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Tourism Enterprise Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 9,606,648 | 10,152,564 | -5.38 | ||
| Gross Profit (Loss) | -4,165,255 | -421,290 | 888.69 | ||
| Operational Profit (Loss) | -59,017,241 | -9,328,392 | 532.66 | ||
| Net profit (Loss) | -44,196,274 | -7,232,908 | 511.04 | ||
| Total Comprehensive Income | -44,310,053 | -7,069,057 | 526.82 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 506,499,796 | 550,809,849 | -8.04 | ||
| Profit (Loss) per Share | -0.03 | -0.05 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | 74,649,555 | 12.9 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The reason for the decrease in sales/revenues during this year compared to the previous year is due to the decrease in daily accommodation revenues, despite the increase in annual fees and rental revenues. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for the increase in losses during this year compared to the previous year is due to: First: Calculating the allowance for the decline in the value of fixed book assets in the amount of 38.8 million riyals, and it is expected that this will reflect positively on the company’s results in the future by reducing operating expenses, especially the depreciation item. Note that the announced losses are book losses and there is no decrease in the company’s available cash. Second: Increase the zakat allocation for the same year. Note that non-operating revenues increased to 29 million riyals compared to 597,222 riyals. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | . Nothing |
| Reclassification of Comparison Items | The comparative figures for the previous year have been reclassified to be consistent with the classification of the current year’s figures |
| Additional Information | - |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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