0.17 16.84
Q4 2020 100.00 (0.49) (0.49) 16.39
Q1 2021 100.00 (0.58) (0.73) 16.41
Q2 2021 100.00 (0.52) (0.66) 16.37
Q3 2021 100.00 (0.50) (0.64) 16.31
Q4 2021 100.00 0.01 (0.22) 15.57
Q1 2022 100.00 0.32 0.20 16.36
Q2 2022 100.00 0.40 0.28 16.32
Q3 2022 100.00 0.44 0.33 15.92
Q4 2022 100.00 0.73 0.65 15.99
Q1 2023 100.00 0.58 0.54 16.16

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2019 53.12 59.39 1.19
Q4 2019 44.15 56.28 1.34
Q1 2020 42.62 53.95 1.32
Q2 2020 61.09 67.95 1.47
Q3 2020 More than 100 More than 100 1.85
Q4 2020 NEG NEG 1.75
Q1 2021 NEG NEG 1.89
Q2 2021 NEG NEG 2.14
Q3 2021 NEG NEG 1.97
Q4 2021 More than 100 NEG 2.00
Q1 2022 89.42 More than 100 1.73
Q2 2022 55.06 77.58 1.35
Q3 2022 47.26 64.11 1.31
Q4 2022 26.98 30.04 1.23
Q1 2023 41.22 44.13 1.47

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 Others
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 - - - - -
Q3 2019 107.38 28.79 2.98 - - - - -
Q4 2019 143.03 29.43 1.38 - - - - -
Q1 2020 109.18 30.22 0.52 - - - - -
Q2 2020 62.83 29.72 0.39 - - - - -
Q3 2020 69.09 30.13 0.36 - - - - -
Q4 2020 79.93 29.54 0.40 - - - - -
Q1 2021 69.69 30.18 0.31 - - - - -
Q2 2021 82.17 30.90 0.49 - - - - -
Q3 2021 85.25 31.46 0.28 - - - - -
Q4 2021 111.27 30.70 0.44 - - - - -
Q1 2022 113.85 31.37 0.44 - - - - -
Q2 2022 91.96 31.91 0.91 - - - - -
Q3 2022 87.08 32.56 1.02 - - - - -
Q4 2022 143.66 32.99 0.66 - - - - -
Q1 2023 134.72 32.53 0.90 - - - - -

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