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.
| 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.
| 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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