Shams trims 2022 net loss to SAR 7.2 mln, Q4 at SAR 6 mln

30/03/2023 Argaam Exclusive

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Tourism Enterprise Co. (Shams) narrowed 2022 net loss to SAR 7.2 million, from SAR 14 million a year earlier, on higher other revenue and lower provisions.

Financials (M)

Item	2021	2022	Change‬
Revenues	15.98	10.15	(36.4 %)
Gross Income	5.15	(0.42)	(108.2 %)
Operating Income	(12.97)	(7.36)	43.3 %
Net Income	(14.04)	(7.23)	48.5 %
Average Shares	677.40	1,156.47	70.7 %
EPS (Halala)	(2.07)	(0.63)	69.8 %

Q4 2022 net loss stood at SAR 6 million, versus a net profit at SAR 0.01 million in the year-earlier period.

On a sequential basis, net loss deepened from SAR 1.39 million in Q3 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	3.76	2.86	(24.0 %)
Gross Income	1.82	(1.16)	(163.6 %)
Operating Income	0.19	(6.24)	(3330.7 %)
Net Income	0.01	(6.00)	(120126.0 %)
Average Shares	677.40	1,156.47	70.7 %
EPS (Halala)	0.00	(0.52)	(70405.3 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	2.57	2.86	11.3 %
Gross Income	0.21	(1.16)	(654.5 %)
Operating Income	(1.38)	(6.24)	(353.1 %)
Net Income	(1.39)	(6.00)	(332.6 %)
Average Shares	677.40	1,156.47	70.7 %
EPS (Halala)	(0.20)	(0.52)	(153.4 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 550.81 million by Dec. 31, 2022, compared to SAR 55.43 million a year earlier.

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