Shams swings to SAR 156,000 profit in H1 2022, Q2 profit at SAR 67,000

21/08/2022 Argaam Exclusive

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Tourism Enterprise Co. (Shams) turned to a net profit after Zakat and tax to SAR 156,000 in the first half of 2022, from SAR 14 million loss in the year-ago period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	7.98	4.73	(40.7 %)
Gross Income	2.01	0.27	(86.6 %)
Operating Income	(13.22)	0.26	101.9 %
Net Income	(14.14)	0.16	101.1 %
Average Shares	677.40	677.40	-
EPS (Halala)	(2.09)	0.02	101.1 %

The profit is driven by lower general and administrative expenses, higher other income in the current period and the inclusion of judicial provisions during the same period last year.

The company turned to a profit of SAR 67,000 in Q2 2022, from a loss of SAR 13.2 million in the corresponding period of 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	4.77	2.48	(48.0 %)
Gross Income	1.51	0.04	(97.5 %)
Operating Income	(12.42)	0.13	101.0 %
Net Income	(13.19)	0.07	100.5 %
Average Shares	677.40	677.40	-
EPS (Halala)	(1.95)	0.01	100.5 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	2.25	2.48	10.2 %
Gross Income	0.23	0.04	(84.1 %)
Operating Income	0.13	0.13	-
Net Income	0.09	0.07	(22.7 %)
Average Shares	677.40	677.40	-
EPS (Halala)	0.01	0.01	(22.7 %)

Sequentially, the company’s net profit fell 22% in Q2 2022 from SAR 90,000 in Q1 2022.

Total shareholders’ equity, after minority interest, stood at SAR 55.53 million by the end of the six-month period, from SAR 55.5 million in the prior-year period.

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