Shams widens net loss to SAR 14 mln in 9M 2021

09/11/2021 Argaam Exclusive

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Tourism Enterprise Co. (Shams) widened its net loss after Zakat and tax to SAR 14 million for the first nine months of 2021, from SAR 6.2 million in the same period a year earlier.

The company attributed the increase in net loss to the formation of legal provisions and provisions for debit balances in the second quarter of the current period, which led to an increase in the net loss despite the increase in revenue.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	10.26	12.22	19.1 %
Gross Income	1.93	3.33	72.3 %
Operating Income	(5.69)	(13.16)	(131.2 %)
Net Income	(6.19)	(14.04)	(126.9 %)
Average Shares	677.40	677.40	-
EPS (Halala)	(0.91)	(2.07)	(126.9 %)

The company turned to a net profit of SAR 94,000 in Q3 2021, from a net loss of SAR 1.5 million in the same quarter last year, due to lower general and administrative expenses as well as decline in claims and zakat expenses, in addition to booking provisions for debit balances during the same quarter of the previous year.

On a quarterly basis, the company also turned to a net profit in Q3 2021 from a loss of SAR 13.2 million in Q2 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	6.39	4.24	(33.7 %)
Gross Income	3.23	0.79	(75.4 %)
Operating Income	(1.27)	0.07	105.1 %
Net Income	(1.52)	0.09	106.2 %
Average Shares	677.40	677.40	-
EPS (Halala)	(0.22)	0.01	106.2 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	4.77	4.24	(11.2 %)
Gross Income	1.51	0.79	(47.4 %)
Operating Income	(12.42)	0.07	100.5 %
Net Income	(13.19)	0.09	100.7 %
Average Shares	677.40	677.40	-
EPS (Halala)	(1.95)	0.01	100.7 %

Accumulated losses stood at SAR 48.9 million as of Sept. 30, 2021, representing 48.1% of the company’s SAR 101.5 million capital.

Total shareholders’ equity reached SAR 55.56 million at the end of September 2021, compared to SAR 71.62 million in the same period last year.

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