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 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	0.43	-	-
Gross Income	0.04	-	-
Operating Income	(1.56)	(1.41)	9.7 %
Net Income	(1.33)	(1.13)	14.8 %
Average Shares	3.87	3.87	-
EPS (Riyals)	(0.34)	(0.29)	14.8 %

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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