Financial Results : Shams turns to SAR 6.4M profit in 2024; Q4 loss at SAR 1.8M

Shams turns to SAR 6.4M profit in 2024; Q4 loss at SAR 1.8M

27/03/2025 Argaam Exclusive

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Tourism Enterprise Co. (Shams) swung to net earnings of SAR 6.4 million in 2024, versus losses of SAR 44.2 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 9.61 9.98 3.9 %
Gross Income (4.17) 1.06 125.5 %
Operating Income (20.18) (12.74) 36.9 %
Net Income (44.20) 6.37 114.4 %
Average Shares 1,156.47 1,156.47 -
Earnings Per Share before unusual items (Halala) (0.46) 0.70 250.9 %
EPS (Halala) (3.82) 0.55 114.4 %

The improved performance was driven by higher revenues due to an increase in operational revenues.

 

The company cited the participation in SEDCO Capital-Ajdan Fairmont Fund, a private equity investment fund licensed and managed by SEDCO Capital.

 

This is in addition to a decrease in operating costs and expenses by 24% year-on-year (YoY) and growth of financial returns by 6% YoY.

 

Q4 2024 loss reached SAR 1.8 million, compared with SAR 50 in the prior-year period.

 

On a quarterly basis, the company turned to losses from earnings of SAR 1.22 million in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 2.74 3.66 33.7 %
Gross Income (1.12) 0.32 128.3 %
Operating Income (5.06) (4.55) 10.1 %
Net Income (50.11) (1.78) 96.5 %
Average Shares 1,156.47 1,156.47 -
Earnings Per Share before unusual items (Halala) (0.98) (0.04) 95.7 %
EPS (Halala) (4.33) (0.15) 96.5 %

Total shareholders’ equity, no minority interest, fell to SAR 503.7 million by Dec. 31, 2024, compared to SAR 506.5 million a year ago.

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