Shams widens losses to SAR 14 mln in 2021; Q4 profit at SAR 10,000

30/03/2022 Argaam Exclusive

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Tourism Enterprise Co. (Shams) reported a net loss after Zakat and tax of SAR 14 million in 2021, against SAR 8.2 million in losses a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	16.06	15.98	(0.5 %)
Gross Income	5.43	5.15	(5.3 %)
Operating Income	(5.56)	(12.97)	(133.0 %)
Net Income	(8.20)	(14.04)	(71.3 %)
Average Shares	677.40	677.40	-
EPS (Halala)	(1.21)	(2.07)	(71.3 %)

Widening losses were mainly due to the increase in the cost of revenue, a rise in selling and marketing expenses to develop the company’s business and re-configure facilities and infrastructure, in addition to higher expenses of claims and Zakat provisions.

Shams turned to a net profit after Zakat and tax of SAR 10,000 in Q4 2021 from a loss of SAR 2.01 million in Q4 2020.

On a sequential basis, the company turned to profit from a loss of SAR 90,000 in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	5.80	3.76	(35.2 %)
Gross Income	3.50	1.82	(48.0 %)
Operating Income	0.13	0.19	50.8 %
Net Income	(2.01)	0.01	100.2 %
Average Shares	677.40	677.40	-
EPS (Halala)	(0.30)	0.00	100.2 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	4.24	3.76	(11.3 %)
Gross Income	0.79	1.82	129.5 %
Operating Income	0.07	0.19	196.9 %
Net Income	0.09	0.01	(94.7 %)
Average Shares	677.40	677.40	-
EPS (Halala)	0.01	0.00	(94.7 %)

Total shareholders’ equity, excluding minority interest, fell 20.4% to SAR 55.439 million from SAR 69.642 million a year ago.

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