Tourism Enterprise Co. (Shams) reported an over twofold increase in its Q1 2024 net profit to SAR 6 million from SAR 2 million in the first quarter of 2023.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 1.60 | 1.37 | (14.4 %) |
| Gross Income | (0.66) | (0.20) | 69.5 % |
| Operating Income | (2.79) | (2.23) | 20.0 % |
| Net Income | 2.05 | 6.04 | 194.5 % |
| Average Shares | 1,156.47 | 1,156.47 | - |
| EPS (Halala) | 0.18 | 0.52 | 194.5 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 2.62 | 1.37 | (47.6 %) |
| Gross Income | (1.95) | (0.20) | 89.7 % |
| Operating Income | (5.17) | (2.23) | 56.9 % |
| Net Income | (50.11) | 6.04 | 112.1 % |
| Average Shares | 1,156.47 | 1,156.47 | - |
| EPS (Halala) | (4.33) | 0.52 | 112.1 % |
The profit surge was spurred by a decline in the cost of goods sold and higher non-operating revenue.
This was, however, offset by a slump in sales on a 14% year-on-year (YoY) drop in daily accommodation amid seasonality factors.
The company turned profitable from a net loss of SAR 38.2 million in Q4 2023.
Total shareholders’ equity, no minority interest, plunged to SAR 512.50 million as of March 31, 2024, from SAR 552.83 million in the corresponding period a year ago.
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