Shams swings to profit of SAR 5.9 mln in 9M 2023; Q3 at SAR 2.9 mln

Shams swings to profit of SAR 5.9 mln in 9M 2023; Q3 at SAR 2.9 mln

05/11/2023 Argaam Exclusive

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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.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 7.30 6.87 (5.8 %)
Gross Income 0.74 (3.04) (512.4 %)
Operating Income (1.12) (10.60) (846.8 %)
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.



Current Quarter Comparison (M)

Compared With The
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 %

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.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 4.18 (14.3 %) 3.24 15.1 % 0.75 8.2 %
Q2 2014 6.19 12.4 % 4.62 11.9 % 1.80 3.4 %
Q3 2014 7.49 22.5 % 5.08 9.0 % 2.36 2.3 %
Q4 2014 4.70 0.2 % 3.31 2.8 % 0.41 5.6 %
Q1 2015 5.00 19.4 % 3.63 12.2 % 0.80 6.1 %
Q2 2015 5.49 (11.4 %) 4.69 1.5 % 1.84 2.3 %
Q3 2015 7.04 (6.0 %) 5.13 1.1 % 2.40 1.9 %
Q4 2015 3.38 (28.0 %) 0.58 (82.4 %) (3.03) (832.4 %)
Q1 2016 4.73 (5.3 %) 2.47 (32.0 %) 0.60 (25.0 %)
Q2 2016 4.44 (19.2 %) 2.04 (56.4 %) 0.85 (53.7 %)
Q3 2016 5.68 (19.4 %) 2.38 (53.7 %) 0.43 (82.0 %)
Q4 2016 3.52 4.2 % 0.06 (90.2 %) (1.38) 54.4 %
Q1 2017 3.11 (34.3 %) 0.74 (70.2 %) (1.05) (274.7 %)
Q2 2017 3.73 (16.0 %) 1.49 (26.9 %) 0.11 (87.6 %)
Q3 2017 4.29 (24.4 %) 1.54 (35.3 %) 0.28 (36.0 %)
Q4 2017 2.50 (29.2 %) 0.04 (22.8 %) (1.63) (17.8 %)
Q1 2018 3.22 3.5 % 1.95 164.0 % (1.76) (68.8 %)
Q2 2018 2.99 (19.9 %) 0.19 (87.0 %) (1.09) (1132.1 %)
Q3 2018 3.77 (12.2 %) 1.03 (33.1 %) (0.57) (304.0 %)
Q4 2018 2.45 (1.6 %) (0.37) (947.7 %) (2.87) (76.2 %)
Q1 2019 2.41 (25.0 %) (0.20) (110.3 %) (3.73) (111.6 %)
Q2 2019 3.78 26.5 % 1.53 688.7 % (0.13) 87.8 %
Q3 2019 4.05 7.4 % 1.25 21.6 % (0.20) 65.0 %
Q4 2019 2.45 0.0 % (0.98) (161.4 %) (5.74) (100.2 %)
Q1 2020 1.73 (28.2 %) (0.95) (375.5 %) (2.58) 30.9 %
Q2 2020 2.14 (43.5 %) (0.35) (123.1 %) (1.84) (1,282.0 %)
Q3 2020 6.39 57.9 % 3.23 158.9 % (1.27) (543.4 %)
Q4 2020 5.80 136.4 % 3.50 459.4 % 0.13 102.2 %
Q1 2021 3.21 85.1 % 0.50 152.6 % (0.81) 68.8 %
Q2 2021 4.77 123.6 % 1.51 527.5 % (12.42) (575.6 %)
Q3 2021 4.24 (33.7 %) 0.79 (75.4 %) 0.07 105.1 %
Q4 2021 3.76 (35.2 %) 1.82 (48.0 %) 0.19 50.8 %
Q1 2022 2.25 (29.8 %) 0.23 (53.4 %) 0.13 115.9 %
Q2 2022 2.48 (48.0 %) 0.04 (97.5 %) 0.13 101.0 %
Q3 2022 2.57 (39.5 %) 0.21 (73.7 %) (1.38) (2216.9 %)
Q4 2022 2.86 (24.0 %) (1.16) (163.6 %) (6.24) (3330.7 %)
Q1 2023 1.60 (28.9 %) (0.66) (384.5 %) (2.79) (2279.5 %)
Q2 2023 2.95 18.8 % (0.60) (1721.6 %) (7.72) (6131.7 %)
Q3 2023 2.31 (9.9 %) (1.17) (657.4 %) (4.63) (236.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Halala) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 0.61 (89.2 %) 0.09 0.04 0.56 0.00
Q2 2014 1.61 6.3 % 0.24 0.00 1.61 0.00
Q3 2014 2.17 2.4 % 0.32 0.00 2.17 0.00
Q4 2014 0.45 (15.4 %) 0.07 - 0.45 0.00
Q1 2015 0.64 6.1 % 0.09 - 0.64 0.00
Q2 2015 1.63 1.3 % 0.24 - 1.63 0.00
Q3 2015 2.19 1.0 % 0.32 - 2.19 0.00
Q4 2015 (2.45) (643.5 %) (0.36) - (2.45) 0.00
Q1 2016 0.64 0.0 % 0.09 - 0.64 0.00
Q2 2016 0.90 (44.6 %) 0.13 - 0.90 0.00
Q3 2016 0.47 (78.4 %) 0.07 - 0.47 0.00
Q4 2016 (1.46) 40.6 % (0.22) - (1.46) 0.00
Q1 2017 (1.01) (256.3 %) (0.15) - (1.01) 0.00
Q2 2017 0.16 (82.5 %) 0.02 - 0.16 0.00
Q3 2017 0.31 (35.1 %) 0.05 - 0.31 0.00
Q4 2017 1.37 194.0 % 0.20 - 1.37 0.00
Q1 2018 (1.98) (97.2 %) (0.29) - (1.98) 0.00
Q2 2018 (1.31) (931.6 %) (0.19) - (1.31) 0.00
Q3 2018 (0.79) (355.7 %) (0.12) - (0.79) 0.00
Q4 2018 (8.14) (694.3 %) (1.20) (5.18) (2.96) 0.00
Q1 2019 1.21 161.2 % 0.18 - 1.21 0.00
Q2 2019 0.24 118.6 % 0.04 - 0.24 0.00
Q3 2019 (0.27) 65.2 % (0.04) - (0.27) 0.00
Q4 2019 (5.41) 33.5 % (0.80) - (5.41) (0.01)
Q1 2020 (2.69) (321.8 %) (0.40) - (2.69) 0.00
Q2 2020 (1.98) (909.8 %) (0.29) - (1.98) 0.00
Q3 2020 (1.52) (457.5 %) (0.22) - (1.52) 0.00
Q4 2020 (2.01) 62.9 % (0.30) - (2.01) 0.00
Q1 2021 (0.94) 65.0 % (0.14) - (0.94) 0.00
Q2 2021 (13.19) (567.7 %) (1.95) - (13.19) (0.02)
Q3 2021 0.09 106.2 % 0.01 - 0.09 0.00
Q4 2021 0.01 100.2 % 0.00 - 0.01 0.00
Q1 2022 0.09 109.4 % 0.01 - 0.09 0.00
Q2 2022 0.07 100.5 % 0.01 - 0.07 0.00
Q3 2022 (1.39) (1575.7 %) (0.20) - (1.39) 0.00
Q4 2022 (6.00) (120126.0 %) (0.52) - (6.00) (0.01)
Q1 2023 2.05 2232.8 % 0.18 - 2.05 0.00
Q2 2023 1.01 1390.1 % 0.09 - 1.01 0.00
Q3 2023 2.85 305.6 % 0.25 - 2.85 0.00

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q3 2018 25.76 % 3.50 % (21.75 %)
Q4 2018 22.49 % (6.31 %) (56.69 %)
Q1 2019 5.58 % (21.96 %) (33.12 %)
Q2 2019 15.99 % (11.88 %) (18.46 %)
Q3 2019 17.38 % (8.69 %) (14.02 %)
Q4 2019 12.64 % (28.87 %) (33.33 %)
Q1 2020 7.10 % (21.19 %) (67.72 %)
Q2 2020 (9.94 %) (40.56 %) (99.86 %)
Q3 2020 7.51 % (40.95 %) (91.28 %)
Q4 2020 33.84 % 2.89 % (51.04 %)
Q1 2021 39.28 % 12.58 % (36.77 %)
Q2 2021 43.37 % (41.57 %) (87.58 %)
Q3 2021 35.01 % (39.08 %) (89.07 %)
Q4 2021 28.95 % (43.75 %) (87.86 %)
Q1 2022 29.01 % (39.96 %) (86.60 %)
Q2 2022 22.68 % 51.94 % 2.00 %
Q3 2022 20.81 % 47.19 % (11.09 %)
Q4 2022 (6.70 %) (9.57 %) (71.24 %)
Q1 2023 (16.59 %) (39.58 %) (55.44 %)
Q2 2023 (22.20 %) (115.16 %) (43.36 %)
Q3 2023 (36.93 %) (148.29 %) (0.86 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Halala) Adjusted EPS (Halala) Book Value (BV)
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
Q3 2018 677.40 (0.40) (0.40) 0.14
Q4 2018 677.40 (1.80) (1.04) 0.12
Q1 2019 677.40 (1.33) (0.57) 0.13
Q2 2019 677.40 (1.10) (0.34) 0.12
Q3 2019 677.40 (1.03) (0.26) 0.12
Q4 2019 677.40 (0.62) (0.62) 0.11
Q1 2020 677.40 (1.20) (1.20) 0.11
Q2 2020 677.40 (1.53) (1.53) 0.11
Q3 2020 677.40 (1.71) (1.71) 0.11
Q4 2020 677.40 (1.21) (1.21) 0.10
Q1 2021 677.40 (0.95) (0.95) 0.10
Q2 2021 677.40 (2.61) (2.61) 0.08
Q3 2021 677.40 (2.37) (2.37) 0.08
Q4 2021 677.40 (2.07) (2.07) 0.08
Q1 2022 677.40 (1.92) (1.92) 0.08
Q2 2022 677.40 0.04 0.04 0.08
Q3 2022 677.40 (0.18) (0.18) 0.08
Q4 2022 1,156.47 (0.63) (0.63) 0.48
Q1 2023 1,156.47 (0.46) (0.46) 0.48
Q2 2023 1,156.47 (0.37) (0.37) 0.48
Q3 2023 1,156.47 (0.01) (0.01) 0.48

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2018 NEG NEG 6.06
Q4 2018 NEG NEG 6.73
Q1 2019 NEG NEG 5.94
Q2 2019 NEG NEG 5.63
Q3 2019 NEG NEG 5.12
Q4 2019 NEG NEG 5.04
Q1 2020 NEG NEG 4.29
Q2 2020 NEG NEG 5.02
Q3 2020 NEG NEG 11.44
Q4 2020 NEG NEG 13.69
Q1 2021 NEG NEG 14.23
Q2 2021 NEG NEG 19.49
Q3 2021 NEG NEG 23.33
Q4 2021 NEG NEG 27.52
Q1 2022 NEG NEG 35.62
Q2 2022 More than 100 More than 100 29.73
Q3 2022 NEG NEG 31.50
Q4 2022 NEG NEG 1.51
Q1 2023 NEG NEG 1.61
Q2 2023 NEG NEG 1.80
Q3 2023 NEG NEG 1.48

Business Segments (Million)

Compared With The
Period Daily rent revenue Services and other fees revenue Annual rent revenue
Q1 2021 2.17 0.84 0.19
Q2 2021 3.54 1.15 0.09
Q3 2021 2.97 1.02 0.25
Q4 2021 2.58 0.98 0.20
Q1 2022 1.23 0.87 0.15
Q2 2022 1.44 0.93 0.11
Q3 2022 1.56 0.87 0.13
Q4 2022 1.64 1.09 0.13
Q1 2023 0.64 0.83 0.13
Q2 2023 1.71 1.09 0.14
Q3 2023 1.17 1.00 0.14


Financial Ratios
Current
Market Cap (M Riyal) 1,098.65
Enterprise Value (EV) (M) 576.16
Shares Outstanding ((M)) 1,156.47
EPS (Halala) (TTM) (3.63)
Book Value (BV) ( Riyal) 0.44
Par Value ( Halala) 50.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.14
Return on Average Assets (%) (TTM) (7.57 )
Return on Average Equity (%) (TTM) (7.84 )
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Share Price

Tourism Enterprise Co.
0.95
0.00 0.00 %

Tourism Enterprise Co. (TECO)

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