Shams expands losses to SAR 44.2M in 2023, SAR 50M in Q4

28/03/2024 Argaam Exclusive

View other reports

Tourism Enterprise Co. (Shams) slid into a deeper loss of SAR 44.2 million in 2023, compared to SAR 7.2 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	10.15	9.61	(5.4 %)
Gross Income	(0.42)	(4.17)	(889.3 %)
Operating Income	(7.36)	(20.18)	(174.3 %)
Net Income	(7.23)	(44.20)	(511.0 %)
Average Shares	1,156.47	1,156.47	-
EPS (Halala)	(0.63)	(3.82)	(511.0 %)

This came on lower revenues and higher Zakat provisions, despite the year-on-year (YoY) increase in non-operating and rental revenues.

Q4 2023 loss widened to SAR 50 million, from SAR 6 million in the prior-year period.

On a quarterly basis, the company made losses against net earnings of SAR 2.85 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	2.86	2.62	(8.4 %)
Gross Income	(1.16)	(1.95)	(68.4 %)
Operating Income	(6.24)	(5.17)	17.0 %
Net Income	(6.00)	(50.11)	(735.1 %)
Average Shares	1,156.47	1,156.47	-
EPS (Halala)	(0.52)	(4.33)	(735.1 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	2.31	2.62	13.2 %
Gross Income	(1.17)	(1.95)	(67.6 %)
Operating Income	(4.63)	(5.17)	(11.8 %)
Net Income	2.85	(50.11)	(1857.5 %)
Average Shares	1,156.47	1,156.47	-
EPS (Halala)	0.25	(4.33)	(1857.5 %)

Total shareholders’ equity, no minority interest, plunged to SAR 506.49 million by Dec. 31, 2023, compared to SAR 550.80 million a year ago.

Accumulated losses reached SAR 74.64 million by Dec. 31, 2023, representing 12.9% of the company’s capital.

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×