Shams posts higher profits in H1-24; revenues down

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Riyadh – Tourism Enterprises Company (Shams) generated a 125.64% year-on-year (YoY) leap in net profit to SAR 6.91 million during the first half (H1) of 2024, compared to SAR 3.06 million.

The revenues totalled SAR 4.20 million in H1-24, an annual decline of 10.15% from SAR 4.68 million, according to the financial results.

Earnings per share (EPS) increased to SAR 0.006 as of 30 June 2024 from SAR 0.003 a year earlier.

Financial Results for Q2-24

In the second quarter (Q2) of 2024, the net profits plummeted by 13.73% YoY to SAR 874,117 from SAR 1.01 million.

Revenues shrank by 3.76% to SAR 2.83 million in the three-month period that ended on 30 June 2024 from SAR 2.94 million in Q2-23.

Quarter-on-quarter (QoQ), the net profits in Q2-24 plunged by 85.53% from SAR 6.04 million in Q1-24, while the revenues hiked by 107% from SAR 1.36 million.

Last May, Shams named Khaled Abdul Aziz Al Bawardi as the Chairman for the next three years.