Shams H1 net losses widen to SAR 3 mln on lower revenue

02/08/2018 Argaam Exclusive

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Share Price

Tourism Enterprise Co.
0.82
(0.02) (2.38 %)

Tourism Enterprise Co. (TECO)

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Tourism Enterprises Co. (Shams) reported a net loss of around SAR 3.3 million in the first half of 2018, compared to a net loss of SAR 847,237 a year earlier, due to a decline in revenue from property investments and other revenues.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 6.86 6.20 (9.5 %)
Gross Income 2.24 1.23 (45.2 %)
Operating Income (0.92) (2.87) (212.5 %)
Net Income (0.85) (3.30) (289.1 %)
Average Shares 677.40 677.40 -
EPS (Halala) (0.13) (0.49) (289.1 %)

The company swung to a net loss of SAR 1.3 million in Q2 2018, compared to a net profit of SAR 157,771 due to lower revenue, along with higher general and administrative expenses.

 

Shams narrowed net losses on a sequential basis by 33.7 percent.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 3.73 2.99 (19.9 %)
Gross Income 1.49 0.19 (87.0 %)
Operating Income 0.11 (1.09) (1132.1 %)
Net Income 0.16 (1.31) (931.6 %)
Average Shares 677.40 677.40 -
EPS (Halala) 0.02 (0.19) (931.6 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Halala)
Q1 2009 4.12 37.2 % 2.28 42.6 % 0.11 146.8 % 0.02
Q2 2009 3.85 (0.6 %) 2.18 (1.4 %) (0.06) (107.3 %) (0.01)
Q3 2009 3.78 (4.1 %) 1.80 3.9 % (0.43) (148.0 %) (0.06)
Q4 2009 2.12 (45.1 %) (1.26) (166.9 %) (3.02) (137.2 %) (0.45)
Q1 2010 2.67 (35.1 %) 1.68 (26.0 %) 0.04 (64.5 %) 0.01
Q2 2010 3.78 (1.8 %) 2.71 24.0 % 0.51 1001.8 % 0.08
Q3 2010 4.97 31.7 % 3.47 92.9 % 1.14 364.0 % 0.17
Q4 2010 3.46 63.2 % 2.04 262.4 % (0.10) 96.6 % (0.02)
Q1 2011 2.71 1.4 % 2.11 25.4 % 0.09 120.5 % 0.01
Q2 2011 4.83 27.6 % 3.47 28.1 % 1.05 104.1 % 0.15
Q3 2011 5.70 14.7 % 3.83 10.1 % 1.85 61.4 % 0.27
Q4 2011 4.37 26.4 % 2.73 33.8 % 0.32 411.8 % 0.05
Q1 2012 3.54 30.7 % 2.42 14.4 % 0.35 311.6 % 0.05
Q2 2012 5.02 4.0 % 3.64 5.1 % 1.27 21.0 % 0.19
Q3 2012 6.26 9.9 % 4.27 11.5 % 2.04 10.5 % 0.30
Q4 2012 5.33 22.1 % 2.81 3.0 % 0.60 88.7 % 0.09
Q1 2013 4.88 37.8 % 2.82 16.5 % 5.62 1487.3 % 0.83
Q2 2013 5.51 9.6 % 4.13 13.3 % 1.51 19.1 % 0.22
Q3 2013 6.11 (2.4 %) 4.66 9.1 % 2.12 4.0 % 0.31
Q4 2013 4.69 (12.1 %) 3.22 14.5 % 0.53 (11.2 %) 0.08
Q1 2014 4.18 (14.3 %) 3.24 15.1 % 0.61 (89.2 %) 0.09
Q2 2014 6.19 12.4 % 4.62 11.9 % 1.61 6.3 % 0.24
Q3 2014 7.49 22.5 % 5.08 9.0 % 2.17 2.4 % 0.32
Q4 2014 4.70 0.2 % 3.31 2.8 % 0.45 (15.4 %) 0.07
Q1 2015 5.00 19.4 % 3.63 12.2 % 0.64 6.1 % 0.09
Q2 2015 5.49 (11.4 %) 4.69 1.5 % 1.63 1.3 % 0.24
Q3 2015 7.04 (6.0 %) 5.13 1.1 % 2.19 1.0 % 0.32
Q4 2015 3.38 (28.0 %) 0.58 (82.4 %) (2.45) (643.5 %) (0.36)
Q1 2016 4.73 (5.3 %) 2.47 (32.0 %) 0.64 0.0 % 0.09
Q2 2016 4.44 (19.2 %) 2.04 (56.4 %) 0.90 (44.6 %) 0.13
Q3 2016 5.68 (19.4 %) 2.38 (53.7 %) 0.47 (78.4 %) 0.07
Q4 2016 3.52 4.2 % 0.06 (90.2 %) (1.46) 40.6 % (0.22)
Q1 2017 3.11 (34.3 %) 0.74 (70.2 %) (1.01) (256.3 %) (0.15)
Q2 2017 3.73 (16.0 %) 1.49 (26.9 %) 0.16 (82.5 %) 0.02
Q3 2017 4.29 (24.4 %) 1.54 (35.3 %) 0.31 (35.1 %) 0.05
Q4 2017 2.50 (29.2 %) 0.04 (22.8 %) 1.37 194.0 % 0.20
Q1 2018 3.22 3.5 % 1.95 164.0 % (1.98) (97.2 %) (0.29)
Q2 2018 2.99 (19.9 %) 0.19 (87.0 %) (1.31) (931.6 %) (0.19)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 51.29 % 23.93 % 3.31 %
Q2 2009 51.18 % 22.81 % (2.02 %)
Q3 2009 52.14 % 21.36 % (10.59 %)
Q4 2009 36.08 % 5.94 % (24.52 %)
Q1 2010 35.52 % 6.56 % (27.94 %)
Q2 2010 39.95 % 11.54 % (23.47 %)
Q3 2010 48.77 % 22.60 % (9.77 %)
Q4 2010 66.54 % 40.26 % 10.71 %
Q1 2011 69.24 % 40.97 % 11.00 %
Q2 2011 69.47 % 41.89 % 13.63 %
Q3 2011 68.55 % 43.30 % 17.24 %
Q4 2011 68.90 % 44.14 % 18.73 %
Q1 2012 67.45 % 43.91 % 19.34 %
Q2 2012 67.69 % 45.92 % 20.31 %
Q3 2012 68.01 % 47.20 % 20.73 %
Q4 2012 65.16 % 44.93 % 21.13 %
Q1 2013 62.96 % 43.22 % (16.46 %)
Q2 2013 63.77 % 43.46 % (14.99 %)
Q3 2013 66.00 % 44.58 % (14.72 %)
Q4 2013 69.93 % 46.24 % (15.48 %)
Q1 2014 74.39 % 48.50 % 23.07 %
Q2 2014 74.30 % 47.50 % 22.77 %
Q3 2014 71.63 % 44.94 % 21.61 %
Q4 2014 72.00 % 45.35 % 21.24 %
Q1 2015 71.19 % 43.44 % 20.84 %
Q2 2015 73.70 % 44.49 % 21.58 %
Q3 2015 75.43 % 45.40 % 22.11 %
Q4 2015 67.15 % 31.78 % 9.62 %
Q1 2016 62.38 % 31.84 % 9.75 %
Q2 2016 52.24 % 29.10 % 6.57 %
Q3 2016 41.02 % 21.27 % (2.38 %)
Q4 2016 37.83 % 30.97 % 3.06 %
Q1 2017 31.14 % 24.59 % (6.49 %)
Q2 2017 29.09 % 21.41 % (11.42 %)
Q3 2017 26.11 % 22.84 % (13.63 %)
Q4 2017 27.98 % 22.17 % 6.09 %
Q1 2018 36.56 % 17.30 % (1.07 %)
Q2 2018 28.64 % 9.58 % (12.46 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Halala) Adjusted EPS (Halala) Book Value (BV)
Q1 2009 677.40 0.08 0.08 0.11
Q2 2009 677.40 (0.05) (0.05) 0.11
Q3 2009 677.40 (0.24) (0.24) 0.11
Q4 2009 677.40 (0.50) (0.50) 0.10
Q1 2010 677.40 (0.51) (0.51) 0.10
Q2 2010 677.40 (0.43) (0.43) 0.10
Q3 2010 677.40 (0.20) (0.20) 0.10
Q4 2010 677.40 0.24 0.24 0.10
Q1 2011 677.40 0.24 0.24 0.10
Q2 2011 677.40 0.32 0.32 0.11
Q3 2011 677.40 0.42 0.42 0.11
Q4 2011 677.40 0.49 0.49 0.11
Q1 2012 677.40 0.53 0.53 0.11
Q2 2012 677.40 0.56 0.56 0.11
Q3 2012 677.40 0.59 0.59 0.11
Q4 2012 677.40 0.63 0.63 0.12
Q1 2013 677.40 1.41 (0.52) 0.12
Q2 2013 677.40 1.44 (0.49) 0.13
Q3 2013 677.40 1.45 (0.47) 0.13
Q4 2013 677.40 1.44 (0.48) 0.13
Q1 2014 677.40 0.70 0.70 0.13
Q2 2014 677.40 0.72 0.71 0.13
Q3 2014 677.40 0.73 0.72 0.14
Q4 2014 677.40 0.71 0.71 0.14
Q1 2015 677.40 0.72 0.72 0.14
Q2 2015 677.40 0.72 0.72 0.14
Q3 2015 677.40 0.73 0.73 0.14
Q4 2015 677.40 0.30 0.30 0.14
Q1 2016 677.40 0.30 0.30 0.14
Q2 2016 677.40 0.19 0.19 0.14
Q3 2016 677.40 (0.06) (0.06) 0.14
Q4 2016 677.40 0.08 0.08 0.14
Q1 2017 677.40 (0.16) (0.16) 0.14
Q2 2017 677.40 (0.27) (0.27) 0.14
Q3 2017 677.40 (0.29) (0.29) 0.14
Q4 2017 677.40 0.12 0.12 0.14
Q1 2018 677.40 (0.02) (0.02) 0.14
Q2 2018 677.40 (0.24) (0.24) 0.14

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 More than 100 More than 100 5.44
Q2 2009 NEG NEG 9.01
Q3 2009 NEG NEG 7.75
Q4 2009 NEG NEG 8.63
Q1 2010 NEG NEG 8.30
Q2 2010 NEG NEG 5.94
Q3 2010 NEG NEG 5.48
Q4 2010 More than 100 More than 100 5.69
Q1 2011 More than 100 More than 100 5.24
Q2 2011 More than 100 More than 100 5.49
Q3 2011 More than 100 More than 100 5.45
Q4 2011 More than 100 More than 100 6.98
Q1 2012 More than 100 More than 100 9.14
Q2 2012 More than 100 More than 100 6.86
Q3 2012 More than 100 More than 100 7.92
Q4 2012 More than 100 More than 100 8.28
Q1 2013 More than 100 NEG 16.02
Q2 2013 More than 100 NEG 21.41
Q3 2013 More than 100 NEG 20.79
Q4 2013 More than 100 NEG 16.13
Q1 2014 More than 100 More than 100 14.90
Q2 2014 More than 100 More than 100 11.96
Q3 2014 More than 100 More than 100 12.80
Q4 2014 More than 100 More than 100 7.20
Q1 2015 More than 100 More than 100 7.96
Q2 2015 More than 100 More than 100 8.50
Q3 2015 More than 100 More than 100 6.23
Q4 2015 More than 100 More than 100 7.82
Q1 2016 More than 100 More than 100 6.41
Q2 2016 More than 100 More than 100 5.76
Q3 2016 NEG NEG 4.34
Q4 2016 More than 100 More than 100 6.03
Q1 2017 NEG NEG 5.69
Q2 2017 NEG NEG 4.99
Q3 2017 NEG NEG 5.57
Q4 2017 More than 100 More than 100 4.94
Q1 2018 NEG NEG 6.24
Q2 2018 NEG NEG 6.10


Financial Ratios
Current
Market Cap (M Riyal) 948.31
Enterprise Value (EV) (M) 429.55
Shares Outstanding ((M)) 1,156.47
EPS (Halala) (TTM) (3.48)
Book Value (BV) ( Riyal) 0.44
Par Value ( Halala) 50.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.85
Return on Average Assets (%) (TTM) (7.29 )
Return on Average Equity (%) (TTM) (7.55 )
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