Thimar swings to loss of SAR 2.5 mln in 9M 2023; Q3 at SAR 774,200

07/11/2023 Argaam Exclusive

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Thimar Development Holding Co. reported a net loss of SAR 2.5 million for the first nine months of 2023, against a profit of SAR 76,300 a year earlier, due to higher general and administrative expenses and lower other income.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Operating Income	(3.74)	(4.05)	(8.5 %)
Net Income	0.08	(2.50)	(3375.1 %)
Average Shares	3.87	3.87	-
EPS (Riyals)	0.02	(0.65)	(3375.1 %)

The company narrowed its losses to SAR 774,200 in Q3 2023, from SAR 1.32 million in Q3 2022 due to an increase in other income.

Sequentially, Thimar cut losses from SAR 1.30 million in Q2 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Operating Income	(1.32)	(1.37)	(4.1 %)
Net Income	(1.32)	(0.77)	41.1 %
Average Shares	3.87	3.87	-
EPS (Riyals)	(0.34)	(0.20)	41.1 %

Item	Q2 2023	Q3 2023	Change‬
Operating Income	(1.49)	(1.37)	8.0 %
Net Income	(1.38)	(0.77)	43.9 %
Average Shares	3.87	3.87	-
EPS (Riyals)	(0.36)	(0.20)	43.9 %

Shareholders’ equity, no minority interest, stood at SAR 99.31 million as of Sept. 30, 2023, from SAR 94.14 million a year earlier.

Accumulated losses reached SAR 233.82 million at the end of the nine-month period, representing 233.82% of capital.

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