Dur Hospitality discontinues entertainment sector operations

30/12/2014 Argaam

Dur Hospitality Company’s board of directors decided on Tuesday to discontinue operating in the entertainment sector, the company said in a statement.

Dur Hospitaity’s activities included two entertainment centers, Al Rawda Park and Al Watan Park in Riyadh.

The company said it will enact a final settlement on its Q4-2014’s income statement by booking an impairment loss for the residual value of the two parks, which amounts to SAR 50.9 million as of Dec. 31.

Dur said that this accounting method will merely affect the company’s books and will not impact its dividend distribution policy.

The company said the move will not have a significant impact on its future results as the sector was not profitable.

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