AYYAN Investment Co. reported a net loss of SAR 46.6 million in Q1 2023, against a net profit of SAR 13.4 million in the year-earlier period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 75.60 | 69.19 | (8.5 %) |
| Gross Income | 19.13 | (11.90) | (162.2 %) |
| Operating Income | 1.56 | (40.22) | (2672.9 %) |
| Net Income | 13.42 | (46.65) | (447.7 %) |
| Average Shares | 80.64 | 80.64 | - |
| EPS (Riyals) | 0.17 | (0.58) | (447.7 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 56.64 | 69.19 | 22.2 % |
| Gross Income | (29.09) | (11.90) | 59.1 % |
| Operating Income | (30.30) | (40.22) | (32.7 %) |
| Net Income | (29.71) | (46.65) | (57.0 %) |
| Average Shares | 80.64 | 80.64 | - |
| EPS (Riyals) | (0.37) | (0.58) | (57.0 %) |
This was due to lower revenue and higher cost of revenue, along with an increase in general and administrative expenses.
The company also cited higher finance costs, a decrease in dividends and a fall in the share of associates' earnings.
Meanwhile, the company widened its Q1 2023 loss from SAR 29.71 million in Q4 2022, due to higher general, administrative, and selling expenses, as well as an increase in financing costs.
Total shareholders’ equity, excluding minority interest, stood at SAR 689.09 million at the end of Q1 2023, compared to SAR 822.07 million in the prior-year period.
Accumulated loss reached SAR 89.62 million, or 11.11% of capital, as of March 31, 2023.
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