Financial Results : AYYAN Investment’s net profit slumps 54% to SAR 7.4 mln in Q1 2021

AYYAN Investment’s net profit slumps 54% to SAR 7.4 mln in Q1 2021

20/05/2021 Argaam Exclusive

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AYYAN Investment Co.’s net profit declined 54% to SAR 7.4 million in Q1 2021, from SAR 15.9 million in Q1 2020.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 63.33 72.53 14.5 %
Gross Income 16.01 21.45 34.0 %
Operating Income 0.16 1.87 1045.3 %
Net Income 15.91 7.37 (53.7 %)
Average Shares 80.79 82.68 2.3 %
EPS (Riyals) 0.20 0.09 (54.8 %)

The decrease was attributed to the firm’s failure to achieve a profit through bargain purchase price from acquisition, along with increase in Zakat, general and administrative expenses.

 

However, sales increased year-on-year (YoY) in Q1 2021. Also, unrealized and realized profits were recognized from investments at fair value through profit or loss in the three-month period.

The company swung to net profit in Q1 2021, compared to a loss of SAR 1.3 million in Q4 2021.

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