AYYAN incurs SAR 104M loss in H1 2024, SAR 48.3M in Q2

30/07/2024 Argaam Exclusive

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AYYAN Investment Co. deepened its net loss in H1 2024 to SAR 104 million, from SAR 87.9 million in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	145.68	206.02	41.4 %
Gross Income	(14.32)	(23.12)	(61.5 %)
Operating Income	(77.37)	(82.52)	(6.6 %)
Net Income	(87.94)	(103.96)	(18.2 %)
Average Shares	88.35	88.35	-
EPS (Riyals)	(1.00)	(1.18)	(18.2 %)

The losses were attributed to higher cost of revenues and financing charges, as well as an increase in selling, marketing, and Zakat expenses. This was in addition to not receiving dividends during the current period.

However, revenues increased during the six-month period compared with a year earlier on higher revenues of the subsidiary, Al Salam Medical Services Co. in light of the increase in the number of patients.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	76.49	3.86	(95.0 %)
Gross Income	(2.42)	0.44	118.1 %
Operating Income	(37.16)	(1.90)	94.9 %
Net Income	(41.29)	(48.30)	(17.0 %)
Average Shares	88.35	88.35	-
EPS (Riyals)	(0.47)	(0.55)	(17.0 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	99.83	3.86	(96.1 %)
Gross Income	(13.64)	0.44	103.2 %
Operating Income	(44.20)	(1.90)	95.7 %
Net Income	(55.65)	(48.30)	13.2 %
Average Shares	88.35	88.35	-
EPS (Riyals)	(0.63)	(0.55)	13.2 %

The company also widened Q2 2024 net losses to SAR 48.3 million from SAR 41.2 million in Q2 2023, mainly due to higher cost of revenues and financing charges.

Sequentially, Q2 losses shrank 13.2% from SAR 55.65 million in Q1 2024.

Total shareholders' equity, excluding minority interest, slipped to SAR 394.37 million as of June 30, 2024, compared with SAR 647.79 million in the corresponding period a year ago.

Accumulated losses amounted to SAR 361.98 million, or 44.89% of capital, by the end of the six-month period.

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