Thimar widens losses to SAR 11.3M in 9M 2024; Q3 at SAR 4.3M

29/10/2024 Argaam Exclusive

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Thimar Development Holding Co. deepened net losses SAR 11.3 million for the first nine months of 2024, from SAR 2.5 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Operating Income	(4.05)	(14.40)	(255.3 %)
Net Income	(2.50)	(11.28)	(351.4 %)
Average Shares	3.87	6.50	68.1 %
EPS (Riyals)	(0.65)	(1.74)	(168.6 %)

The higher losses were attributed to an increase in general and administrative expenses (G&A), and the expenses stemming from adjusting cash flows for financial obligations.

On the other hand, Thimar recorded SAR 72,000 income from unrealized gains from investments at fair value through profit or loss.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Operating Income	(1.37)	(4.67)	(240.7 %)
Net Income	(0.77)	(4.33)	(459.6 %)
Average Shares	3.87	6.50	68.1 %
EPS (Riyals)	(0.20)	(0.67)	(233.0 %)

Item	Q2 2024	Q3 2024	Change‬
Operating Income	(5.13)	(4.67)	9.0 %
Net Income	(4.64)	(4.33)	6.7 %
Average Shares	6.50	6.50	-
EPS (Riyals)	(0.71)	(0.67)	6.7 %

Similarly, the company slid into a deeper loss of SAR 4.3 million in the third quarter of 2024, compared to SAR 770,000 in Q3 2023 on increased G&A along with a decline in other income.

Accumulated losses reached SAR 86.16 million as of Sept. 30, 2024, representing 132.57% of the company’s capital.

Net losses narrowed by 6.7% from SAR 4.64 million in Q2 2024 as G&A declined.

Total shareholders’ equity, no minority interest, stood at SAR 19.85 million as of Sept. 30, 2024, up from -SAR 103 million a year earlier.

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