AYYAN Investment net profit surges to SAR 21.6 mln in H1 2020

18/08/2020 Argaam Exclusive

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AYYAN Investment Co. (formerly Al Ahsa Development) reported a net profit after Zakat of SAR 21.6 million for the first half of 2020, compared to SAR 5.4 million in the same period last year.

The increase in net profit was attributed to higher revenue and gross profit, as well as increased profit from affiliates, in addition to gains from a subsidiary acquisition deal at a favorable price, lower Zakat expense and recording unrealized gains on the revaluation of equity instruments.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	116.24	124.75	7.3 %
Gross Income	29.60	32.44	9.6 %
Operating Income	(0.26)	0.94	461.9 %
Net Income	3.40	19.87	484.5 %
Average Shares	53.69	80.79	50.5 %
EPS (Riyals)	0.06	0.25	288.4 %

The company reported a net profit after Zakat of SAR 5 million in Q2 2020, compared to SAR 2.98 million in Q2 2019 on higher sales, lower cost of sales to sales ratio, lower selling expense and achieving unrealized gains on the revaluation of equity instruments.

On a quarterly basis, Ayyan’s net profit fell 69.6%, compared to the previous quarter, due to lower sales in addition to realizing gains from a subsidiary acquisition deal at a favorable price during Q2.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	58.62	61.42	4.8 %
Gross Income	14.98	16.44	9.7 %
Operating Income	(0.66)	0.77	217.8 %
Net Income	1.98	3.96	100.0 %
Average Shares	53.69	80.79	50.5 %
EPS (Riyals)	0.04	0.05	32.9 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	63.33	61.42	(3.0 %)
Gross Income	16.01	16.44	2.7 %
Operating Income	0.16	0.77	373.6 %
Net Income	15.91	3.96	(75.1 %)
Average Shares	80.79	80.79	-
EPS (Riyals)	0.20	0.05	(75.1 %)

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