AYYAN Investment net profit down 55% to SAR 14.3 mln in 9M 2021

04/11/2021 Argaam Exclusive

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AYYAN Investment Co. reported a net profit after Zakat and tax of SAR 14.3 million for the first nine months of 2021, a 55% decline compared to a net profit of SAR 13.4 million in the same period last year.

The company attributed the decrease in net profit to higher general and administrative expenses, higher financing cost. In addition there was no recognition of bargain purchase during the current quarter.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	190.70	208.77	9.5 %
Gross Income	51.42	58.06	12.9 %
Operating Income	3.04	1.17	(61.7 %)
Net Income	29.06	11.72	(59.7 %)
Average Shares	80.79	82.68	2.3 %
EPS (Riyals)	0.36	0.14	(60.6 %)

The company reported a net profit of SAR 4.6 million for Q3 2021, a 57% year-on-year (YoY) decrease.

On a sequential basis, net profit grew over two folds from SAR 1.2 million in Q2 2021 on lower general and administrative expenses, higher dividend revenue received, and realizing a profit from affiliate.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	65.95	65.80	(0.2 %)
Gross Income	18.98	16.61	(12.5 %)
Operating Income	2.11	2.08	(1.3 %)
Net Income	9.19	3.74	(59.4 %)
Average Shares	80.79	82.68	2.3 %
EPS (Riyals)	0.11	0.05	(60.3 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	70.43	65.80	(6.6 %)
Gross Income	20.00	16.61	(17.0 %)
Operating Income	(2.79)	2.08	174.7 %
Net Income	0.62	3.74	506.1 %
Average Shares	82.68	82.68	-
EPS (Riyals)	0.01	0.05	506.1 %

Shareholders’ equity, after minority interest, dropped to SAR 762.521 million as of Sept. 30, 2021, from SAR 763.663 million a year earlier.

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