Thimar widens 2021 loss to SAR 162.5 mln, Q4 at SAR 158.7 mln

16/01/2023 Argaam Exclusive

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Thimar Development Holding Co. slid into a deeper loss of SAR 162.5 million in 2021, compared to SAR 11.7 million in 2020.

The higher losses were attributed to an increase in general and administrative (G&A) expenses by SAR 70 million. Thimar allocated an expected credit loss provision of SAR 22 million.

Financials (M)

Item	2020	2021	Change‬
Revenues	3.67	0.43	(88.4 %)
Gross Income	(3.56)	0.02	100.4 %
Operating Income	(12.33)	(48.35)	(292.3 %)
Net Income	(11.68)	(162.45)	(1,290.9 %)
Average Shares	3.87	3.87	-
EPS (Riyals)	(3.02)	(42.00)	(1,290.9 %)

The company also allocated a provision for account receivable at SAR 4 million for the enforcement court, and a provision for property and machinery impairment of SAR 12.7 million.

In Q4 2021, Thimar’s net loss widened to SAR 158.7 million from SAR 2.67 million in the prior-year period.

Compared to the previous quarter, losses increased from SAR 1.28 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	1.30	-	-
Gross Income	(3.62)	(0.02)	99.4 %
Operating Income	(2.79)	(43.91)	(1,476.0 %)
Net Income	(2.67)	(158.72)	(5,841.6 %)
Average Shares	3.87	3.87	-
EPS (Riyals)	(0.69)	(41.04)	(5,841.6 %)

Item	Q3 2021	Q4 2021	Change‬
Operating Income	(1.48)	(43.91)	(2,874.6 %)
Net Income	(1.28)	(158.72)	(12,313.4 %)
Average Shares	3.87	3.87	-
EPS (Riyals)	(0.33)	(41.04)	(12,313.4 %)

Shareholders’ equity, with no minority interest, stood at SAR 126.219 million as of Dec. 31, 2021, from SAR 36.388 million a year earlier.

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