Shams profit rises 38% to SAR 8.1M in 9M 2024, falls 57% to SAR 1.2M in Q3

Shams profit rises 38% to SAR 8.1M in 9M 2024, falls 57% to SAR 1.2M in Q3

10/11/2024 Argaam Exclusive

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Tourism Enterprise Co.’s (Shams) profits rose in the first nine months of 2024 by 38% to SAR 8.1 million from SAR 5.9 million in the same period last year.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 6.87 6.32 (8.0 %)
Gross Income (3.04) 0.75 124.5 %
Operating Income (10.60) (9.20) 13.2 %
Net Income 5.92 8.14 37.6 %
Average Shares 1,156.47 1,156.47 -
EPS (Halala) 0.51 0.70 37.6 %

The profit rise in the nine-month period was driven by lower operating expenses, reduced provisions for doubtful debts, and higher non-operating revenues. This was partially offset by a decline in overall revenue due to reduced income from services and other fees.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 2.31 2.11 (8.5 %)
Gross Income (1.17) 0.22 118.8 %
Operating Income (4.63) (2.97) 35.8 %
Net Income 2.85 1.22 (57.1 %)
Average Shares 1,156.47 1,156.47 -
EPS (Halala) 0.25 0.11 (57.1 %)

In Q3 2024, Shams’ net profit dropped 57% year-on-year to SAR 1.2 million from SAR 2.85 million, driven by an 8% revenue decline due to the repricing of certain services and higher provisions for zakat and claims.

 

Compared to Q2 2024, profit rose by 40.1% from SAR 0.87 million.

 

Total shareholders’ equity, no minority interest, declined to SAR 514.54 million by Sept. 30, 2024, from SAR 556.66 million in the prior-year period.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2023 2.62 (8.4 %) (1.95) (68.4 %) (5.17) 17.0 %
Q1 2024 1.37 (14.4 %) (0.43) 35.3 % (2.23) 20.0 %
Q2 2024 2.84 (3.8 %) 0.96 259.3 % (3.17) 58.9 %
Q3 2024 2.11 (8.5 %) 0.22 118.8 % (2.97) 35.8 %


Profit Performance (Million)

Period Net Income Change EPS(Halala) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2023 (50.11) (735.1 %) (4.33) (38.84) (11.28) (0.01)
Q1 2024 6.04 194.5 % 0.52 - 6.04 0.01
Q2 2024 0.87 (13.7 %) 0.08 (0.43) 1.31 0.00
Q3 2024 1.22 (57.1 %) 0.11 - 1.22 0.00

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2023 (46.24 %) (139.69 %) (56.56 %)
Q1 2024 (44.86 %) (149.20 %) (14.78 %)
Q2 2024 (28.36 %) (117.64 %) (11.74 %)
Q3 2024 (13.50 %) - (30.21 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Halala) Adjusted EPS (Halala) Book Value (BV)
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
Q4 2023 1,156.47 (3.82) (0.46) 0.44
Q1 2024 1,156.47 (3.48) (0.12) 0.44
Q2 2024 1,156.47 (3.49) (0.09) 0.44
Q3 2024 1,156.47 (3.63) (0.23) 0.44

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2023 NEG NEG 1.37
Q1 2024 NEG NEG 1.99
Q2 2024 NEG NEG 1.76
Q3 2024 NEG NEG 2.27

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
Q4 2023 1.56 0.99 0.19
Q1 2024 0.42 0.79 0.16
Q2 2024 1.87 0.86 0.10
Q3 2024 1.18 0.84 0.09


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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