Dur says Q1 2022 profit lifted by eased COVID-19 precautions; growth coincides with expansion strategy

Dur Hospitality Co.'s building

Dur Hospitality Co. attributed the 583% year-on-year (YoY) surge in Q1 2022 net profit to higher revenue from various segments, on easing the COVID-19 precautionary measures and the gradual return to the business sector. Moreover, the suspension of Umrah was lifted and the capacity of the Grand Mosque was raised.

The strong growth in the company's financial performance, coupled with an expansion plan, aimed to boost Dur's portfolio of hotel facilities of various brands, to reach 15 projects.

The hospitality firm earlier announced signing a contract for Rixos Jeddah Resort development project, which comprises 274 keys, 73 villas and several tourist facilities.

It also announced a plan to develop a five-star hotel tower that includes nearly 400 rooms and suites in the Central Region, Madinah, in partnership deal with Awqaf Investment Co., the investment arm of General Authority of Awqaf (Endowment).

Earlier this year, Dur began development works in Darraq Alhada residential complex.

Dur’s net profit after Zakat and tax soared to SAR 12.8 million in the first quarter of 2022, from SAR 1.9 million in the year-ago period.