Shams 9M 2022 net loss shrinks to SAR 1.2 mln; Q3 loss at SAR 1.4 mln

10/11/2022 Argaam Exclusive

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Tourism Enterprise Co. (Shams) trimmed net loss after Zakat and tax to SAR 1.2 million for the first nine months of 2022, from SAR 14 million in the year-earlier period, on lower allocated provisions and general and administrative (G&A) expenses as well as higher revenue.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	12.22	7.30	(40.3 %)
Gross Income	3.33	0.74	(77.8 %)
Operating Income	(13.16)	(1.12)	91.5 %
Net Income	(14.04)	(1.23)	91.2 %
Average Shares	677.40	677.40	0.0 %
EPS (Halala)	(2.07)	(0.18)	91.2 %

The company incurred a net loss after Zakat and tax of SAR 1.4 million in Q3 2022, versus a net profit after Zakat and tax of SAR 93,670 in the year-ago period.

This was due to lower occupancy rate as a result of lifting travel restrictions and summer vacations as well as increased Zakat provisions and G&A expenses.

On a sequential basis, Shams swung to losses, versus a net profit of SAR 67,959 in Q2 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	4.24	2.57	(39.5 %)
Gross Income	0.79	0.21	(73.7 %)
Operating Income	0.07	(1.38)	(2216.9 %)
Net Income	0.09	(1.39)	(1575.7 %)
Average Shares	677.40	677.40	0.0 %
EPS (Halala)	0.01	(0.20)	(1575.7 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	2.48	2.57	3.5 %
Gross Income	0.04	0.21	464.9 %
Operating Income	0.13	(1.38)	(1175.0 %)
Net Income	0.07	(1.39)	(2140.0 %)
Average Shares	677.40	677.40	0.0 %
EPS (Halala)	0.01	(0.20)	(2140.0 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 54.126 million as of Sept. 30, 2022, compared to SAR 55.56 million in the year before.

Accumulated losses reached SAR 1.353 million during the same period, accounting for 2.58% of capital.

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