AYYAN turns to SAR 44.8 mln loss in 2022; Q4 at SAR 29.7 mln

30/03/2023 Argaam Exclusive

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AYYAN Investment Co. swung to a net loss of SAR 44.8 million in 2022, against a net profit of SAR 4.3 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	269.56	266.23	(1.2 %)
Gross Income	64.55	16.83	(73.9 %)
Operating Income	(10.12)	(57.14)	(464.4 %)
Net Income	4.29	(44.77)	(1142.5 %)
Average Shares	82.68	88.35	6.9 %
EPS (Riyals)	0.05	(0.51)	(1075.5 %)

The losses were attributed to a decline in revenue and not achieving unrealized gains from investments at fair value through profit or loss. AYYAN also reported an increase in the cost of goods sold (COGS), higher COGS as a percentage of sales and increased finance costs.

The company recorded lower realized gains from investments at fair value through profit or loss, and higher Zakat expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	60.80	56.64	(6.8 %)
Gross Income	6.50	(29.09)	(547.8 %)
Operating Income	(11.29)	(30.30)	(168.4 %)
Net Income	(7.42)	(29.71)	(300.2 %)
Average Shares	82.68	88.35	6.9 %
EPS (Riyals)	(0.09)	(0.34)	(274.5 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	68.13	56.64	(16.9 %)
Gross Income	13.84	(29.09)	(310.2 %)
Operating Income	(19.85)	(30.30)	(52.6 %)
Net Income	(16.75)	(29.71)	(77.4 %)
Average Shares	88.35	88.35	-
EPS (Riyals)	(0.19)	(0.34)	(77.4 %)

In Q4 2022, net losses widened to SAR 29.7 million, from SAR 7.42 million in the prior-year period.

The fourth-quarter losses increased by 77.4% from SAR 16.75 million in the previous quarter.

Total shareholders’ equity, after minority interest, decreased to SAR 735.73 million as of Dec. 31, 2022, from SAR 808.65 million a year earlier.

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