Shams deepens net losses to SAR 8.2 mln in 2020

31/03/2021 Argaam Exclusive

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Tourism Enterprise Co. (Shams) widened net loss after Zakat and tax to SAR 8.2 million for 2020, from SAR 4.2 million a year earlier.

Financials (M)

Item	2019	2020	Change‬
Revenues	12.69	16.06	26.5 %
Gross Income	1.79	5.43	204.1 %
Operating Income	(9.76)	(5.56)	43.0 %
Net Income	(4.19)	(8.20)	(95.8 %)
Average Shares	677.40	677.40	-
EPS (Halala)	(0.62)	(1.21)	(95.8 %)

The higher losses were due to the inclusion of general and administrative expenses on allocations for debit balances, in addition to provisions for facing cases based on a primary judgment on the principle of prudence and caution.

The company narrowed net loss after Zakat and tax to SAR 2 million in Q4 2020, from SAR 5.4 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	2.45	5.80	136.4 %
Gross Income	(0.98)	3.50	459.4 %
Operating Income	(5.74)	0.13	102.2 %
Net Income	(5.41)	(2.01)	62.9 %
Average Shares	677.40	677.40	-
EPS (Halala)	(0.80)	(0.30)	62.9 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	6.39	5.80	(9.2 %)
Gross Income	3.23	3.50	8.3 %
Operating Income	(1.27)	0.13	110.0 %
Net Income	(1.52)	(2.01)	(31.8 %)
Average Shares	677.40	677.40	-
EPS (Halala)	(0.22)	(0.30)	(31.8 %)

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