Financial Results : Shams turns to SAR 4.7 mln loss in H1 2020

Shams turns to SAR 4.7 mln loss in H1 2020

13/08/2020 Argaam Exclusive

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Tourism Enterprise Co. (Shams) incurred a net loss after Zakat and tax of SAR 4.7 million for H1 2020, against a net profit of SAR 1.5 million a year earlier.

 

The losses were attributed to a 37% year-on-year (YoY) decline in revenue, due to lower occupancy rates in Al-Nakheel beach amid the 70-day COVID-19 curfew.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 6.19 3.87 (37.5 %)
Gross Income 1.51 (1.30) (186.2 %)
Operating Income (3.82) (4.42) (15.6 %)
Net Income 1.50 (4.67) (410.9 %)
Average Shares 677.40 677.40 -
EPS (Halala) 0.22 (0.69) (410.9 %)

In Q2 2020, Shams sustained a net loss after Zakat and tax of SAR 2 million, against a net profit of SAR 243,924 a year earlier, as revenue dropped by 43% YoY amid the COVID-19 precautionary measures. The company also settled Zakat provisions last year, which positively reflected on Q2 2019 figures.

 

When compared to the previous quarter, the company trimmed net losses by 26.6% from SAR 2.7 million, thanks to slight improvement in revenues amid eased restrictions of the COVID-19 precautionary measures.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 3.78 2.14 (43.5 %)
Gross Income 1.53 (0.35) (123.1 %)
Operating Income (0.13) (1.84) (1,282.0 %)
Net Income 0.24 (1.98) (909.8 %)
Average Shares 677.40 677.40 -
EPS (Halala) 0.04 (0.29) (909.8 %)

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