AYYAN Investment Co.’s net profit declined 54% to SAR 7.4 million in Q1 2021, from SAR 15.9 million in Q1 2020.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 63.33 | 72.53 | 14.5 % |
| Gross Income | 16.01 | 21.45 | 34.0 % |
| Operating Income | 0.16 | 1.87 | 1047.9 % |
| Net Income | 15.91 | 7.37 | (53.7 %) |
| Average Shares | 73.73 | 75.46 | 2.3 % |
| EPS (Riyals) | 0.22 | 0.10 | (54.8 %) |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 64.62 | 72.53 | 12.2 % |
| Gross Income | 16.45 | 21.45 | 30.4 % |
| Operating Income | (1.32) | 1.87 | 242.3 % |
| Net Income | (1.76) | 7.37 | 517.8 % |
| Average Shares | 73.73 | 75.46 | 2.3 % |
| EPS (Riyals) | (0.02) | 0.10 | 508.3 % |
The decrease was attributed to the firm’s failure to achieve a profit through bargain purchase price from acquisition, along with increase in Zakat, general and administrative expenses.
However, sales increased year-on-year (YoY) in Q1 2021. Also, unrealized and realized profits were recognized from investments at fair value through profit or loss in the three-month period.
The company swung to net profit in Q1 2021, compared to a loss of SAR 1.3 million in Q4 2021.
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