Financial Results : Shams widens its net losses in 9M 2018

Shams widens its net losses in 9M 2018

08/11/2018 Argaam Exclusive

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Tourism Enterprise Co. (Shams) reported a net loss of SAR 4.08 million for the first nine months of 2018, compared to a loss of SAR 539,866 in the same period last year. The increase in net loss was driven by lower revenue, lower real estate investment revenue, higher services costs and higher administrative and marketing expenses.



Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 11.15 9.97 (10.6 %)
Gross Income 3.79 1.97 (48.1 %)
Operating Income (0.64) (3.43) (435.9 %)
Net Income (0.54) (4.08) (655.6 %)
Average Shares 677.40 677.40 -
EPS (Halala) (0.08) (0.60) (655.6 %)

The company reported a net loss of SAR 784,762 in Q3 2018 from a net profit of SAR 307,371 in the same period last year on lower revenue, lower real estate investment revenue and higher administrative and marketing expenses.

 

When compared to previous quarter, the decline in net loss was attributed to higher revenue and managing to benefit from the vacations seasons.

 

Accumulated losses rose to SAR 12.09 million representing 11.9 percent of the company’s capital of SAR 101.5 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 4.29 3.77 (12.2 %)
Gross Income 1.54 1.03 (33.1 %)
Operating Income 0.28 (0.57) (304.0 %)
Net Income 0.31 (0.79) (355.7 %)
Average Shares 677.40 677.40 -
EPS (Halala) 0.05 (0.12) (355.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 4.12 37.2 % 2.28 42.6 % 0.24 259.6 %
Q2 2009 3.85 (0.6 %) 2.18 (1.4 %) 0.07 (77.5 %)
Q3 2009 3.78 (4.1 %) 1.80 3.9 % (0.29) (1060.0 %)
Q4 2009 2.12 (45.1 %) (1.26) (166.9 %) (2.87) (711.6 %)
Q1 2010 2.67 (35.1 %) 1.68 (26.0 %) 0.15 (36.1 %)
Q2 2010 3.78 (1.8 %) 2.71 24.0 % 0.65 808.5 %
Q3 2010 4.97 31.7 % 3.47 92.9 % 1.28 544.8 %
Q4 2010 3.46 63.2 % 2.04 262.4 % (0.02) 99.5 %
Q1 2011 2.71 1.4 % 2.11 25.4 % 0.22 41.6 %
Q2 2011 4.83 27.6 % 3.47 28.1 % 1.18 82.5 %
Q3 2011 5.70 14.7 % 3.83 10.1 % 1.81 41.5 %
Q4 2011 4.37 26.4 % 2.73 33.8 % 0.52 3560.0 %
Q1 2012 3.54 30.7 % 2.42 14.4 % 0.50 128.0 %
Q2 2012 5.02 4.0 % 3.64 5.1 % 1.55 31.4 %
Q3 2012 6.26 9.9 % 4.27 11.5 % 2.22 22.5 %
Q4 2012 5.33 22.1 % 2.81 3.0 % 0.36 (31.2 %)
Q1 2013 4.88 37.8 % 2.82 16.5 % 0.69 39.6 %
Q2 2013 5.51 9.6 % 4.13 13.3 % 1.74 12.7 %
Q3 2013 6.11 (2.4 %) 4.66 9.1 % 2.31 3.9 %
Q4 2013 4.69 (12.1 %) 3.22 14.5 % 0.39 9.5 %
Q1 2014 4.18 (14.3 %) 3.24 15.1 % 0.75 8.2 %
Q2 2014 6.19 12.4 % 4.62 11.9 % 1.80 3.4 %
Q3 2014 7.49 22.5 % 5.08 9.0 % 2.36 2.3 %
Q4 2014 4.70 0.2 % 3.31 2.8 % 0.41 5.6 %
Q1 2015 5.00 19.4 % 3.63 12.2 % 0.80 6.1 %
Q2 2015 5.49 (11.4 %) 4.69 1.5 % 1.84 2.3 %
Q3 2015 7.04 (6.0 %) 5.13 1.1 % 2.40 1.9 %
Q4 2015 3.38 (28.0 %) 0.58 (82.4 %) (3.03) (832.4 %)
Q1 2016 4.73 (5.3 %) 2.47 (32.0 %) 0.60 (25.0 %)
Q2 2016 4.44 (19.2 %) 2.04 (56.4 %) 0.85 (53.7 %)
Q3 2016 5.68 (19.4 %) 2.38 (53.7 %) 0.43 (82.0 %)
Q4 2016 3.52 4.2 % 0.06 (90.2 %) (1.38) 54.4 %
Q1 2017 3.11 (34.3 %) 0.74 (70.2 %) (1.05) (274.7 %)
Q2 2017 3.73 (16.0 %) 1.49 (26.9 %) 0.11 (87.6 %)
Q3 2017 4.29 (24.4 %) 1.54 (35.3 %) 0.28 (36.0 %)
Q4 2017 2.50 (29.2 %) 0.04 (22.8 %) (1.63) (17.8 %)
Q1 2018 3.22 3.5 % 1.95 164.0 % (1.76) (68.8 %)
Q2 2018 2.99 (19.9 %) 0.19 (87.0 %) (1.09) (1132.1 %)
Q3 2018 3.77 (12.2 %) 1.03 (33.1 %) (0.57) (304.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Halala) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2009 0.11 146.8 % 0.02 - 0.11 0.00
Q2 2009 (0.06) (107.3 %) (0.01) - (0.06) 0.00
Q3 2009 (0.43) (148.0 %) (0.06) - (0.43) 0.00
Q4 2009 (3.02) (137.2 %) (0.45) - (3.02) 0.00
Q1 2010 0.04 (64.5 %) 0.01 - 0.04 0.00
Q2 2010 0.51 1001.8 % 0.08 - 0.51 0.00
Q3 2010 1.14 364.0 % 0.17 - 1.14 0.00
Q4 2010 (0.10) 96.6 % (0.02) - (0.10) 0.00
Q1 2011 0.09 120.5 % 0.01 - 0.09 0.00
Q2 2011 1.05 104.1 % 0.15 - 1.05 0.00
Q3 2011 1.85 61.4 % 0.27 - 1.85 0.00
Q4 2011 0.32 411.8 % 0.05 - 0.32 0.00
Q1 2012 0.35 311.6 % 0.05 - 0.35 0.00
Q2 2012 1.27 21.0 % 0.19 - 1.27 0.00
Q3 2012 2.04 10.5 % 0.30 - 2.04 0.00
Q4 2012 0.60 88.7 % 0.09 - 0.60 0.00
Q1 2013 5.62 1487.3 % 0.83 13.06 (7.45) (0.01)
Q2 2013 1.51 19.1 % 0.22 - 1.51 0.00
Q3 2013 2.12 4.0 % 0.31 - 2.12 0.00
Q4 2013 0.53 (11.2 %) 0.08 - 0.53 0.00
Q1 2014 0.61 (89.2 %) 0.09 0.04 0.56 0.00
Q2 2014 1.61 6.3 % 0.24 0.00 1.61 0.00
Q3 2014 2.17 2.4 % 0.32 0.00 2.17 0.00
Q4 2014 0.45 (15.4 %) 0.07 - 0.45 0.00
Q1 2015 0.64 6.1 % 0.09 - 0.64 0.00
Q2 2015 1.63 1.3 % 0.24 - 1.63 0.00
Q3 2015 2.19 1.0 % 0.32 - 2.19 0.00
Q4 2015 (2.45) (643.5 %) (0.36) - (2.45) 0.00
Q1 2016 0.64 0.0 % 0.09 - 0.64 0.00
Q2 2016 0.90 (44.6 %) 0.13 - 0.90 0.00
Q3 2016 0.47 (78.4 %) 0.07 - 0.47 0.00
Q4 2016 (1.46) 40.6 % (0.22) - (1.46) 0.00
Q1 2017 (1.01) (256.3 %) (0.15) - (1.01) 0.00
Q2 2017 0.16 (82.5 %) 0.02 - 0.16 0.00
Q3 2017 0.31 (35.1 %) 0.05 - 0.31 0.00
Q4 2017 1.37 194.0 % 0.20 - 1.37 0.00
Q1 2018 (1.98) (97.2 %) (0.29) - (1.98) 0.00
Q2 2018 (1.31) (931.6 %) (0.19) - (1.31) 0.00
Q3 2018 (0.79) (355.7 %) (0.12) - (0.79) 0.00

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 51.29 % 23.93 % 3.31 %
Q2 2009 51.18 % 22.81 % (2.02 %)
Q3 2009 52.14 % 21.36 % (10.59 %)
Q4 2009 36.08 % 5.94 % (24.52 %)
Q1 2010 35.52 % 6.56 % (27.94 %)
Q2 2010 39.95 % 11.54 % (23.47 %)
Q3 2010 48.77 % 22.60 % (9.77 %)
Q4 2010 66.54 % 40.26 % 10.71 %
Q1 2011 69.24 % 40.97 % 11.00 %
Q2 2011 69.47 % 41.89 % 13.63 %
Q3 2011 68.55 % 43.30 % 17.24 %
Q4 2011 68.90 % 44.14 % 18.73 %
Q1 2012 67.45 % 43.91 % 19.34 %
Q2 2012 67.69 % 45.92 % 20.31 %
Q3 2012 68.01 % 47.20 % 20.73 %
Q4 2012 65.16 % 44.93 % 21.13 %
Q1 2013 62.96 % 43.22 % (16.46 %)
Q2 2013 63.77 % 43.46 % (14.99 %)
Q3 2013 66.00 % 44.58 % (14.72 %)
Q4 2013 69.93 % 46.24 % (15.48 %)
Q1 2014 74.39 % 48.50 % 23.07 %
Q2 2014 74.30 % 47.50 % 22.77 %
Q3 2014 71.63 % 44.94 % 21.61 %
Q4 2014 72.00 % 45.35 % 21.24 %
Q1 2015 71.19 % 43.44 % 20.84 %
Q2 2015 73.70 % 44.49 % 21.58 %
Q3 2015 75.43 % 45.40 % 22.11 %
Q4 2015 67.15 % 31.78 % 9.62 %
Q1 2016 62.38 % 31.84 % 9.75 %
Q2 2016 52.24 % 29.10 % 6.57 %
Q3 2016 41.02 % 21.27 % (2.38 %)
Q4 2016 37.83 % 30.97 % 3.06 %
Q1 2017 31.14 % 24.59 % (6.49 %)
Q2 2017 29.09 % 21.41 % (11.42 %)
Q3 2017 26.11 % 22.84 % (13.63 %)
Q4 2017 27.98 % 22.17 % 6.09 %
Q1 2018 36.56 % 17.30 % (1.07 %)
Q2 2018 28.64 % 9.58 % (12.46 %)
Q3 2018 25.76 % 3.50 % (21.75 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Halala) Adjusted EPS (Halala) Book Value (BV)
Q1 2009 677.40 0.08 0.08 0.11
Q2 2009 677.40 (0.05) (0.05) 0.11
Q3 2009 677.40 (0.24) (0.24) 0.11
Q4 2009 677.40 (0.50) (0.50) 0.10
Q1 2010 677.40 (0.51) (0.51) 0.10
Q2 2010 677.40 (0.43) (0.43) 0.10
Q3 2010 677.40 (0.20) (0.20) 0.10
Q4 2010 677.40 0.24 0.24 0.10
Q1 2011 677.40 0.24 0.24 0.10
Q2 2011 677.40 0.32 0.32 0.11
Q3 2011 677.40 0.42 0.42 0.11
Q4 2011 677.40 0.49 0.49 0.11
Q1 2012 677.40 0.53 0.53 0.11
Q2 2012 677.40 0.56 0.56 0.11
Q3 2012 677.40 0.59 0.59 0.11
Q4 2012 677.40 0.63 0.63 0.12
Q1 2013 677.40 1.41 (0.52) 0.12
Q2 2013 677.40 1.44 (0.49) 0.13
Q3 2013 677.40 1.45 (0.47) 0.13
Q4 2013 677.40 1.44 (0.48) 0.13
Q1 2014 677.40 0.70 0.70 0.13
Q2 2014 677.40 0.72 0.71 0.13
Q3 2014 677.40 0.73 0.72 0.14
Q4 2014 677.40 0.71 0.71 0.14
Q1 2015 677.40 0.72 0.72 0.14
Q2 2015 677.40 0.72 0.72 0.14
Q3 2015 677.40 0.73 0.73 0.14
Q4 2015 677.40 0.30 0.30 0.14
Q1 2016 677.40 0.30 0.30 0.14
Q2 2016 677.40 0.19 0.19 0.14
Q3 2016 677.40 (0.06) (0.06) 0.14
Q4 2016 677.40 0.08 0.08 0.14
Q1 2017 677.40 (0.16) (0.16) 0.14
Q2 2017 677.40 (0.27) (0.27) 0.14
Q3 2017 677.40 (0.29) (0.29) 0.14
Q4 2017 677.40 0.12 0.12 0.14
Q1 2018 677.40 (0.02) (0.02) 0.14
Q2 2018 677.40 (0.24) (0.24) 0.14
Q3 2018 677.40 (0.40) (0.40) 0.14

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 More than 100 More than 100 5.44
Q2 2009 NEG NEG 9.01
Q3 2009 NEG NEG 7.75
Q4 2009 NEG NEG 8.63
Q1 2010 NEG NEG 8.30
Q2 2010 NEG NEG 5.94
Q3 2010 NEG NEG 5.48
Q4 2010 More than 100 More than 100 5.69
Q1 2011 More than 100 More than 100 5.24
Q2 2011 More than 100 More than 100 5.49
Q3 2011 More than 100 More than 100 5.45
Q4 2011 More than 100 More than 100 6.98
Q1 2012 More than 100 More than 100 9.14
Q2 2012 More than 100 More than 100 6.86
Q3 2012 More than 100 More than 100 7.92
Q4 2012 More than 100 More than 100 8.28
Q1 2013 More than 100 NEG 16.02
Q2 2013 More than 100 NEG 21.41
Q3 2013 More than 100 NEG 20.79
Q4 2013 More than 100 NEG 16.13
Q1 2014 More than 100 More than 100 14.90
Q2 2014 More than 100 More than 100 11.96
Q3 2014 More than 100 More than 100 12.80
Q4 2014 More than 100 More than 100 7.20
Q1 2015 More than 100 More than 100 7.96
Q2 2015 More than 100 More than 100 8.50
Q3 2015 More than 100 More than 100 6.23
Q4 2015 More than 100 More than 100 7.82
Q1 2016 More than 100 More than 100 6.41
Q2 2016 More than 100 More than 100 5.76
Q3 2016 NEG NEG 4.34
Q4 2016 More than 100 More than 100 6.03
Q1 2017 NEG NEG 5.69
Q2 2017 NEG NEG 4.99
Q3 2017 NEG NEG 5.57
Q4 2017 More than 100 More than 100 4.94
Q1 2018 NEG NEG 6.24
Q2 2018 NEG NEG 6.10
Q3 2018 NEG NEG 6.06


Financial Ratios
Current
Market Cap (M Riyal) 1,098.65
Enterprise Value (EV) (M) 576.16
Shares Outstanding ((M)) 1,156.47
EPS (Halala) (TTM) (3.63)
Book Value (BV) ( Riyal) 0.44
Par Value ( Halala) 50.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.14
Return on Average Assets (%) (TTM) (7.57 )
Return on Average Equity (%) (TTM) (7.84 )
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Share Price

Tourism Enterprise Co.
0.95
0.00 0.00 %

Tourism Enterprise Co. (TECO)

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