Tourism Enterprise Co. (Shams) reported a net profit of nearly SAR 5.9 million for the first nine months of 2023, against a loss of SAR 1.2 million a year earlier on higher other income that resulted from investing available cash.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 7.30 | 6.99 | (4.2 %) |
| Gross Income | 0.74 | (2.21) | (399.9 %) |
| Operating Income | (1.12) | (15.00) | (1,239.7 %) |
| Net Income | (1.23) | 5.92 | 580.5 % |
| Average Shares | 677.40 | 1,156.47 | 70.7 % |
| EPS (Halala) | (0.18) | 0.51 | 381.4 % |
The company turned to a net profit of SAR 2.9 million in Q3 2023, against a loss of SAR 1.39 million in Q3 2022.
Sequentially, the company’s net profit surged 181% from SAR 1.01 million in Q2 2023, driven by higher provisions booked for receivable balances in the previous quarter despite the increase in other revenues.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 2.57 | 2.31 | (9.9 %) |
| Gross Income | 0.21 | (1.17) | (657.4 %) |
| Operating Income | (1.38) | (4.63) | (236.4 %) |
| Net Income | (1.39) | 2.85 | 305.6 % |
| Average Shares | 677.40 | 1,156.47 | 70.7 % |
| EPS (Halala) | (0.20) | 0.25 | 220.4 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 2.95 | 2.31 | (21.6 %) |
| Gross Income | (0.60) | (1.17) | (94.2 %) |
| Operating Income | (7.72) | (4.63) | 40.1 % |
| Net Income | 1.01 | 2.85 | 181.5 % |
| Average Shares | 1,156.47 | 1,156.47 | - |
| EPS (Halala) | 0.09 | 0.25 | 181.5 % |
Shareholders’ equity, no minority interest, stood at SAR 556.66 million as of Sept. 30, 2023 versus SAR 54.12 million a year earlier.
Accumulated losses reached SAR 24.48 million at the end of the nine-month period, representing 4.23% of capital.
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