Tourism Enterprise Co. (Shams) incurred a net loss after Zakat and tax of SAR 4.7 million for H1 2020, against a net profit of SAR 1.5 million a year earlier.
The losses were attributed to a 37% year-on-year (YoY) decline in revenue, due to lower occupancy rates in Al-Nakheel beach amid the 70-day COVID-19 curfew.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 6.19 | 3.87 | (37.5 %) |
| Gross Income | 1.51 | (1.30) | (186.2 %) |
| Operating Income | (3.82) | (4.42) | (15.6 %) |
| Net Income | 1.50 | (4.67) | (410.9 %) |
| Average Shares | 677.40 | 677.40 | - |
| EPS (Halala) | 0.22 | (0.69) | (410.9 %) |
In Q2 2020, Shams sustained a net loss after Zakat and tax of SAR 2 million, against a net profit of SAR 243,924 a year earlier, as revenue dropped by 43% YoY amid the COVID-19 precautionary measures. The company also settled Zakat provisions last year, which positively reflected on Q2 2019 figures.
When compared to the previous quarter, the company trimmed net losses by 26.6% from SAR 2.7 million, thanks to slight improvement in revenues amid eased restrictions of the COVID-19 precautionary measures.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 3.78 | 2.14 | (43.5 %) |
| Gross Income | 1.53 | (0.35) | (123.1 %) |
| Operating Income | (0.13) | (1.84) | (1,282.0 %) |
| Net Income | 0.24 | (1.98) | (909.8 %) |
| Average Shares | 677.40 | 677.40 | - |
| EPS (Halala) | 0.04 | (0.29) | (909.8 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 1.73 | 2.14 | 23.3 % |
| Gross Income | (0.95) | (0.35) | 62.9 % |
| Operating Income | (2.58) | (1.84) | 28.8 % |
| Net Income | (2.69) | (1.98) | 26.6 % |
| Average Shares | 677.40 | 677.40 | - |
| EPS (Halala) | (0.40) | (0.29) | 26.6 % |
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