AYYAN Investment’s 2021 net profit declines 84% to SAR 4.3 mln; Q4 loss at SAR 7.4 mln

20/03/2022 Argaam Exclusive

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AYYAN Investment Co. reported a net profit of SAR 4.3 million for 2021, a decline of 84% year-on-year (YoY) from SAR 27.3 million.

The earnings drop was driven by higher cost of sales, increased general and administrative expenses (G&As), as well as financing costs, and subdued other income.

The company also cited not recognizing the profit from the disposal of discontinued operations.

Financials (M)

Item	2020	2021	Change‬
Revenues	255.32	269.56	5.6 %
Gross Income	67.87	64.55	(4.9 %)
Operating Income	1.73	(10.12)	(685.4 %)
Net Income	27.29	4.29	(84.3 %)
Average Shares	80.79	82.68	2.3 %
EPS (Riyals)	0.34	0.05	(84.6 %)

AYYAN widened Q4 2021 net loss to SAR 7.4 million, from SAR 1.76 million in Q4 2020.

Sequentially, the company swung to losses in Q4 2021, versus SAR 3.74 million profit in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	64.62	60.80	(5.9 %)
Gross Income	16.45	6.50	(60.5 %)
Operating Income	(1.32)	(11.29)	(758.5 %)
Net Income	(1.76)	(7.42)	(321.2 %)
Average Shares	80.79	82.68	2.3 %
EPS (Riyals)	(0.02)	(0.09)	(311.5 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	65.80	60.80	(7.6 %)
Gross Income	16.61	6.50	(60.9 %)
Operating Income	2.08	(11.29)	(642.6 %)
Net Income	3.74	(7.42)	(298.8 %)
Average Shares	82.68	82.68	-
EPS (Riyals)	0.05	(0.09)	(298.8 %)

Total shareholders’ equity, excluding minority interest, increased 7.7% YoY to SAR 808.659 million for 2021.

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