Thimar turns to SAR 1.6 mln loss in H1 2023; Q2 at SAR 1.3 mln

13/08/2023 Argaam Exclusive

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Thimar Development Holding Co. reported a net loss of SAR 1.6 million in H1 2023, versus a net profit of SAR 1.4 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Operating Income	(2.42)	(2.67)	(10.1 %)
Net Income	1.39	(1.71)	(222.7 %)
Average Shares	3.87	3.87	-
EPS (Riyals)	0.36	(0.44)	(222.7 %)

Higher general and administrative expenses, as well as a decline in other income weighed on the six-month results.

The company widened Q2 2023 net losses to SAR 1.3 million from SAR 710,000 in Q2 2022 on general and administrative expenses.

The second-quarter net losses increased by 65.9% from SAR 780,000 in Q1 2023 hurt by a rise in general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Operating Income	(1.16)	(1.49)	(28.4 %)
Net Income	(1.16)	(1.38)	(19.1 %)
Average Shares	3.87	3.87	-
EPS (Riyals)	(0.30)	(0.36)	(19.1 %)

Item	Q1 2023	Q2 2023	Change‬
Operating Income	(1.18)	(1.49)	(26.3 %)
Net Income	(0.33)	(1.38)	(323.0 %)
Average Shares	3.87	3.87	-
EPS (Riyals)	(0.08)	(0.36)	(323.0 %)

Shareholders’ equity, after minority interest, amounted to -SAR 98.27million as of June 30, 2023, against -SAR 92.78million a year earlier.

Accumulated losses stood at SAR 232.77 million by the end of H1 2023, accounting for 232.78% of the company’s capital.

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