AYYAN Investment’s H1 2022 profit down 79% to SAR 1.7 mln; Q2 loss at SAR 11.7 mln

21/08/2022 Argaam Exclusive

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AYYAN Investment Co. reported a net profit after Zakat and tax of SAR 1.7 million in H1 2022, a decline of 79%, compared to SAR 8 million in the prior-year period.

The decline was attributed to lower revenue, increased cost of revenue, lower gross profit and unrealized gains on investments at fair value, as well as higher Zakat expenses.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	142.96	141.46	(1.1 %)
Gross Income	41.45	32.08	(22.6 %)
Operating Income	(0.91)	(6.98)	(664.2 %)
Net Income	7.98	1.69	(78.9 %)
Average Shares	82.68	88.35	6.9 %
EPS (Riyals)	0.10	0.02	(80.2 %)

The company turned to a net loss of SAR 11.7 million in Q2 2022 from a profit of SAR 620,000 a year earlier.

On a sequential basis, AYYAN also turned to losses from a net profit of SAR 13.4 million in Q1 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	70.43	65.86	(6.5 %)
Gross Income	20.00	12.96	(35.2 %)
Operating Income	(2.79)	(8.55)	(206.8 %)
Net Income	0.62	(11.73)	(2003.4 %)
Average Shares	82.68	88.35	6.9 %
EPS (Riyals)	0.01	(0.13)	(1881.2 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	75.60	65.86	(12.9 %)
Gross Income	19.13	12.96	(32.3 %)
Operating Income	1.56	(8.55)	(646.9 %)
Net Income	13.42	(11.73)	(187.4 %)
Average Shares	88.35	88.35	-
EPS (Riyals)	0.15	(0.13)	(187.4 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 810.346 million by the end of H1 2022, compared to SAR 758.786 million in the year-earlier period.

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