Dur Hospitality profit amounts to SAR 12.8 million in Q1 2022

Dur Hospitality, the developer, owner, and operator of hotels and residential compounds across the Kingdom of Saudi Arabia, has reported a profit of SAR12.8 million by the end of the first quarter of 2022, compared to SAR1.9 million during the same period in 2021, a growth of 583%. Meanwhile, revenue increased to SAR145.66 million, a 45.5% rise compared to the same quarter of the previous year.

The company attributed the profit increase to a growth in the revenues of its various business segments as a result of relaxing COVID-19 precautions, the gradual recovery of the business sector, and the resumption of Umrah alongside increasing the capacity of the Grand Mosque.

The growth in financial results complements Dur Hospitality's expansion plan through which it aspires to grow its portfolio of owned hotel brands to 15 properties in different cities across the Kingdom. Earlier this year, the company announced signing a construction contract for Rixos Jeddah Resort, which features 247 keys, including 73 villas and several top-notch tourist facilities, the development of a 5-star 400 keys hotel tower in the central area of Medina through an MOU with The General Authority for Awqaf , and Dur also announced the commencement of construction on its Darraq AlHada project, which houses 75 upscale villas neighboring the Diplomatic Quarter.