Riyadh – Mubasher: Tourism Enterprises Company (Shams) recorded a net profit after Zakat and tax of SAR 5.91 million in the first nine months (9M) of 2023, compared to a net loss of SAR 1.23 million in the same period of 2022.
The company registered earnings per share (EPS) of SAR 0.01 in 9M-23, versus a loss per share of SAR 0.01 in 9M-22, according to the preliminary financial statements.
Shams saw a 4.18% drop in revenue to SAR 6.99 million during January-September 2023 from SAR 7.29 million in the same period of 2022.
Financial Results for Q3
In the third quarter (Q3) of 2023, the listed firm achieved a net profit after Zakat and tax of SAR 2.85 million, against a net loss of SAR 1.38 million in Q3-22.
The company’s revenues fell by 9.96% to SAR 2.31 million in July-September 2023 when compared with SAR 2.56 million in the same quarter of the previous year.
On a quarterly basis, the net profit in Q3-23 grew by 181.39% from SAR 1.01 million in Q2-23, while the revenues declined by 21.58% from SAR 2.94 million.
It is worth noting that in June 2023, Shams announced Muhannad bin Saleh Al Onaizan as its CEO.
