Tourism Enterprise Co. (Shams) narrowed net losses after Zakat and tax by 65% to SAR 941,441 for the first quarter of 2021, from SAR 2.7 million a year earlier.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 1.73 | 3.21 | 85.1 % |
| Gross Income | (0.95) | 0.50 | 152.6 % |
| Operating Income | (2.58) | (0.81) | 68.8 % |
| Net Income | (2.69) | (0.94) | 65.0 % |
| Average Shares | 677.40 | 677.40 | - |
| EPS (Halala) | (0.40) | (0.14) | 65.0 % |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 5.80 | 3.21 | (44.7 %) |
| Gross Income | 3.50 | 0.50 | (85.7 %) |
| Operating Income | 0.13 | (0.81) | (729.7 %) |
| Net Income | (2.01) | (0.94) | 53.1 % |
| Average Shares | 677.40 | 677.40 | - |
| EPS (Halala) | (0.30) | (0.14) | 53.1 % |
Net losses decreased due to a significant increase in the current quarter's revenue compared to the revenue of Q1 2020, as the COVID-19 precautionary measures were eased compared to the previous year. Moreover, the company posted a decrease in administrative and general expenses.
When compared to the previous quarter, net losses after Zakat and tax dropped by 53% from SAR 2 million.
Accumulated losses stood at SAR 35.73 million, or 35.2% of the company’s capital by the end of Q1 2021.
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