Shams Q1 2023 profit soars to SAR 2.1 mln

Shams Q1 2023 profit soars to SAR 2.1 mln

11/05/2023 Argaam Exclusive

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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.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 2.25 1.60 (28.9 %)
Gross Income 0.23 (0.66) (384.5 %)
Operating Income 0.13 (2.79) (2279.5 %)
Net Income 0.09 2.05 2232.8 %
Average Shares 677.40 1,156.47 70.7 %
EPS (Halala) 0.01 0.18 1266.5 %

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.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Halala)
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)
Q3 2018 3.77 (12.2 %) 1.03 (33.1 %) (0.79) (355.7 %) (0.12)
Q4 2018 2.45 (1.6 %) (0.37) (947.7 %) (8.14) (694.3 %) (1.20)
Q1 2019 2.41 (25.0 %) (0.20) (110.3 %) 1.21 161.2 % 0.18
Q2 2019 3.78 26.5 % 1.53 688.7 % 0.24 118.6 % 0.04
Q3 2019 4.05 7.4 % 1.25 21.6 % (0.27) 65.2 % (0.04)
Q4 2019 2.45 0.0 % (0.98) (161.4 %) (5.41) 33.5 % (0.80)
Q1 2020 1.73 (28.2 %) (0.95) (375.5 %) (2.69) (321.8 %) (0.40)
Q2 2020 2.14 (43.5 %) (0.35) (123.1 %) (1.98) (909.8 %) (0.29)
Q3 2020 6.39 57.9 % 3.23 158.9 % (1.52) (457.5 %) (0.22)
Q4 2020 5.80 136.4 % 3.50 459.4 % (2.01) 62.9 % (0.30)
Q1 2021 3.21 85.1 % 0.50 152.6 % (0.94) 65.0 % (0.14)
Q2 2021 4.77 123.6 % 1.51 527.5 % (13.19) (567.7 %) (1.95)
Q3 2021 4.24 (33.7 %) 0.79 (75.4 %) 0.09 106.2 % 0.01
Q4 2021 3.76 (35.2 %) 1.82 (48.0 %) 0.01 100.2 % 0.00
Q1 2022 2.25 (29.8 %) 0.23 (53.4 %) 0.09 109.4 % 0.01
Q2 2022 2.48 (48.0 %) 0.04 (97.5 %) 0.07 100.5 % 0.01
Q3 2022 2.57 (39.5 %) 0.21 (73.7 %) (1.39) (1575.7 %) (0.20)
Q4 2022 2.86 (24.0 %) (1.16) (163.6 %) (6.00) (120126.0 %) (0.52)
Q1 2023 1.60 (28.9 %) (0.66) (384.5 %) 2.05 2232.8 % 0.18

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 %) (9.56 %) (71.24 %)
Q1 2023 (16.59 %) (39.58 %) (55.44 %)


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

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

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


Financial Ratios
Current
Market Cap (M Riyal) 913.61
Enterprise Value (EV) (M) 394.86
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 1.78
Return on Average Assets (%) (TTM) (7.29 )
Return on Average Equity (%) (TTM) (7.55 )
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Share Price

Tourism Enterprise Co.
0.79
(0.01) (1.25 %)

Tourism Enterprise Co. (TECO)

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