Financial Results : Shams loses SAR 3M in H1 2025, SAR 3.8M in Q2

Shams loses SAR 3M in H1 2025, SAR 3.8M in Q2

21/07/2025 Argaam Exclusive

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Tourism Enterprise Co. (Shams) narrowed its H1 2025 net losses to SAR 3 million, from SAR 6.9 million a year earlier.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Revenues 4.27 4.88 14.3 %
Gross Income 0.01 (0.24) (4744.2 %)
Operating Income (5.16) (6.28) (21.7 %)
Net Income 6.92 (3.04) (144.0 %)
Average Shares 1,156.47 1,156.47 -
Earnings Per Share before unusual items (Halala) 0.64 (0.31) (148.4 %)
EPS (Halala) 0.60 (0.26) (144.0 %)

These losses were attributed to a decrease in the Islamic Murabaha rate for bank deposits. This is in addition to putting approximately half of the proceeds from the rights offering of SEDCO Capital-Ajdan Fairmont Fund towards investment.

 

This came despite the year-on-year revenue rise during H1 2025, thanks to higher occupancy rates on Eid seasonality.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Revenues 2.89 3.47 20.4 %
Gross Income 0.63 0.31 (50.7 %)
Operating Income (2.94) (3.40) (15.4 %)
Net Income 0.87 (3.77) (531.0 %)
Average Shares 1,156.47 1,156.47 -
Earnings Per Share before unusual items (Halala) 0.11 (0.33) (388.1 %)
EPS (Halala) 0.08 (0.33) (531.0 %)

In Q2 2025, the Saudi-listed company swung to a net loss of SAR 3.8 million, against SAR 874,100 in net profit in the same period a year ago.

 

Net earnings amounted to about SAR 730,000 in Q1 2025.

 

Sequentially, the weak performance was due to an increase in operating expenses for the three-month period, paired with the adjustment in the fair value of financial investments.

 

Total shareholders’ equity, no minority interest, amounted to SAR 500.64 million as of June 30, 2025, down from SAR 513.35 million in H1 2024.

 

By the end of the first half of 2025, accumulated losses reached SAR 71.38 million, representing 12.34% of the company’s capital.

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