Thimar trims 9M 2021 net loss to SAR 3.7 mln, Q3 at SAR 1.3 mln

16/01/2023 Argaam Exclusive

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Thimar Development Holding Co. narrowed its net losses after Zakat and tax during the first nine months of 2021 by 58.5% to reach SAR 3.8 million, compared with SAR 9 million in the year-earlier period.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	2.37	0.43	(82.1 %)
Gross Income	0.06	0.04	(42.6 %)
Operating Income	(9.54)	(4.44)	53.4 %
Net Income	(9.01)	(3.73)	58.6 %
Average Shares	3.87	3.87	-
EPS (Riyals)	(2.33)	(0.97)	58.6 %

The company attributed the loss reduction to a decrease in general and administrative expenses.

In Q3 2021, Thimar’s net loss declined to SAR 1.3 million from SAR 5.32 million in the prior-year period, due to lower general and administrative expenses.

Compared to Q2 2021, net losses widened from SAR 1.13 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	1.23	-	-
Gross Income	0.01	-	-
Operating Income	(5.56)	(1.48)	73.5 %
Net Income	(5.32)	(1.28)	76.0 %
Average Shares	3.87	3.87	-
EPS (Riyals)	(1.38)	(0.33)	76.0 %

Item	Q2 2021	Q3 2021	Change‬
Operating Income	(1.41)	(1.48)	(4.9 %)
Net Income	(1.13)	(1.28)	(13.2 %)
Average Shares	3.87	3.87	-
EPS (Riyals)	(0.29)	(0.33)	(13.2 %)

Shareholders’ equity, with no minority interest, stood at SAR 32.654 million as of Sept. 30, 2021, from SAR 39.059 million a year earlier.

Accumulated losses came in at SAR 70.2 million, or 70.23% of the company’s capital, by the end of the nine-month period.

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