Shams swings to profit of SAR 5.9 mln in 9M 2023; Q3 at SAR 2.9 mln

05/11/2023 Argaam Exclusive

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Tourism Enterprise Co. (Shams) reported a net profit of nearly SAR 5.9 million for the first nine months of 2023, against a loss of SAR 1.2 million a year earlier on higher other income that resulted from investing available cash.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	7.30	6.87	(5.8 %)
Gross Income	0.74	(3.04)	(512.4 %)
Operating Income	(1.12)	(10.60)	(846.8 %)
Net Income	(1.23)	5.92	580.5 %
Average Shares	677.40	1,156.47	70.7 %
EPS (Halala)	(0.18)	0.51	381.4 %

The company turned to a net profit of SAR 2.9 million in Q3 2023, against a loss of SAR 1.39 million in Q3 2022.

Sequentially, the company’s net profit surged 181% from SAR 1.01 million in Q2 2023, driven by higher provisions booked for receivable balances in the previous quarter despite the increase in other revenues.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	2.57	2.31	(9.9 %)
Gross Income	0.21	(1.17)	(657.4 %)
Operating Income	(1.38)	(4.63)	(236.4 %)
Net Income	(1.39)	2.85	305.6 %
Average Shares	677.40	1,156.47	70.7 %
EPS (Halala)	(0.20)	0.25	220.4 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	2.95	2.31	(21.6 %)
Gross Income	(0.60)	(1.17)	(94.2 %)
Operating Income	(7.72)	(4.63)	40.0 %
Net Income	1.01	2.85	181.4 %
Average Shares	1,156.47	1,156.47	-
EPS (Halala)	0.09	0.25	181.4 %

Shareholders’ equity, no minority interest, stood at SAR 556.66 million as of Sept. 30, 2023 versus SAR 54.12 million a year earlier.

Accumulated losses reached SAR 24.48 million at the end of the nine-month period, representing 4.23% of capital.

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