Tourism Enterprise Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

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1443/04/04 Tue Nov 9, 2021 15:49:02

Tourism Enterprise Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

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Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	4,238,069	6,389,503	-33.671	4,773,176	-11.21
Gross Profit (Loss)	606,416	3,233,520	-81.245	1,509,403	-59.824
Operational Profit (Loss)	113,936	-1,223,981	-	-12,397,163	-
Net Profit (Loss) after Zakat and Tax	93,670	-1,522,073	-	-13,193,919	-
Total Comprehensive Income	79,999	-1,549,365	-	-13,207,591	-
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	12,217,080	10,256,929	19.11
Gross Profit (Loss)	2,615,576	1,929,817	35.534
Operational Profit (Loss)	-13,074,668	-5,624,026	132.478
Net Profit (Loss) after Zakat and Tax	-14,041,690	-6,189,270	126.871
Total Comprehensive Income	-14,082,705	-6,271,146	124.563
Total Share Holders Equity (after Deducting Minority Equity)	55,560,046	71,621,672	-22.425
Profit (Loss) per Share	-1.39	-0.61
All figures are in (Actual) Saudi Arabia, Riyals

Accumulated Losses	Capital	Percentage %
-48,853,075	101,500,000	-48.13
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The reason for achieving the net profit for the current quarter is due to the decrease in general and administrative expenses and the reduction in claims and zakat expenses, in addition to the inclusion of the same quarter of the previous year on provisions for debit balances.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	The reason for achieving a net profit during the current quarter compared to the net losses of the previous quarter is due to the decrease in general and administrative expenses and the inclusion of the previous quarter on legal provisions and provisions for debit balances.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	The increase in losses for the period is due to the formation of legal provisions and provisions for debit balances in the second quarter of the current period, which led to an increase in the net loss despite the increase in the revenues of the current period over the same period of the previous year.
Statement of the type of external auditor's report	Emphasis of matter
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	Without this being a reservation on our conclusion, we draw attention to Note No. (3) about the interim condensed financial statements, which indicates the presence of indicators related to the principle of continuity, where the total accumulated losses amounted to 48,853,075 Saudi riyals, which represents 48% of the company's capital as on September 30, 2021 This indicates the possibility of a material uncertainty regarding the company's ability to continue as a going concern. Accordingly, as corrective measures, the company's board of directors, in its meeting held on Muharram 16, 1443 AH, corresponding to August 24, 2021 AD, recommended to the extraordinary general assembly at its next meeting to reduce the company's capital by 48.21 percent, and then increase the company's capital by offering rights-based shares, due to the requirements of the interest Work and support for its future investment plans.
Reclassification of Comparison Items	Some of the prior year figures have been reclassified to conform to the current year presentation

The Capital Market Authority and the Saudi Stock 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.