Shams turns to SAR 4.7 mln loss in H1 2020

Shams turns to SAR 4.7 mln loss in H1 2020

13/08/2020 Argaam Exclusive

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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.



Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
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 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 2.71 1.4 % 2.11 25.4 % 0.22 41.6 %
Q2 2011 4.83 27.6 % 3.47 28.1 % 1.18 82.5 %
Q3 2011 5.70 14.7 % 3.83 10.1 % 1.81 41.5 %
Q4 2011 4.37 26.4 % 2.73 33.8 % 0.52 3560.0 %
Q1 2012 3.54 30.7 % 2.42 14.4 % 0.50 128.0 %
Q2 2012 5.02 4.0 % 3.64 5.1 % 1.55 31.4 %
Q3 2012 6.26 9.9 % 4.27 11.5 % 2.22 22.5 %
Q4 2012 5.33 22.1 % 2.81 3.0 % 0.36 (31.2 %)
Q1 2013 4.88 37.8 % 2.82 16.5 % 0.69 39.6 %
Q2 2013 5.51 9.6 % 4.13 13.3 % 1.74 12.7 %
Q3 2013 6.11 (2.4 %) 4.66 9.1 % 2.31 3.9 %
Q4 2013 4.69 (12.1 %) 3.22 14.5 % 0.39 9.5 %
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 %)


Profit Performance (Million)

Period Net Income Change EPS(Halala) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2011 0.09 120.5 % 0.01 - 0.09 0.00
Q2 2011 1.05 104.1 % 0.15 - 1.05 0.00
Q3 2011 1.85 61.4 % 0.27 - 1.85 0.00
Q4 2011 0.32 411.8 % 0.05 - 0.32 0.00
Q1 2012 0.35 311.6 % 0.05 - 0.35 0.00
Q2 2012 1.27 21.0 % 0.19 - 1.27 0.00
Q3 2012 2.04 10.5 % 0.30 - 2.04 0.00
Q4 2012 0.60 88.7 % 0.09 - 0.60 0.00
Q1 2013 5.62 1487.3 % 0.83 13.06 (7.45) (0.01)
Q2 2013 1.51 19.1 % 0.22 - 1.51 0.00
Q3 2013 2.12 4.0 % 0.31 - 2.12 0.00
Q4 2013 0.53 (11.2 %) 0.08 - 0.53 0.00
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
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 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Halala) Adjusted EPS (Halala) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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


Financial Ratios
Current
Market Cap (M Riyal) 1,110.21
Enterprise Value (EV) (M) 587.72
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 2.16
Return on Average Assets (%) (TTM) (7.57 )
Return on Average Equity (%) (TTM) (7.84 )
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Share Price

Tourism Enterprise Co.
0.96
0.01 1.05 %

Tourism Enterprise Co. (TECO)

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