Riyadh – Mubasher: Tourism Enterprise Company recorded net losses of SAR 2.69 million in the first quarter (Q1) of 2020, versus a net profit of SAR 1.21 million in the corresponding quarter of 2019.
The company attributed the negative results to lower revenues, due to the coronavirus disease (COVID-19) outbreak and the consequential precautionary and preventive measures, despite a noticeable cut in marketing and administrative expenses.
Moreover, a zakat settlement also positively reflected on the financials of Q1-19, according to the company’s statement to the Saudi Stock Exchange (Tadawul).
Revenues decreased by 28.2% to SAR 1.73 million, down from SAR 2.41 million in the same period of the prior year.
On a quarterly basis, losses decreased by 50.28%, compared with SAR 5.41 million in Q4-19.
Meanwhile, the company's accumulated losses amounted to SAR 29.4 million by the end of Q1-20, amounting to 28.81% of the company's capital that stands at a total of SAR 101.5 million.
