Riyadh - Mubasher: Tourism Enterprise Company (Shams) incurred net losses of SAR 6.54 million for the first half (H1) of 2026, an annual leap of 114.89% from SAR 3.04 million.

The company attributed the widening loss to realized losses from the sale of its financial asset portfolio, a decline in Murabaha deposit returns, and higher Zakat provisions.

Revenue for the half-year period fell by 17.027% to SAR 4.05 million, versus SAR 4.88 million a year earlier, as occupancy rates and events at the Palm Beach Resort declined.

For the second quarter (Q2) alone, the company recorded a net loss of SAR 2.01 million, which represented a 46.74% year-on-year (YoY) improvement compared to SAR 3.77 million.

The quarterly performance benefited from an increase in the fair value of financial assets and portfolio distributions.

Sequentially, revenue rose 57.11% from Q1-26, supported by the impact of Ramadan and the holiday season on resort activities.

As of 30 June 2026, accumulated losses reached SAR 86.73 million, representing 15% of the company's capital. Total shareholders' equity stood at SAR 478.71 million.