Tourism Enterprise Co. (Shams) incurred a net loss after Zakat and tax of SAR 2.7 million for Q1 2020, against a net profit of SAR 1.2 million a year earlier.
The losses were attributed to a steep decline in revenue, due to the COVID-19 fallout and the related precautionary measures. The Q1 2019 figures included Zakat provision settlement, which boosted net profit.
When compared to Q4 2019, the company trimmed net losses by 50.2% from SAR 5.4 million, thanks to a decline in the cost of sales, as well as the marketing and administrative expenses to mitigate the negative impact of the COVID-19 pandemic.
Moreover, Q4 2019 included settlements of doubtful debt provisions.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 2.41 | 1.73 | (28.2 %) |
| Gross Income | (0.20) | (0.95) | (375.5 %) |
| Operating Income | (3.73) | (2.58) | 30.9 % |
| Net Income | 1.21 | (2.69) | (321.8 %) |
| Average Shares | 677.40 | 677.40 | - |
| EPS (Halala) | 0.18 | (0.40) | (321.8 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 2.45 | 1.73 | (29.4 %) |
| Gross Income | (0.98) | (0.95) | 2.5 % |
| Operating Income | (5.74) | (2.58) | 55.0 % |
| Net Income | (5.41) | (2.69) | 50.3 % |
| Average Shares | 677.40 | 677.40 | - |
| EPS (Halala) | (0.80) | (0.40) | 50.3 % |
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