Tourism Enterprise Co. (Shams) slid into a deeper loss of SAR 44.2 million in 2023, compared to SAR 7.2 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 10.15 | 9.61 | (5.4 %) |
| Gross Income | (0.42) | (4.17) | (889.3 %) |
| Operating Income | (7.36) | (21.06) | (186.3 %) |
| Net Income | (7.23) | (44.20) | (511.0 %) |
| Average Shares | 1,156.47 | 1,156.47 | - |
| EPS (Halala) | (0.63) | (3.82) | (511.0 %) |
This came on lower revenues and higher Zakat provisions, despite the year-on-year (YoY) increase in non-operating and rental revenues.
Q4 2023 loss widened to SAR 50 million, from SAR 6 million in the prior-year period.
On a quarterly basis, the company made losses against net earnings of SAR 2.85 million in Q3 2023.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 2.86 | 2.62 | (8.4 %) |
| Gross Income | (1.16) | (1.95) | (68.4 %) |
| Operating Income | (6.24) | (6.05) | 2.9 % |
| Net Income | (6.00) | (50.11) | (735.1 %) |
| Average Shares | 1,156.47 | 1,156.47 | - |
| EPS (Halala) | (0.52) | (4.33) | (735.1 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 2.31 | 2.62 | 13.2 % |
| Gross Income | (1.17) | (1.95) | (67.6 %) |
| Operating Income | (4.63) | (6.05) | (30.8 %) |
| Net Income | 2.85 | (50.11) | (1857.5 %) |
| Average Shares | 1,156.47 | 1,156.47 | - |
| EPS (Halala) | 0.25 | (4.33) | (1857.5 %) |
Total shareholders’ equity, no minority interest, plunged to SAR 506.49 million by Dec. 31, 2023, compared to SAR 550.80 million a year ago.
Accumulated losses reached SAR 74.64 million by Dec. 31, 2023, representing 12.9% of the company’s capital.
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