Shams profit rises 38% to SAR 8.1M in 9M 2024, falls 57% to SAR 1.2M in Q3

10/11/2024 Argaam Exclusive

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Tourism Enterprise Co.’s (Shams) profits rose in the first nine months of 2024 by 38% to SAR 8.1 million from SAR 5.9 million in the same period last year.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	6.87	6.32	(8.0 %)
Gross Income	(3.04)	0.75	124.5 %
Operating Income	(10.60)	(9.20)	13.2 %
Net Income	5.92	8.14	37.6 %
Average Shares	1,156.47	1,156.47	-
EPS (Halala)	0.51	0.70	37.6 %

The profit rise in the nine-month period was driven by lower operating expenses, reduced provisions for doubtful debts, and higher non-operating revenues. This was partially offset by a decline in overall revenue due to reduced income from services and other fees.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	2.31	2.11	(8.5 %)
Gross Income	(1.17)	0.22	118.8 %
Operating Income	(4.63)	(2.97)	35.8 %
Net Income	2.85	1.22	(57.1 %)
Average Shares	1,156.47	1,156.47	-
EPS (Halala)	0.25	0.11	(57.1 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	2.84	2.11	(25.4 %)
Gross Income	0.96	0.22	(77.1 %)
Operating Income	(3.17)	(2.97)	6.3 %
Net Income	0.87	1.22	40.1 %
Average Shares	1,156.47	1,156.47	-
EPS (Halala)	0.08	0.11	40.1 %

In Q3 2024, Shams’ net profit dropped 57% year-on-year to SAR 1.2 million from SAR 2.85 million, driven by an 8% revenue decline due to the repricing of certain services and higher provisions for zakat and claims.

Compared to Q2 2024, profit rose by 40.1% from SAR 0.87 million.

Total shareholders’ equity, no minority interest, declined to SAR 514.54 million by Sept. 30, 2024, from SAR 556.66 million in the prior-year period.

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