Financial Results : Shams swings to SAR 2.7 mln loss in Q1 2020

Shams swings to SAR 2.7 mln loss in Q1 2020

08/06/2020 Argaam Exclusive

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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.



Current Quarter Comparison (M)

Compared With The
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 %)

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