Financial Results : Thimar turns to SAR 2 mln profit in H1 2022; Q2 losses at SAR 541,000

Thimar turns to SAR 2 mln profit in H1 2022; Q2 losses at SAR 541,000

21/02/2023 Argaam Exclusive

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Thimar Development Holding Co. swung to a net profit of SAR 2 million in the first half of 2022, against a net loss of SAR 2.5 million in the prior-year period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 0.43 - -
Gross Income 0.04 - -
Operating Income (2.97) (2.42) 18.3 %
Net Income (2.46) 1.39 156.7 %
Average Shares 3.87 3.87 -
EPS (Riyals) (0.63) 0.36 156.7 %

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

 

Thimar narrowed its losses to SAR 541,000 in Q2 2022, from SAR 1.1 million in Q2 2021.

 

Sequentially, the company turned to a net loss in Q2 2022, from a profit of SAR 2.5 million in Q1 2022.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Operating Income (1.41) (1.16) 17.6 %
Net Income (1.13) (1.16) (2.7 %)
Average Shares 3.87 3.87 -
EPS (Riyals) (0.29) (0.30) (2.7 %)

Shareholders’ equity, after minority interest, turned to a negative figure at -SAR 94.4 million as of June 30, 2022, down from SAR 33.9 million a year earlier.

 

Accumulated losses reached SAR 226.9 million by the end of the six-month period, accounting for 226.9% of the company’s capital.

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