Tourism Enterprise Co. (Shams) swung to a net profit after Zakat and tax of almost SAR 88,000 for the first quarter of 2022, against a loss of SAR 941,000 a year earlier.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 3.21 | 2.25 | (29.8 %) |
| Gross Income | 0.50 | 0.23 | (53.4 %) |
| Operating Income | (0.81) | 0.13 | 115.9 % |
| Net Income | (0.94) | 0.09 | 109.4 % |
| Average Shares | 677.40 | 677.40 | - |
| EPS (Halala) | (0.14) | 0.01 | 109.4 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 3.76 | 2.25 | (40.1 %) |
| Gross Income | 1.82 | 0.23 | (87.2 %) |
| Operating Income | 0.19 | 0.13 | (33.7 %) |
| Net Income | 0.01 | 0.09 | 1660.0 % |
| Average Shares | 677.40 | 677.40 | - |
| EPS (Halala) | 0.00 | 0.01 | 1660.0 % |
The improved performance was attributed to the retrieval of part of the claims provision.
Meanwhile, the company increased net profit in Q1 2022 from SAR 5,263 in the previous quarter.
Total shareholders’ equity, after minority interest, reached SAR 55.49 million as of March 31, 2022, compared to SAR 68.69 million a year earlier.
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