Tourism Enterprise Co. (Shams) reported a surge in net profit to SAR 2.1 million for the first quarter of 2023, compared with SAR 88,000 a year earlier.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 2.25 | 1.60 | (28.9 %) |
| Gross Income | 0.23 | (0.66) | (384.4 %) |
| Operating Income | 0.13 | (2.79) | (2279.5 %) |
| Net Income | 0.09 | 2.05 | 2233.0 % |
| Average Shares | 677.40 | 1,156.47 | 70.7 % |
| EPS (Halala) | 0.01 | 0.18 | 1266.5 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 2.86 | 1.60 | (44.0 %) |
| Gross Income | (1.16) | (0.66) | 42.8 % |
| Operating Income | (6.24) | (2.79) | 55.3 % |
| Net Income | (6.00) | 2.05 | 134.2 % |
| Average Shares | 1,156.47 | 1,156.47 | 0.0 % |
| EPS (Halala) | (0.52) | 0.18 | 134.2 % |
Despite low revenue, the improved performance was driven by an increase in other revenue, represented in investment revenue in Islamic Murabaha. This is in addition to the opening and operation of the facilities in the Palm Beach Resort.
Meanwhile, the company turned to profit from SAR 600,000 losses in the previous quarter, mainly due to an increase in other revenue, represented in investment revenue in Islamic Murabaha.
Total shareholders’ equity, no minority interest, reached SAR 552.827 million as of March 31, 2023, compared to SAR 570.715 million a year earlier.
Accumulated losses reached SAR 28.32 million at the end of Q1 2023, or 4.9% of capital.
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