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Dur Hospitality Co. announces the interim financial results for the period ending on 31-12-2017 (Twelve Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 19,578 24,250 -19.27 15,011 30.42
Gross profit (loss) 36,135 29,709 21.63 23,784 51.93
Operational profit (loss) 21,873 25,450 -14.06 16,120 35.69
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) 92,981 113,294 -17.93
Gross profit (loss) 130,511 147,096 -11.27
Operational profit (loss) 98,710 117,964 -16.32
Earning or loss per share, Riyals 0.93 1.13 -
All figures are in (Thousands) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year Despite the increase in revenues in the current quarter due to the increased revenues of some of the Company hotel properties in Riyadh city, the decrease in net income during the current quarter compared with the same quarter of previous year was resulted mainly from the following:

1) The current quarter has been negatively affected by recording a loss from investments in equity accounted investees (Saudi Company for Heritage Services and Makarem Knowledge Hospitality Company) with an amount of SAR (4.2) million, due to the absence of operating revenues at this stage as the projects of those companies are still in the development phase.

2) The same quarter of previous year was positively affected by realizing gains from the sale of stocks portfolio related to some affiliated companies amounted to SAR (5.7) million.

And it is worth mentioning that the operating profit in the current quarter would maintained a flat level except for the effect of the loss from investments in equity accounted investees with an amount of SAR (4.2) million. Moreover, Gross Profit increased by (22%) compared with the same quarter of previous year due to the improved properties revenues.
Reasons of increase (decrease) for period compared with same period last year The decline in net income during the current period compared with the same period of previous year was resulted mainly from the decreased revenues especially during the first nine months of the current period, and that was due to the decreased revenues of some of the Company hotel properties due to the effect of declining demand from the business segment on the hospitality services. In addition, the occurrence of partial closure to some hotel properties due to renovation works made as a result of the increased competition in the hospitality sector, despite the fact that the Company succeeded in imposing more control on the operating and G&A expenses. Moreover, the current period has been negatively affected by the exceptional losses from investments in some of the equity accounted investees. Though the same period of previous year was positively affected from the realized gains from the sale of stocks portfolio related to some affiliated companies.
Reasons of increase (decrease) for quarter compared with previous quarter The increase in net income during the current quarter compared with the previous quarter was resulted mainly from the increased revenues of some the Company hotel properties in Riyadh city, despite the fact that the Company recorded exceptional losses in the current quarter from investments in some of the equity accounted investees.
Reclassifications in quarterly financial results Comparatives have been reclassified due to the adoption of the International Financial Reporting Standards (IFRS).
Other notes - Revenues amounted to SAR (127.5) million in current quarter compared with SAR (109.3) million in the same quarter of previous year representing a decline by (16.7%), and compared with SAR (107.6) million in the previous quarter representing a decline by (18.5%). Revenues amounted to SAR (483.6) million in current period compared with SAR (499.2) million in the same period of previous year representing a decline by (3.1%).

- Comprehensive Income amounted to SAR (19.6) million in current quarter compared with SAR (24.3) million in the same quarter of previous year representing a decrease by (19.3%), and compared with SAR (15.0) million in the previous quarter representing a decrease by (30.4%). Comprehensive Income amounted to SAR (91.5) million in current period compared with SAR (106.6) million in the same period of previous year representing a decrease by (14.2%)

- Shareholders Equity (excluding minority interest) amounted to SAR (1,783.1) million as of 31 December 2017 compared with SAR (1,778.5) million as of 31 December 2016, representing an increase by (0.3%).

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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