Shams profit soars to SAR 6.9M in H1 2024; Q2 at SAR 847,100

01/08/2024 Argaam Exclusive

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Tourism Enterprise Co.'s (Shams) H1 2024 net profit more than doubled to SAR 6.9 million from SAR 3.1 million in the first half of 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	4.68	4.21	(10.2 %)
Gross Income	(1.05)	0.53	150.3 %
Operating Income	(10.38)	(5.22)	49.6 %
Net Income	3.07	6.92	125.6 %
Average Shares	1,156.47	1,156.47	-
EPS (Halala)	0.27	0.60	125.6 %

The first-half earnings were bolstered by a rise in non-operating revenue and lower cost of sales despite higher Zakat provisions.

Meanwhile, services and utilities revenues saw a drop of 10% year-on-year (YoY) during the first six months of the year.

The second-quarter net earnings dropped 14% to SAR 847,100, from SAR 1 million in Q2 2023, as revenue declined 3% YoY on the repricing of some services. Zakat and claim provisions also increased YoY by the end of the three-month period.

Compared to Q1 2024, net earnings plunged 85.5% from SAR 6 million as Zakat provisions jumped by SAR 4.16 million on a quarterly basis.

This was offset by a sequential rise in topline, thanks to better rental revenue.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	2.95	2.84	(3.8 %)
Gross Income	(0.60)	0.96	259.3 %
Operating Income	(7.72)	(3.17)	58.9 %
Net Income	1.01	0.87	(13.7 %)
Average Shares	1,156.47	1,156.47	-
EPS (Halala)	0.09	0.08	(13.7 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	1.37	2.84	106.9 %
Gross Income	(0.43)	0.96	322.8 %
Operating Income	(2.23)	(3.17)	(42.0 %)
Net Income	6.04	0.87	(85.5 %)
Average Shares	1,156.47	1,156.47	-
EPS (Halala)	0.52	0.08	(85.5 %)

Total shareholders’ equity, no minority interest, dropped to SAR 513.34 million as of June 30, 2024, from SAR 553.81 million a year earlier.

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