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.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 4.68 | 4.21 | (10.2 %) |
| Gross Income | (1.05) | 0.53 | 150.3 % |
| Operating Income | (5.86) | (6.23) | (6.4 %) |
| Net Income | 3.07 | 6.92 | 125.7 % |
| Average Shares | 1,156.47 | 1,156.47 | - |
| EPS (Halala) | 0.27 | 0.60 | 125.7 % |
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.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 2.95 | 2.84 | (3.8 %) |
| Gross Income | (0.60) | 0.96 | 259.4 % |
| Operating Income | (3.20) | (3.17) | 0.9 % |
| 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 | 107.0 % |
| Gross Income | (0.20) | 0.96 | 573.4 % |
| Operating Income | (3.06) | (3.17) | (3.7 %) |
| 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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