Thimar turns profit of SAR 906,000 in 9M 2022; cuts Q3 loss to SAR 1.10 mln

28/02/2023 Argaam Exclusive

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Thimar Development Holding Co. swung to a net profit of SAR 906,000 in the first nine months of 2022, against a net loss of SAR 3.7 million in the prior-year period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	0.43	-	-
Gross Income	0.04	-	-
Operating Income	(4.44)	(3.74)	15.8 %
Net Income	(3.73)	0.08	102.0 %
Average Shares	3.87	3.87	-
EPS (Riyals)	(0.97)	0.02	102.0 %

The positive results were spurred by a drop of SAR 2 million in general and administrative expenses (G&A) during the current period. Other income increased by SAR 3 million in the first nine months of 2022.

In Q3 2022, the company trimmed net losses to SAR 1.10 million, from SAR 1.28 million, as G&A decreased by SAR 360,000.

Compared to the previous quarter, net losses more than doubled from SAR 540,000 on the back of an increase of SAR 560,000 in G&A.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Operating Income	(1.48)	(1.32)	10.9 %
Net Income	(1.28)	(1.32)	(2.9 %)
Average Shares	3.87	3.87	-
EPS (Riyals)	(0.33)	(0.34)	(2.9 %)

Item	Q2 2022	Q3 2022	Change‬
Operating Income	(1.16)	(1.32)	(13.4 %)
Net Income	(1.16)	(1.32)	(13.4 %)
Average Shares	3.87	3.87	-
EPS (Riyals)	(0.30)	(0.34)	(13.4 %)

Shareholders’ equity, no minority interest, was negative SAR 93.53 million as of Sept. 30, 2022, compared to SAR 32.65 million a year earlier.

Accumulated losses stood at SAR 228.04 million by the end of the nine-month period, representing 228.04% of capital.

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