Tourism Enterprise Co. (Shams) turned to a net loss after Zakat and tax of SAR 6.2 million for the first nine months of 2020, compared to a net profit of SAR 1.2 million in the same period a year earlier.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 10.24 | 10.26 | 0.2 % |
| Gross Income | 2.76 | 1.93 | (30.1 %) |
| Operating Income | (4.02) | (5.69) | (41.6 %) |
| Net Income | 1.23 | (6.19) | (604.0 %) |
| Average Shares | 677.40 | 677.40 | - |
| EPS (Halala) | 0.18 | (0.91) | (604.0 %) |
The company attributed the losses to higher general and administrative expenses as a result of non-recurring financial and legal advice expenditures and allocation of debit and Zakat balances.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 4.05 | 6.39 | 57.9 % |
| Gross Income | 1.25 | 3.23 | 158.9 % |
| Operating Income | (0.20) | (1.27) | (543.4 %) |
| Net Income | (0.27) | (1.52) | (457.5 %) |
| Average Shares | 677.40 | 677.40 | - |
| EPS (Halala) | (0.04) | (0.22) | (457.5 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 2.14 | 6.39 | 199.3 % |
| Gross Income | (0.35) | 3.23 | 1016.1 % |
| Operating Income | (1.84) | (1.27) | 30.7 % |
| Net Income | (1.98) | (1.52) | 23.0 % |
| Average Shares | 677.40 | 677.40 | - |
| EPS (Halala) | (0.29) | (0.22) | 23.0 % |
In Q3 2020, Shams sustained a net loss after Zakat and tax of SAR 1.5 million, compared to SAR 273,226 in the same period a year earlier, on higher general and administrative expenses.
When compared to the previous quarter, the company trimmed net losses by 23% due to higher revenues.
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