Shams widens net loss to SAR 14.1 mln in H1 2021

19/08/2021 Argaam Exclusive

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Tourism Enterprise Co. (Shams) widened net loss after Zakat and tax of SAR 14.1 million for the first half of 2021, from SAR 4.7 million for the same period last year.

The increase in net loss is attributed to allocation of legal provisions of SAR 9.4 million and increase in general and administrative expenses.

The period also witnessed an increase of Zakat claim due to receiving Zakat adjustments for 2019 and 2020.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	3.87	7.98	106.3 %
Gross Income	(1.30)	2.01	254.1 %
Operating Income	(4.42)	(13.22)	(199.3 %)
Net Income	(4.67)	(14.14)	(202.9 %)
Average Shares	677.40	677.40	-
EPS (Halala)	(0.69)	(2.09)	(202.9 %)

The company reported a net loss after Zakat and tax of 13.2 million for Q2 2021, compared to SAR 2 million for Q2 2020.

On a sequential basis, Shams widened its losses compared to the last quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	2.14	4.77	123.6 %
Gross Income	(0.35)	1.51	527.5 %
Operating Income	(1.84)	(12.42)	(575.6 %)
Net Income	(1.98)	(13.19)	(567.7 %)
Average Shares	677.40	677.40	-
EPS (Halala)	(0.29)	(1.95)	(567.7 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	3.21	4.77	48.9 %
Gross Income	0.50	1.51	201.8 %
Operating Income	(0.81)	(12.42)	(1,440.7 %)
Net Income	(0.94)	(13.19)	(1,302.1 %)
Average Shares	677.40	677.40	-
EPS (Halala)	(0.14)	(1.95)	(1,302.1 %)

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