Tourism Enterprise Co. (Shams) reported a net profit after zakat and tax of SAR 1.2 million for the first nine months of 2019, against a net loss of SAR 4 million a year earlier.
The current period implied settlement of zakat claims for the period from 1996 to 2010, along with lower service costs.
The company trimmed Q3 net losses after zakat and tax to SAR 273,226 from SAR 748,762 in the same period last year on higher revenue after introducing new activities in Al-Nakheel Beach.
The company turned to losses in Q3 from a net profit of SAR 243,924 in the second quarter, which implied zakat provision settlement.
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