AYYAN incurs SAR 87.9 mln loss in H1 2023, SAR 41.3 mln in Q2

13/08/2023 Argaam Exclusive

View other reports

AYYAN Investment Co. swung to a net loss of SAR 87.9 million in H1 2023, from a net profit of SAR 1.7 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	141.46	145.68	3.0 %
Gross Income	32.08	(14.32)	(144.6 %)
Operating Income	(6.98)	(77.37)	(1,007.8 %)
Net Income	1.69	(87.94)	(5312.7 %)
Average Shares	88.35	88.35	-
EPS (Riyals)	0.02	(1.00)	(5312.7 %)

The company was hurt by the year-on-year (YoY) increase in financing costs (FCs), the cost of sales to total sales, general and administrative expenses, as well as selling and marketing expenses.

This was coupled with the YoY decrease in the share of profits from associates and the non-realization of realized and unrealized profits from investments at fair value through profit or loss (FVPL).

The company widened Q2 2023 net losses to SAR 41.29 million from SAR 11.73 million in Q2 2022, mainly due to the aforementioned reasons.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	65.86	76.49	16.1 %
Gross Income	12.96	(2.42)	(118.7 %)
Operating Income	(8.55)	(37.16)	(334.8 %)
Net Income	(11.73)	(41.29)	(252.1 %)
Average Shares	88.35	88.35	-
EPS (Riyals)	(0.13)	(0.47)	(252.1 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	69.19	76.49	10.6 %
Gross Income	(11.90)	(2.42)	79.7 %
Operating Income	(40.22)	(37.16)	7.6 %
Net Income	(46.65)	(41.29)	11.5 %
Average Shares	88.35	88.35	-
EPS (Riyals)	(0.53)	(0.47)	11.5 %

Sequentially, Q2 losses shrank from SAR 46.65 million on revenue growth, increased other revenues, the realization of higher dividends, as well as lower FCs and selling and marketing expenses on a quarterly basis.

Total shareholders' equity, excluding minority interest, slipped to SAR 647.79 million as of June 30, 2023, versus SAR 810.34 million in the corresponding period a year ago.

Accumulated losses amounted to SAR 130.91 million, or 16.2% of capital, by the end of the six-month period.

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×