AYYAN Investment Co. deepened its net losses to SAR 55.7 million in Q1 2024, against SAR 46.7 million in the year-earlier period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 69.19 | 99.83 | 44.3 % |
| Gross Income | (11.90) | (13.64) | (14.6 %) |
| Operating Income | (40.22) | (44.20) | (9.9 %) |
| Net Income | (46.65) | (55.65) | (19.3 %) |
| Average Shares | 88.35 | 88.35 | - |
| EPS (Riyals) | (0.53) | (0.63) | (19.3 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 93.71 | 99.83 | 6.5 % |
| Gross Income | (5.33) | (13.64) | (155.9 %) |
| Operating Income | (36.53) | (44.20) | (21.0 %) |
| Net Income | (71.88) | (55.65) | 22.6 % |
| Average Shares | 88.35 | 88.35 | - |
| EPS (Riyals) | (0.81) | (0.63) | 22.6 % |
The increased losses were attributed to higher general & administrative (G&A) expenses, selling and marketing expenses and financing costs (FCs) during the three-month period.
Additionally, during the same quarter, the company reported a lower share of an associate’s earnings, coupled with higher cost of revenues.
This was despite higher revenues in Q1 2024.
Sequentially, the company narrowed its losses from SAR 71.88 million in Q4 2023. This came as revenues also increased on a quarterly basis, while G&A expenses and FCs plummeted quarter-on-quarter (QOQ) in Q1 2024.
Total shareholders’ equity, excluding minority interest, tumbled to SAR 442.67 million at the end of Q1 2024, compared to SAR 689.08 million in the prior-year period.
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