Shams turns to SAR 6.2 mln loss in 9M 2020

11/11/2020 Argaam Exclusive

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Tourism Enterprise Co. (Shams) turned to a net loss after Zakat and tax of SAR 6.2 million for the first nine months of 2020, compared to a net profit of SAR 1.2 million in the same period a year earlier.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	10.24	10.26	0.2 %
Gross Income	2.76	1.93	(30.1 %)
Operating Income	(4.02)	(5.69)	(41.6 %)
Net Income	1.23	(6.19)	(604.0 %)
Average Shares	677.40	677.40	-
EPS (Halala)	0.18	(0.91)	(604.0 %)

The company attributed the losses to higher general and administrative expenses as a result of non-recurring financial and legal advice expenditures and allocation of debit and Zakat balances.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	4.05	6.39	57.9 %
Gross Income	1.25	3.23	158.9 %
Operating Income	(0.20)	(1.27)	(543.4 %)
Net Income	(0.27)	(1.52)	(457.5 %)
Average Shares	677.40	677.40	-
EPS (Halala)	(0.04)	(0.22)	(457.5 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	2.14	6.39	199.3 %
Gross Income	(0.35)	3.23	1016.1 %
Operating Income	(1.84)	(1.27)	30.7 %
Net Income	(1.98)	(1.52)	23.0 %
Average Shares	677.40	677.40	-
EPS (Halala)	(0.29)	(0.22)	23.0 %

In Q3 2020, Shams sustained a net loss after Zakat and tax of SAR 1.5 million, compared to SAR 273,226 in the same period a year earlier, on higher general and administrative expenses.

When compared to the previous quarter, the company trimmed net losses by 23% due to higher revenues.

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