Dur Hospitality’s net profit rises 11% to SR40.7m in Q3

21/10/2015 05:44 AST

DUR Hospitality Company’s net profit increased 11% in the third quarter of 2015 at SR40.7 million as compared to the same quarter last year, its preliminary financial results showed.

Dur Hospitality completed the renovation work in Makarem Annakheel Jeddah Hotel and Holiday Inn Tabuk, and delivered a number of villas in Daraq project in the Diplomatic Quarter in Riyadh, which was a major contributor to the growth of revenues generated from these projects, in addition to the overall improvements in the operation and services of the company’s facilities that come in line with its strategic direction.

Dur also announced that the Haj season this year was a success, where Makarem hotels, Dur’s own hotel brand specialized in the two holy cities, hosted valued pilgrims and provided them with high quality services in Makkah Al Mukarramah branches with a 100% occupancy rate, which also had a positive impact on the third quarter results.

Makarem Hotel announced operating 10 new hotels in the coming 5 years in the Holy cities of Makkah and Madinah.

Dur Hospitality, (formerly Saudi Hotels and Resorts Co. Hotels), the most prestigious Hospitality Saudi company, has been publicly listed and trading on the Saudi stock market since 1976.

Dur Hospitality owns, develops and manages a broad range of tourism and residential properties across the Kingdom. In 2014, Dur announced it will invest SR1.5 billion to achieve a planned portfolio of 20 hotels and 6 residential properties by 2023.

Saudi Gazette