Thimar widens losses to SAR 6.5M in 2023; Q4 at SAR 4M

07/03/2024 Argaam Exclusive

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Thimar Development Holding Co. reported a net loss of SAR 6.5 million for 2023, from SAR 2.95 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Operating Income	(6.77)	(17.14)	(153.2 %)
Net Income	(2.96)	(6.53)	(120.9 %)
Average Shares	3.87	6.50	68.1 %
EPS (Riyals)	(0.76)	(1.00)	(31.5 %)

The increase in losses is attributed to higher general and administrative expenses by SAR 9 million, reporting impairment losses in the value of property and machinery amounting to SAR 1 million and lower other income by SAR 0.5 million.

This came despite the effect of adjusting the cash flows of financial obligations of SAR 7 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Operating Income	(3.03)	(13.09)	(331.7 %)
Net Income	(3.03)	(4.03)	(33.0 %)
Average Shares	3.87	6.50	68.1 %
EPS (Riyals)	(0.78)	(0.62)	20.9 %

Item	Q3 2023	Q4 2023	Change‬
Operating Income	(1.37)	(13.09)	(855.3 %)
Net Income	(0.77)	(4.03)	(420.7 %)
Average Shares	3.87	6.50	68.1 %
EPS (Riyals)	(0.20)	(0.62)	(209.8 %)

The company expanded its losses to SAR 4 million in Q4 2023, from SAR 3 million in Q4 2022.

Sequentially, Thimar incurred broader loss from SAR 770,000 in Q3 2023.

Shareholders’ equity, excluding minority interest, stood at SAR 31.13 million as of Dec. 31, 2023, from SAR 100.50 million a year earlier.

Accumulated losses reached SAR 259.86 million at the end of 2023, representing 103.95% of capital.

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