AYYAN widens 2023 loss to SAR 216.3M; Q4 at SAR 71.9M

AYYAN Investment Co. reported a net loss of SAR 216.3 million for 2023, up from SAR 44.8 million a year earlier.

This came despite the rise in the 2023 top line, mainly due to higher revenues from Al Salam Hospital (owned by its subsidiary, Al Salam Medical Services Co.) as the hospital was opened in October 2022. This is besides strong revenues from Al-Ahsa Hospital (owned by its subsidiary, Al Ahsa Medical Services Co.) during the same year.

However, the company posted a high cost of revenues as a percentage of revenues, besides soaring general and administrative expenses. This is in addition to increased selling and marketing expenses and financing costs, alongside lower dividends.

AYYAN also reported a decline in share of income from an associate company.

In Q4 2023, net losses widened to SAR 71.9 million, from SAR 29.7 million in the prior-year period.

The fourth-quarter losses increased by 27.4% from SAR 56.4 million in the previous quarter.

Total shareholders’ equity, after minority interest, decreased to SAR 500 million as of Dec. 31, 2023, from SAR 735.73 million a year earlier.

Accumulated losses reached SAR 258.02 million at the end of the current period, representing 32% of the company's capital.

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