Financial Results : Thimar cuts H1 2021 net loss to SAR 2.5 mln; Q2 at SAR 1.1 mln

Thimar cuts H1 2021 net loss to SAR 2.5 mln; Q2 at SAR 1.1 mln

16/01/2023 Argaam Exclusive

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Thimar Development Holding Co. narrowed net losses by 33.4% to SAR 2.5 million in the first half of 2021, from SAR 3.7 million a year earlier.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 1.15 0.43 (62.9 %)
Gross Income 0.05 0.04 (25.5 %)
Operating Income (3.98) (2.97) 25.5 %
Net Income (3.68) (2.46) 33.4 %
Average Shares 3.87 3.87 -
EPS (Riyals) (0.95) (0.63) 33.4 %

Losses decreased as the company reported a decline in general and administrative (G&A) expenses, as well as better other income during the period.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 0.37 - -
Gross Income 0.00 - -
Operating Income (1.90) (1.41) 26.1 %
Net Income (1.74) (1.13) 35.3 %
Average Shares 3.87 3.87 -
EPS (Riyals) (0.45) (0.29) 35.3 %

In Q2 2021, net losses narrowed by 35.3% to SAR 1.1 million, from SAR 1.75 million in H1 2020, thanks to lower G&A and higher other income.

 

Sequentially, Thimar’s losses decreased by 14.8% from SAR 1.3 million.

 

Shareholders’ equity, after minority interest, stood at SAR 33.932 million as of June 30, 2021, down from SAR 44.382 million in the prior-year period.

 

The company said the accumulated losses as of June 30, 2021, amounted to SAR 68.951 million, or 68.95% of the capital.

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