Dhofar Tourism Company SAOG ($DTCS)

You'll do the introduction? Or...

Yes. I'll just have like a statement, a bit of a lengthy one, and then we'll take the questions. And I don't know if the...

Let me start with the financial and then you do the statement.

Okay. Okay, great.

Yes. So I'll cover the financial part, the financial statements, then I'll hand it over to the CEO.

Okay.

Okay. Ms. Najla, we can start.

Mr. Ansari?

Yes. [Foreign Language], all of you. We are very pleased to be able to present the summary of all the financial statements and after AGM approval of the shareholders' accounts. So today, our presentation is in two parts. The first part, I will present. I'm Khaled Ansari. I'm Chairman of the Audit Committee. I'll talk about the audited financial statement and the financial numbers. And then I'll hand it over to the CEO of the company, Madam Najla. She will talk about the future developments and other projects the company is handling. So to start off, if you look at the balance sheet of Dhofar Tourism Company as at December 31, 2025, our total assets, our investments in property was OMR 56 million. Now that comprises of two sections. One is the investments in the hotel and plant and equipment. And then there is another component of investment property, which is all the land, et cetera, the company has which is earmarked for future development. So the balance sheet shows a total asset of OMR 56 million. Our equity, the shareholders' equity as at December 31, 2025 is OMR 45 million. And if you look at the other balance sheet critical numbers, we have a borrowing of OMR 4 million. So on an overall basis, if you look at the company, it has an asset of OMR 56 million. It's got a net equity of OMR 45 million, and it's got a borrowing of OMR 4 million. And our debt-to-equity ratio is very, very healthy, equity of OMR 45 million, borrowing of OMR 4 million. So that shows a very healthy balance sheet. And as a result, if you look at our net asset per share, it is OMR 3.230 per share. So that's our balance sheet as of 2025. Now if I go to the performance of the financial statements of the company. It is interesting to note that there has been a significant growth in the business in terms of revenue. As you all know, that the company currently has a large, huge piece of land which is under ITC. So that project, we will talk about as to the plans. CEO will talk about it. So the unutilized asset is very significant. At the moment, we only have one hotel, which is called the Wyndham Mirbat, which is generating income. So if you look at the history, one of the biggest challenge the Board had was to turn around the hotel from a gross loss situation into a profit situation. So in 2022, the total revenue from the hotel was OMR 600,000. It grew to OMR 1 million in '23. Then in '24, it became OMR 1.6 million. And in 2025, it reached OMR 1.8 million. So that's a very significant turnaround story. But even more important is that in 2022, the hotel was losing OMR 462,000 on a gross basis. So the gross loss was OMR 462,000. Last year, we had a turnaround and we had a gross profit of OMR 367,000. So that's one of the biggest turnaround challenge. And successfully, the Board and the management has been able to achieve that. However, this is just the first step to turnaround, to change the structure, to change the base. And that was achieved through multiple actions: by putting a proper governance structure, by putting a proper control, having the right sort of people in the management and focusing quite a lot on the market itself. Traditionally, we just relied on charter business. People came during the charter season, and that's all. For the last 2 years, the company has attracted a big amount of business during the Khareef season, which we never achieved before. And [Foreign Language], this is the first step. It will get even better. So with that background, if I look at the 2025 financials, we had a turnover of OMR 1.8 million. We made a gross profit of OMR 367,000. And the loss for the year before income tax was OMR 947,000. But if you add back the depreciation, then the cash loss is OMR 386,000. A year before, in 2024, our cash loss was OMR 633,000. So there also, we have made a big reduction. And all these indicates that the worst is over and the company has turned around. And hopefully, going forward, '26 onwards, it should be better, other than unplanned event which is happening around the region, which is affecting tourism, et cetera. We just hope that all the regional tension and the war finishes so that tourism again comes back to what it was. So this is the overall financial numbers. If there are any specific questions on the financials, I'm quite happy to answer. Otherwise, I will hand it over to the CEO to talk about other matters. So I will hand it over to Najla. Please, you take it on then and talk on the other matters.

Thank you very much, Ansari. Thank you. Okay. Good afternoon to all, and thank you for being here for this session. As the company's financial statement disclosure have already been published, so I'm not going to go into any details that could be available for everyone online. And after the statement of Mr. Khaled Ansari, I will try not to get into any financial-related points. I would like to say that over the past year, the management continued to implement disciplined execution and a clear framework. We are focusing in strengthening the recurring operating performance and maintaining the cost discipline across the organization and applying regulatory on financial in general. We are operating with a lean organization structure and we are maintaining a direct hands-on execution model. I would like also to say that during the year, the company continued to advance with financing partners regarding restructuring the pathway for supporting our development and our big upcoming ITC project, MADANA-Mirbat. The master plan of MADANA-Mirbat has been structured around an active living framework that responds directly to Mirbat's natural landscape, coastline, climate patterns and mainly on history and culture rather than relying on single visitor profile or only touristic-related seasons. The company also continues investing in the destination and creating markets in Mirbat and leading demand to bring more attraction to Mirbat and create a balanced ecosystem around this project, MADANA. Over the past 2 years, the company moved beyond maintaining seasonal demand patterns towards activities expanding them. One example is the extension of visitors' activity during Khareef. Before 2024, Khareef was not a season in Mirbat. And we successfully activated Khareef season in Mirbat in 2024 and 2025 through different activities and a lot of effort in collaboration with strategic partners in Oman and outside Oman. I would like to share also an institutional development that reflects the broader direction of the company, which is myself joining the Advisory Board of the UNESCO Chair for World Heritage and Sustainable Tourism Management in Arab Region, alongside of receiving a couple of recognitions from the UNESCO and from Qatar Museums. And this is a result of an extensive communication and awareness that we are trying to build about Mirbat City and anchoring our project in the history and culture. And that's something that we take pride on because our project is actually anchored and based on our Omani identity. Of course, as is typical for tourism sector globally, whatever that is taking place right now in the region is affecting everyone, and Dhofar Tourism is one of those people being affected. But we are working in parallel and we are moving forward with our ITC project, MADANA-Mirbat. And we are aligned and in continuous communication with the core stakeholder in this project and with all the official entities that are helping us to bring this project to be launched soon. Thank you. Please, if anyone has any questions, we are happy to take the questions. Do we have any questions?

If there is no questions, then we thank all of the people who have joined us, and we look forward to your support.

Okay. Thank you, everyone, for being here. I think Ali will then conclude this session. Mr. Ansari?

Thank you.

Thank you very much.

And this will be uploaded into the system and available for everybody. Yes.

Yes, of course.

Okay. Thank you. Have a good day.

Bye.