AYYAN narrows net loss to SAR 138.6M in 9M 2024; Q3 at SAR 34.7M

07/11/2024 Argaam Exclusive

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AYYAN Investment Co. logged SAR 138.6 million in net losses for the first nine months of 2024, down from SAR 144.4 million in the same period a year ago.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	15.08	12.28	(18.6 %)
Gross Income	2.90	1.57	(46.1 %)
Operating Income	(3.90)	(5.57)	(42.9 %)
Net Income	(144.37)	(138.64)	4.0 %
Average Shares	86.98	89.72	3.2 %
EPS (Riyals)	(1.66)	(1.55)	6.9 %

The narrower losses came amid the year-on-year (YoY) decline in the cost of revenues, along with lower losses from discontinued operations. This came despite the YoY sales slump on weaker sales volumes.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	4.31	3.25	(24.7 %)
Gross Income	0.12	0.34	191.5 %
Operating Income	(1.89)	(2.21)	(16.7 %)
Net Income	(56.43)	(34.68)	38.5 %
Average Shares	86.98	89.72	3.2 %
EPS (Riyals)	(0.65)	(0.39)	40.4 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	3.86	3.25	(15.8 %)
Gross Income	0.44	0.34	(22.9 %)
Operating Income	(1.90)	(2.21)	(16.5 %)
Net Income	(48.30)	(34.68)	28.2 %
Average Shares	88.35	89.72	1.6 %
EPS (Riyals)	(0.55)	(0.39)	29.3 %

AYYAN also trimmed net losses to SAR 34.7 million in the third quarter of 2024, from SAR 56.4 million in Q3 2023.

On a sequential basis, the company narrowed its losses from SAR 48.3 million in Q2 2024.

Shareholders' equity, after minority interest, dropped to SAR 553.97 million at the end of 9M 2024, compared to SAR 591.36 million in the same period last year.

Accumulated losses reached SAR 396.66 million by the end of September 2024, representing 39.4% of capital

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