Financial Results : Shams cuts Q1 2021 net loss to SAR 941,000

Shams cuts Q1 2021 net loss to SAR 941,000

20/05/2021 Argaam Exclusive

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Tourism Enterprise Co. (Shams) narrowed net losses after Zakat and tax by 65% to SAR 941,441 for the first quarter of 2021, from SAR 2.7 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 1.73 3.21 85.1 %
Gross Income (0.95) 0.50 152.6 %
Operating Income (2.58) (0.81) 68.8 %
Net Income (2.69) (0.94) 65.0 %
Average Shares 677.40 677.40 -
EPS (Halala) (0.40) (0.14) 65.0 %

Net losses decreased due to a significant increase in the current quarter's revenue compared to the revenue of Q1 2020, as the COVID-19 precautionary measures were eased compared to the previous year. Moreover, the company posted a decrease in administrative and general expenses.

When compared to the previous quarter, net losses after Zakat and tax dropped by 53% from SAR 2 million.

 

Accumulated losses stood at SAR 35.73 million, or 35.2% of the company’s capital by the end of Q1 2021.


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