JEDDAH: The Saudi Hotels and Resorts Company has announced its interim financial results for the first 6 months of this year.
The company’s net profit during the second quarter amounted to SR35.7 million as compared to SR26.1 million for the same quarter of the previous year with a growth of 36.8 percent.
The gross profit during the second quarter amounted to SR41.7 million as compared to SR31.8 million for the same quarter of the previous year with a growth of 31 percent, according to a statement on the Tadawul website.
The company also said operating profit during the second quarter amounted to SR36.7 million as compared to SR26.9 million for the same quarter of previous year with growth of 36.4 percent.
The net profit for the first six months amounted to SR72.5 million as compared to SR57.2 million for the same period of the previous year with growth of 26.7 percent.
Earnings per share during the period of six months amounted to SR1.05 compared to SR0.83 for the same period of previous year.
The gross profit during the period of six months amounted to SR84.9 million compared to SR68.6 million for the same period of previous year with growth of 23.8 percent.
Operating profit during the period of six months amounted to SR74.5 million compared to SR58.6 million for the same period of previous year with growth of 27.1 percent.
The major reason behind profit increase in the first half of year 2011 by 26.7 percent as compared to the same period of the previous year was the improvement in the operating results of the properties as a whole plus the opening of new residence compound in Riyadh, which is owned by the company and the sale of office building.
Source : Arab News, Jul 10, 2011 21:11