Financial Results : Shams Q1 2023 profit soars to SAR 2.1 mln

Shams Q1 2023 profit soars to SAR 2.1 mln

11/05/2023 Argaam Exclusive

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Tourism Enterprise Co. (Shams) reported a surge in net profit to SAR 2.1 million for the first quarter of 2023, compared with SAR 88,000 a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 2.25 1.60 (28.9 %)
Gross Income 0.23 (0.66) (384.5 %)
Operating Income 0.13 (2.79) (2279.5 %)
Net Income 0.09 2.05 2232.8 %
Average Shares 677.40 1,156.47 70.7 %
EPS (Halala) 0.01 0.18 1266.5 %

Despite low revenue, the improved performance was driven by an increase in other revenue, represented in investment revenue in Islamic Murabaha. This is in addition to the opening and operation of the facilities in the Palm Beach Resort.

 

Meanwhile, the company turned to profit from SAR 600,000 losses in the previous quarter, mainly due to an increase in other revenue, represented in investment revenue in Islamic Murabaha.

 

Total shareholders’ equity, no minority interest, reached SAR 552.827 million as of March 31, 2023, compared to SAR 570.715 million a year earlier.

 

Accumulated losses reached SAR 28.32 million at the end of Q1 2023, or 4.9% of capital.

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