AYYAN net profit down 60% to SAR 8 mln in H1 2021

12/08/2021 Argaam Exclusive

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AYYAN Investment Co. reported a net profit after Zakat and tax of SAR 8 million for the first half of 2021, a drop of 60% from SAR 19.9 million in the year-ago period.

The profit decline was driven by higher cost of revenue, general and administrative expenses and financing costs, in addition to lower dividend income.

Meanwhile, AYYAN realized losses from the share in the results of an associate company compared to realizing profits during the same period of the previous year.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	124.75	142.96	14.6 %
Gross Income	32.44	41.45	27.8 %
Operating Income	0.94	(0.91)	(197.5 %)
Net Income	19.87	7.98	(59.8 %)
Average Shares	80.79	82.68	2.3 %
EPS (Riyals)	0.25	0.10	(60.7 %)

The company reported a net profit of SAR 616,000 million for Q2 2021, an 84.4% decline year-on-year (YoY).

On sequential basis, Q2 net profit fell 91.6% on lower sales and gross profit, higher selling and administrative expenses and financing costs, as well as lower unrealized gains on investments at fair value and lower other revenue.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	61.42	70.43	14.7 %
Gross Income	16.44	20.00	21.7 %
Operating Income	0.77	(2.79)	(459.9 %)
Net Income	3.96	0.62	(84.4 %)
Average Shares	80.79	82.68	2.3 %
EPS (Riyals)	0.05	0.01	(84.8 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	72.53	70.43	(2.9 %)
Gross Income	21.45	20.00	(6.8 %)
Operating Income	1.87	(2.79)	(248.8 %)
Net Income	7.37	0.62	(91.6 %)
Average Shares	82.68	82.68	-
EPS (Riyals)	0.09	0.01	(91.6 %)

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