Shams swings to SAR 156,000 profit in H1 2022, Q2 profit at SAR 67,000

Shams swings to SAR 156,000 profit in H1 2022, Q2 profit at SAR 67,000

21/08/2022 Argaam Exclusive

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Tourism Enterprise Co. (Shams) turned to a net profit after Zakat and tax to SAR 156,000 in the first half of 2022, from SAR 14 million loss in the year-ago period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 7.98 4.73 (40.7 %)
Gross Income 2.01 0.27 (86.6 %)
Operating Income (13.22) 0.26 101.9 %
Net Income (14.14) 0.16 101.1 %
Average Shares 677.40 677.40 -
EPS (Halala) (2.09) 0.02 101.1 %

The profit is driven by lower general and administrative expenses, higher other income in the current period and the inclusion of judicial provisions during the same period last year.

 

The company turned to a profit of SAR 67,000 in Q2 2022, from a loss of SAR 13.2 million in the corresponding period of 2021.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 4.77 2.48 (48.0 %)
Gross Income 1.51 0.04 (97.5 %)
Operating Income (12.42) 0.13 101.0 %
Net Income (13.19) 0.07 100.5 %
Average Shares 677.40 677.40 -
EPS (Halala) (1.95) 0.01 100.5 %

Sequentially, the company’s net profit fell 22% in Q2 2022 from SAR 90,000 in Q1 2022.

 

Total shareholders’ equity, after minority interest, stood at SAR 55.53 million by the end of the six-month period, from SAR 55.5 million in the prior-year period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
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 %


Profit Performance (Million)

Period Net Income Change EPS(Halala) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
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

Profitability

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


Per Share Data (Riyal)

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

Multiple Ratios (End of Period Price)

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

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


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.
0.95
0.00 0.00 %

Tourism Enterprise Co. (TECO)

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