Shams cuts net losses to SAR 4.2 mln in FY19

31/03/2020 Argaam Exclusive

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Tourism Enterprise Co. (Shams) trimmed net loss after Zakat and tax by 65.8% year-on-year (YoY) to SAR 4.19 million for the fiscal year 2019, compared to net losses of SAR 12.2 million a year earlier.

The lower losses were driven by an increase and diversification in revenues, in addition to settlement of Zakat provision.

Financials (M)

Item	2018	2019	Change‬
Revenues	12.43	12.69	2.1 %
Gross Income	1.59	1.79	12.2 %
Operating Income	(6.30)	(9.76)	(55.0 %)
Net Income	(12.22)	(4.19)	65.8 %
Average Shares	677.40	677.40	-
EPS (Halala)	(1.80)	(0.62)	65.8 %

In Q4 2019, the company narrowed net loss after Zakat and tax to SAR 5.4 million, compared to net losses of SAR 8.1 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	2.45	2.45	0.0 %
Gross Income	(0.37)	(0.98)	(161.4 %)
Operating Income	(2.87)	(5.74)	(100.2 %)
Net Income	(8.14)	(5.41)	33.5 %
Average Shares	677.40	677.40	-
EPS (Halala)	(1.20)	(0.80)	33.5 %

Item	Q3 2019	Q4 2019	Change‬
Revenues	4.05	2.45	(39.4 %)
Gross Income	1.25	(0.98)	(178.1 %)
Operating Income	(0.20)	(5.74)	(2,797.5 %)
Net Income	(0.27)	(5.41)	(1,882.8 %)
Average Shares	677.40	677.40	-
EPS (Halala)	(0.04)	(0.80)	(1,882.8 %)

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