Financial Results : Thimar turns to SAR 2.6 mln profit in Q1 2022

Thimar turns to SAR 2.6 mln profit in Q1 2022

15/02/2023 Argaam Exclusive

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Thimar Development Holding Co. swung to a net profit of SAR 2.6 million in the first quarter of 2022, against a net loss of SAR 1.3 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 0.43 - -
Gross Income 0.04 - -
Operating Income (1.56) (1.26) 18.9 %
Net Income (1.33) 2.55 292.4 %
Average Shares 3.87 3.87 -
EPS (Riyals) (0.34) 0.66 292.4 %

The positive results were driven by a drop of SAR 1 million in general and administrative expenses (G&A), alongside a rise of SAR 4 million in other income.

 

Compared to the previous quarter, Thimar turned profitable from a net loss of SAR 158.72 million, backed by a drop of SAR 1 million and SAR 73 million in selling and marketing expenses, as well as G&A, respectively.

 

The company allocated provisions for financial claims and lawsuits of SAR 46 million in Q4 2021, compared to null in the current quarter.

 

Other income also grew by SAR 3 million.

 

Shareholders’ equity, after minority interest, stood at -SAR 91.891 million as of March 31, 2022, down from SAR 35.062 million a year earlier.

 

Accumulated losses reached SAR 226.395 million by the end of the three-month period, accounting for 226.4% of the company’s capital.

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