Thimar widens losses to SAR 7M in H1 2024; Q2 at SAR 4.6M

06/08/2024 Argaam Exclusive

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Thimar Development Holding Co. reported a net loss of SAR 7 million for H1 2024, compared to SAR 1.7 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Operating Income	(2.67)	(8.61)	(222.7 %)
Net Income	(1.71)	(6.95)	(307.1 %)
Average Shares	3.87	6.50	68.1 %
EPS (Riyals)	(0.44)	(1.07)	(142.2 %)

The company’s losses increased in H1 2024 on higher general and administrative expenses and increased expenses as a result of adjusting cash flows for financial obligations.

The company expanded its losses to SAR 4.6 million in Q2 2024, from SAR 1.38 million in Q2 2024.

Sequentially, Thimar incurred a broader loss from SAR 2.3 million in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Operating Income	(1.49)	(5.13)	(244.5 %)
Net Income	(1.38)	(4.64)	(236.3 %)
Average Shares	3.87	6.50	68.1 %
EPS (Riyals)	(0.36)	(0.71)	(100.1 %)

Item	Q1 2024	Q2 2024	Change‬
Operating Income	(4.04)	(5.13)	(26.8 %)
Net Income	(2.31)	(4.64)	(101.3 %)
Average Shares	6.50	6.50	-
EPS (Riyals)	(0.35)	(0.71)	(101.3 %)

Shareholders’ equity, no minority interest, stood at SAR 24.19 million as of June 30, 2024, from SAR (102.21) million a year earlier.

Accumulated losses reached SAR 81.83 million at the end of H1 2024, representing 125.9% of capital.

Attached Documents:

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