Tourism Enterprise Co. — Earnings Release 2020

Mar 31, 2021

Tourism Enterprise Co. announces its Annual Financial Results for the Period Ending on 2020-12-31

4170 · 31/03/2021 08:49:31 · Announcement #62530 · View on Saudi Exchange

Tourism Enterprise Co. announces its Annual Financial Results for the Period Ending on 2020-12-31

Element List	Current Year	Previous Year	%Change
Sales/Revenue	16,056,275	12,688,593	26.541
Gross Profit (Loss)	5,433,770	1,368,503	297.059
Operational Profit (Loss)	-7,454,559	-8,863,720	-15.898
Net Profit (Loss) after Zakat and Tax	-8,195,380	-4,185,441	95.806
Total Comprehensive Income	-8,250,067	-4,294,609	92.102
Total Share Holders Equity (after Deducting Minority Equity)	69,642,751	77,892,818	-10.591
Profit (Loss) per Share	-0.81	-0.41
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Explanation
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 the net loss is due to the inclusion of general and administrative expenses for the period on allocations for debit balances in addition to the calculation of allocations for facing cases based on a primary judgment and they have not been finally decided and are still being considered before the judiciary, but the allocations were calculated based on the principle of prudence and caution and on the basis of Weighting legal advisor to the company
Statement of the type of external auditor's report	Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	nothing
Reclassification of Comparison Items	Certain items and figures have been reclassified and amended to conform with the comparison for the current period in line with the implementation of IFRS.
Additional Information	Although the company's revenues were affected in the first and second quarters of the year ending in December 2020 due to the Corona pandemic and the precautionary measures that followed that affected the occupancy of the Palm Beach Resort, the main source of the company’s revenue, this effect on operating in the last half of the year was compensated for. The year after easing the precautionary measures by reducing costs and paying attention to promotional offers that have positively affected the resort's revenues significantly

The accumulated losses at the end of the year 2020 amounted to an amount of 34,770,370 SR, representing 34.26% of the company's capital, while the accumulated losses at the end of the year 2019 amounted to 26,520,303 SR, representing 26.13% of the company's capital.

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