Dur Hospitality’s net profit falls 48% in Q1 2019

Dur Hospitality’s net profit falls 48% in Q1 2019

09/05/2019 Argaam Exclusive

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Dur Hospitality’s net profit after zakat and tax dropped 47.7 percent year-on-year (YoY) to SAR 9.5 million for Q1 2019, due to higher cost of sales and financing charges for complete projects.

 

The company also cited the implementation of IFRS16 in Q1 2019.

When compared to Q4 2018, net profit after zakat and tax decreased 11 percent on calculating depreciation for complete projects that commenced operations.



Current Quarter Comparison (M)

Compared With The
Item Q1 2018 Q1 2019 Change‬
Revenues 115.07 114.50 (0.5 %)
Gross Income 28.44 24.19 (14.9 %)
Operating Income 19.70 13.53 (31.3 %)
Net Income 18.13 9.48 (47.7 %)
Average Shares 100.00 100.00 -
Earnings Per Share before unusual items 0.18 0.09 (47.7 %)
EPS (Riyals) 0.18 0.09 (47.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2010 68.87 3.7 % 36.81 11.7 % 31.76 16.1 %
Q2 2010 66.83 (87.9 %) 31.82 (90.2 %) 26.87 (91.6 %)
Q3 2010 70.22 44.2 % 38.18 89.0 % 33.57 118.3 %
Q4 2010 75.12 17.1 % 38.84 29.7 % 32.56 32.4 %
Q1 2011 126.09 83.1 % 43.19 17.3 % 37.85 19.2 %
Q2 2011 59.18 (11.4 %) 44.09 38.6 % 36.71 36.6 %
Q3 2011 87.96 25.3 % 43.78 14.7 % 35.22 4.9 %
Q4 2011 95.76 27.5 % 51.94 33.7 % 40.52 24.5 %
Q1 2012 97.25 (22.9 %) 51.19 18.5 % 42.36 11.9 %
Q2 2012 93.61 58.2 % 39.62 (10.1 %) 36.32 (1.1 %)
Q3 2012 103.03 17.1 % 39.33 (10.2 %) 36.45 3.5 %
Q4 2012 111.91 16.9 % 42.49 (18.2 %) 34.88 (13.9 %)
Q1 2013 109.47 12.6 % 42.38 (17.2 %) 38.09 (10.1 %)
Q2 2013 112.45 20.1 % 38.66 (2.4 %) 33.79 (7.0 %)
Q3 2013 101.77 (1.2 %) 31.42 (20.1 %) 28.04 (23.1 %)
Q4 2013 108.76 (2.8 %) 25.92 (39.0 %) 19.35 (44.5 %)
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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2010 31.09 10.3 % 0.31 - 31.09 0.31
Q2 2010 26.09 (91.8 %) 0.26 - 26.09 0.26
Q3 2010 32.58 122.7 % 0.33 - 32.58 0.33
Q4 2010 32.97 67.4 % 0.33 - 32.97 0.33
Q1 2011 36.82 18.4 % 0.37 - 36.82 0.37
Q2 2011 35.69 36.8 % 0.36 - 35.69 0.36
Q3 2011 41.08 26.1 % 0.41 6.72 34.36 0.34
Q4 2011 40.11 21.6 % 0.40 0.03 40.08 0.40
Q1 2012 97.35 164.4 % 0.97 56.17 41.18 0.41
Q2 2012 35.74 0.1 % 0.36 - 35.74 0.36
Q3 2012 35.08 (14.6 %) 0.35 - 35.08 0.35
Q4 2012 30.70 (23.5 %) 0.31 - 30.70 0.31
Q1 2013 42.77 (56.1 %) 0.43 - 42.77 0.43
Q2 2013 36.48 2.1 % 0.36 4.12 32.36 0.32
Q3 2013 26.61 (24.2 %) 0.27 0.00 26.60 0.27
Q4 2013 37.16 21.0 % 0.37 - 37.16 0.37
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 55.79 % 55.82 % 52.12 %
Q2 2010 47.79 % 47.87 % 36.82 %
Q3 2010 50.64 % 50.73 % 40.53 %
Q4 2010 51.83 % 51.88 % 43.67 %
Q1 2011 44.95 % 44.99 % 37.98 %
Q2 2011 49.70 % 49.01 % 41.76 %
Q3 2011 48.77 % 47.41 % 40.14 %
Q4 2011 49.59 % 46.68 % 39.82 %
Q1 2012 56.15 % 52.01 % 44.48 %
Q2 2012 49.80 % 47.30 % 40.41 %
Q3 2012 46.73 % 46.17 % 39.03 %
Q4 2012 42.54 % 44.12 % 35.16 %
Q1 2013 39.19 % 42.68 % 34.52 %
Q2 2013 37.28 % 41.07 % 32.26 %
Q3 2013 35.57 % 39.64 % 30.40 %
Q4 2013 32.00 % 36.64 % 32.12 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2010 100.00 3.83 3.83 16.68
Q2 2010 100.00 0.92 0.92 16.18
Q3 2010 100.00 1.09 1.09 16.22
Q4 2010 100.00 1.23 1.23 16.63
Q1 2011 100.00 1.28 1.28 16.30
Q2 2011 100.00 1.38 1.38 16.72
Q3 2011 100.00 1.47 1.40 16.64
Q4 2011 100.00 1.54 1.47 17.07
Q1 2012 100.00 2.14 1.51 18.27
Q2 2012 100.00 2.14 1.51 17.77
Q3 2012 100.00 2.08 1.52 17.56
Q4 2012 100.00 1.99 1.43 17.89
Q1 2013 100.00 1.44 1.44 17.45
Q2 2013 100.00 1.45 1.41 17.83
Q3 2013 100.00 1.37 1.32 17.68
Q4 2013 100.00 1.43 1.39 18.01
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 5.72 5.72 1.31
Q2 2010 20.73 20.73 1.17
Q3 2010 17.14 17.14 1.16
Q4 2010 15.06 15.06 1.11
Q1 2011 14.44 14.44 1.14
Q2 2011 13.34 13.34 1.10
Q3 2011 13.60 14.25 1.20
Q4 2011 14.63 15.30 1.32
Q1 2012 13.63 19.30 1.60
Q2 2012 13.02 18.43 1.57
Q3 2012 13.16 18.02 1.56
Q4 2012 13.43 18.71 1.49
Q1 2013 19.34 19.34 1.60
Q2 2013 21.79 22.42 1.77
Q3 2013 26.51 27.33 2.05
Q4 2013 24.05 24.77 1.91
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

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
Q3 2012 - - - 90.88 13.05 5.81 (6.70) -
Q4 2012 - - - 74.05 27.19 15.45 (8.49) -
Q1 2013 - - - 93.64 16.53 4.71 (5.40) -
Q2 2013 - - - 101.71 11.59 4.56 (5.41) -
Q3 2013 - - - 86.96 15.61 4.67 (5.47) -
Q4 2013 - - - 84.05 14.06 10.16 (10.00) 10.48
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 - - - - -


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
more

Share Price

Dur Hospitality Company
27.00
0.20 0.75 %

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