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Dur Hospitality profit holds mostly steady YOY in Q4

Dur Hospitality Co. said its normalized net income for the fourth quarter came to 18 halalas per share, compared with 18 halalas per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 17.5 million riyals, compared with 17.5 million riyals in the prior-year period.

The normalized profit margin fell to 13.9% from 14.5% in the year-earlier period.

Total revenue increased 5.9% on an annual basis to 127.5 million riyals from 120.4 million riyals, and total operating expenses climbed 6.7% from the prior-year period to 101.0 million riyals from 94.6 million riyals.

Reported net income totaled 24.6 million riyals, or 25 halalas per share, compared to a loss of 25.7 million riyals, or a loss of 26 halalas per share, in the prior-year period.

For the year, the company's normalized net income totaled 94 halalas per share, an increase from 92 halalas per share in the prior year.

Normalized net income was 94.0 million riyals, a rise from 91.6 million riyals in the prior year.

Full-year total revenue increased 11.1% year over year to 532.6 million riyals from 479.5 million riyals, and total operating expenses rose 13.4% on an annual basis to 390.5 million riyals from 344.2 million riyals.

The company said reported net income increased 39.1% year over year to 144.4 million riyals, or 1.44 riyals per share, in the full year, from 103.8 million riyals, or 1.04 riyals per share.

As of Feb. 24, US$1 was equivalent to 3.75 Saudi Arabian riyals.