Riyadh – Mubasher: Tourism Enterprises Company (Shams) named Abdullah bin Omar Al Suwailem as its new CEO on 28 April 2024, according to a bourse disclosure.
Al Suwailem succeeded Mohannad bin Saleh Al Onaizan who refused to renew his contract due to personal reasons.
The new CEO has more than 20 years of experience in executive management. He holds the position of Managing Director of Shams.
On the educational level, he has a master’s degree in management engineering from the University of Bridgeport in the US.
The company recorded an annual leap of 511.04% in net losses to SAR 44.19 million as of 31 December 2023, compared to SAR 7.23 million.
Revenues shrank by 5.38% to SAR 9.60 million last year from SAR 10.15 million in 2022, while the loss per share retreated to SAR 0.03 from SAR 0.05.
In the first nine months (9M) of 2023, Shams turned profitable at SAR 5.91 million, against net losses valued at SAR 1.23 million in 9M-22.
