Thimar narrows 2022 net loss to SAR 4.7 mln, Q4 loss at SAR 5.6 mln

28/03/2023 Argaam Exclusive

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Thimar Development Holding Co. trimmed 2022 net loss to SAR 4.7 million, compared to SAR 162.5 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	0.43	-	-
Gross Income	0.02	-	-
Operating Income	(48.35)	(6.77)	86.0 %
Net Income	(162.45)	(2.96)	98.2 %
Average Shares	3.87	3.87	-
EPS (Riyals)	(42.00)	(0.76)	98.2 %

This was driven by a SAR 71 million slump in general and administrative expenses, a drop of SAR 22 million in credit loss provisions, in addition to an increase of SAR 2 million in other revenue.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Gross Income	(0.02)	-	-
Operating Income	(43.91)	(3.03)	93.1 %
Net Income	(158.72)	(3.03)	98.1 %
Average Shares	3.87	3.87	-
EPS (Riyals)	(41.04)	(0.78)	98.1 %

Item	Q3 2022	Q4 2022	Change‬
Operating Income	(1.32)	(3.03)	(130.5 %)
Net Income	(1.32)	(3.03)	(130.5 %)
Average Shares	3.87	3.87	-
EPS (Riyals)	(0.34)	(0.78)	(130.5 %)

Q4 net loss shrank to SAR 5.6 million from SAR 158.72 million in the prior-year period.

On a sequential basis, net losses widened from SAR 1.10 million in Q3 2022.

Shareholders’ equity, no minority interest, stood at (SAR 99.14 million) by Dec. 31, 2022, compared to (SAR 126.21 million) in the year-earlier period.

Accumulated losses reached SAR 233.65 million by Dec. 31, 2022, representing -233.65% of capital. Accumulated losses accounted for more than 100% of capital in 2021 and represented more than 50% of capital in 2020 and 2019.

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