The Kingdom's growing domestic tourism underpins the local hotel industry. The Saudi Hotels & Resorts Company (Sharaco) said in its statement on Tadawul website that its 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 or a growth of 36.8 percent. In the first quarter of this year, though, it recorded SR36.8 million. The surge in profits was attributable to 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. 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. 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. 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.
