Financial Results : Thimar widens losses to SAR 6.5M in 2023; Q4 at SAR 4M

Thimar widens losses to SAR 6.5M in 2023; Q4 at SAR 4M

07/03/2024 Argaam Exclusive

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Thimar Development Holding Co. reported a net loss of SAR 6.5 million for 2023, from SAR 2.95 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Operating Income (6.77) (17.14) (153.2 %)
Net Income (2.96) (6.53) (120.9 %)
Average Shares 3.87 6.50 68.1 %
EPS (Riyals) (0.76) (1.00) (31.5 %)

The increase in losses is attributed to higher general and administrative expenses by SAR 9 million, reporting impairment losses in the value of property and machinery amounting to SAR 1 million and lower other income by SAR 0.5 million.

 

This came despite the effect of adjusting the cash flows of financial obligations of SAR 7 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Operating Income (3.03) (13.09) (331.7 %)
Net Income (3.03) (4.03) (33.0 %)
Average Shares 3.87 6.50 68.1 %
EPS (Riyals) (0.78) (0.62) 20.9 %

The company expanded its losses to SAR 4 million in Q4 2023, from SAR 3 million in Q4 2022.

 

Sequentially, Thimar incurred broader loss from SAR 770,000 in Q3 2023.

 

Shareholders’ equity, excluding minority interest, stood at SAR 31.13 million as of Dec. 31, 2023, from SAR 100.50 million a year earlier.

 

Accumulated losses reached SAR 259.86 million at the end of 2023, representing 103.95% of capital.

 

Attached Documents

 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 44.65 85.2 % 8.62 91.9 % 2.94 486.9 %
Q2 2014 33.35 26.0 % 9.18 60.1 % 2.59 151.1 %
Q3 2014 31.21 13.7 % 8.73 57.1 % 1.94 60.4 %
Q4 2014 33.29 (2.8 %) 6.39 (31.9 %) 2.32 (30.8 %)
Q1 2015 27.87 (37.6 %) 9.80 13.7 % 3.52 19.4 %
Q2 2015 37.24 11.6 % 7.44 (18.9 %) 0.92 (64.4 %)
Q3 2015 32.98 5.7 % 7.86 (9.9 %) 1.26 (34.9 %)
Q4 2015 36.55 9.8 % 4.61 (27.8 %) 1.11 (52.1 %)
Q1 2016 37.37 34.1 % 8.46 (13.7 %) 2.09 (40.7 %)
Q2 2016 43.27 16.2 % 12.25 64.6 % 2.18 136.7 %
Q3 2016 33.80 2.5 % 7.77 (1.2 %) 1.16 (7.9 %)
Q4 2016 28.76 (21.3 %) 0.41 (91.2 %) (5.35) (581.7 %)
Q1 2017 35.01 (6.3 %) 9.22 9.0 % 1.49 (28.4 %)
Q2 2017 41.30 (4.5 %) 12.07 (1.5 %) 2.82 29.1 %
Q3 2017 39.21 16.0 % 14.35 84.8 % 3.12 168.2 %
Q4 2017 21.10 (26.6 %) 0.26 (36.9 %) 4.07 176.1 %
Q1 2018 23.55 (32.7 %) 6.76 (26.7 %) 2.29 53.5 %
Q2 2018 17.87 (56.7 %) 5.17 (57.2 %) (0.38) (113.4 %)
Q3 2018 17.25 (56.0 %) 4.91 (65.8 %) 1.69 (46.0 %)
Q4 2018 12.38 (41.3 %) 0.05 (80.2 %) (4.87) (219.6 %)
Q1 2019 22.46 (4.6 %) 2.62 (61.2 %) (0.69) (129.9 %)
Q2 2019 16.02 (10.4 %) 1.89 (63.4 %) (2.67) (606.6 %)
Q3 2019 2.60 (84.9 %) (4.11) (183.7 %) (23.88) (1515.1 %)
Q4 2019 0.81 (93.5 %) 0.05 (7.8 %) (10.24) (110.2 %)
Q1 2020 0.78 (96.5 %) 0.05 (98.1 %) (2.07) (202.3 %)
Q2 2020 0.37 (97.7 %) 0.00 (100.2 %) (1.90) 28.7 %
Q3 2020 1.23 (52.8 %) 0.01 100.3 % (5.56) 76.7 %
Q4 2020 1.30 60.3 % (3.62) (7795.7 %) (2.79) 72.8 %
Q1 2021 0.43 (45.2 %) 0.04 (30.0 %) (1.56) 24.8 %
Q2 2021 - - - - (1.41) 26.1 %
Q3 2021 - - - - (1.48) 73.5 %
Q4 2021 - - (0.02) 99.4 % (43.91) (1,476.0 %)
Q1 2022 - - - - (1.26) 18.9 %
Q2 2022 - - - - (1.16) 17.6 %
Q3 2022 - - - - (1.32) 10.9 %
Q4 2022 - - - - (3.03) 93.1 %
Q1 2023 - - - - (1.18) 6.7 %
Q2 2023 - - - - (1.49) (28.4 %)
Q3 2023 - - - - (1.37) (4.1 %)
Q4 2023 - - - - (13.09) (331.7 %)
2023 - - - - (17.14) (153.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 6.01 134.4 % 1.55 3.25 2.76 0.71
Q2 2014 3.01 8.8 % 0.78 0.61 2.40 0.62
Q3 2014 3.43 12.4 % 0.89 1.75 1.68 0.44
Q4 2014 5.11 (1.9 %) 1.32 2.71 2.40 0.62
Q1 2015 38.86 546.7 % 10.05 35.15 3.71 0.96
Q2 2015 2.50 (16.9 %) 0.65 - 2.50 0.65
Q3 2015 1.39 (59.4 %) 0.36 - 1.39 0.36
Q4 2015 2.08 (59.3 %) 0.54 - 2.08 0.54
Q1 2016 2.28 (94.1 %) 0.59 - 2.28 0.59
Q2 2016 2.02 (19.1 %) 0.52 - 2.02 0.52
Q3 2016 1.30 (6.8 %) 0.34 - 1.30 0.34
Q4 2016 (6.13) (394.2 %) (1.58) - (6.13) (1.58)
Q1 2017 1.47 (35.3 %) 0.38 - 1.47 0.38
Q2 2017 3.03 49.7 % 0.78 - 3.03 0.78
Q3 2017 2.25 73.1 % 0.58 - 2.25 0.58
Q4 2017 1.41 123.1 % 0.37 - 1.41 0.37
Q1 2018 1.48 0.1 % 0.38 - 1.48 0.38
Q2 2018 (0.71) (123.3 %) (0.18) - (0.71) (0.18)
Q3 2018 0.25 (88.8 %) 0.07 - 0.25 0.07
Q4 2018 (5.51) (490.0 %) (1.43) - (5.51) (1.43)
Q1 2019 (2.18) (247.8 %) (0.56) - (2.18) (0.56)
Q2 2019 (3.76) (432.8 %) (0.97) - (3.76) (0.97)
Q3 2019 (40.11) (15983.4 %) (10.37) (15.13) (24.98) (6.46)
Q4 2019 (11.26) (104.2 %) (2.91) - (11.26) (2.91)
Q1 2020 (1.94) 11.1 % (0.50) - (1.94) (0.50)
Q2 2020 (1.74) 53.6 % (0.45) - (1.74) (0.45)
Q3 2020 (5.32) 86.7 % (1.38) - (5.32) (1.38)
Q4 2020 (2.67) 76.3 % (0.69) - (2.67) (0.69)
Q1 2021 (1.33) 31.7 % (0.34) - (1.33) (0.34)
Q2 2021 (1.13) 35.3 % (0.29) - (1.13) (0.29)
Q3 2021 (1.28) 76.0 % (0.33) - (1.28) (0.33)
Q4 2021 (158.72) (5,841.6 %) (41.04) (117.02) (41.69) (10.78)
Q1 2022 2.55 292.4 % 0.66 3.80 (1.25) (0.32)
Q2 2022 (1.16) (2.7 %) (0.30) - (1.16) (0.30)
Q3 2022 (1.32) (2.9 %) (0.34) - (1.32) (0.34)
Q4 2022 (3.03) 98.1 % (0.78) - (3.03) (0.78)
Q1 2023 (0.33) (112.8 %) (0.08) - (0.33) (0.08)
Q2 2023 (1.38) (19.1 %) (0.36) 0.85 (2.23) (0.58)
Q3 2023 (0.77) 41.1 % (0.20) - (0.77) (0.20)
Q4 2023 (4.03) (33.0 %) (0.62) 8.55 (12.58) (1.94)
2023 (6.53) (120.9 %) (1.00) 9.40 (15.93) (2.45)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 22.06 % 8.79 % 5.59 %
Q2 2014 23.44 % 9.60 % 6.46 %
Q3 2014 25.04 % 9.98 % 6.77 %
Q4 2014 23.10 % 9.48 % 6.49 %
Q1 2015 27.12 % 11.28 % 8.11 %
Q2 2015 24.97 % 9.66 % 7.94 %
Q3 2015 23.97 % 9.19 % 7.61 %
Q4 2015 22.07 % 7.93 % 7.19 %
Q1 2016 19.69 % 6.22 % 5.73 %
Q2 2016 22.10 % 7.11 % 5.18 %
Q3 2016 21.92 % 7.89 % 5.09 %
Q4 2016 20.17 % 2.49 % (0.37 %)
Q1 2017 21.05 % 2.16 % (0.95 %)
Q2 2017 21.22 % 3.30 % (0.24 %)
Q3 2017 24.99 % 4.41 % 0.43 %
Q4 2017 26.28 % 11.74 % 5.97 %
Q1 2018 26.71 % 14.61 % 6.52 %
Q2 2018 26.08 % 12.60 % 4.36 %
Q3 2018 21.42 % 12.68 % 3.05 %
Q4 2018 23.76 % 4.18 % (6.32 %)
Q1 2019 18.22 % (1.33 %) (11.64 %)
Q2 2019 13.90 % (3.67 %) (16.44 %)
Q3 2019 0.84 % (54.21 %) (68.15 %)
Q4 2019 1.06 % (84.47 %) (100.70 %)
Q1 2020 (10.52 %) (185.96 %) (207.63 %)
Q2 2020 (88.27 %) (815.19 %) (876.89 %)
Q3 2020 3.36 % (580.56 %) (637.36 %)
Q4 2020 (96.97 %) (287.19 %) (318.42 %)
Q1 2021 (107.69 %) (306.43 %) (333.60 %)
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 - - -
2023 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 3.87 4.40 1.92 14.31
Q2 2014 3.87 4.47 2.33 15.02
Q3 2014 3.87 4.57 2.51 15.86
Q4 2014 3.87 4.54 2.39 16.85
Q1 2015 3.87 13.03 2.64 26.71
Q2 2015 3.87 12.90 2.66 27.56
Q3 2015 3.87 12.37 2.59 27.77
Q4 2015 3.87 11.59 2.50 27.68
Q1 2016 3.87 2.13 2.13 28.27
Q2 2016 3.87 2.01 2.01 28.80
Q3 2016 3.87 1.99 1.99 29.09
Q4 2016 3.87 (0.14) (0.14) 27.59
Q1 2017 3.87 (0.34) (0.34) 27.98
Q2 2017 3.87 (0.09) (0.09) 28.76
Q3 2017 3.87 0.16 0.16 29.34
Q4 2017 3.87 2.11 2.11 29.84
Q1 2018 3.87 2.11 2.11 30.22
Q2 2018 3.87 1.15 1.15 30.04
Q3 2018 3.87 0.63 0.63 30.10
Q4 2018 3.87 (1.16) (1.16) 28.68
Q1 2019 3.87 (2.11) (2.11) 28.12
Q2 2019 3.87 (2.90) (2.90) 27.14
Q3 2019 3.87 (13.33) (9.42) 15.34
Q4 2019 3.87 (14.82) (10.91) 15.34
Q1 2020 3.87 (14.75) (10.84) 11.93
Q2 2020 3.87 (14.23) (10.32) 11.48
Q3 2020 3.87 (5.24) (5.24) 10.10
Q4 2020 3.87 (3.02) (3.02) 9.41
Q1 2021 3.87 (2.86) (2.86) 9.07
Q2 2021 3.87 (2.70) (2.70) 8.77
Q3 2021 3.87 (1.66) (1.66) 8.44
Q4 2021 3.87 (42.00) (11.75) (32.63)
Q1 2022 3.87 (41.00) (11.73) (23.76)
Q2 2022 3.87 (41.01) (11.73) (23.99)
Q3 2022 3.87 (41.02) (11.74) (24.34)
Q4 2022 3.87 (0.76) (1.75) (25.99)
Q1 2023 3.87 (1.51) (1.51) (26.07)
Q2 2023 3.87 (1.57) (1.78) (26.43)
Q3 2023 3.87 (1.43) (1.64) (26.63)
Q4 2023 6.50 (1.00) (2.45) 4.79

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 93.77 More than 100 28.86
Q2 2014 76.91 More than 100 22.87
Q3 2014 87.58 More than 100 25.21
Q4 2014 76.88 More than 100 20.72
Q1 2015 27.02 More than 100 13.18
Q2 2015 25.81 More than 100 12.08
Q3 2015 13.96 66.81 6.22
Q4 2015 15.01 69.48 6.28
Q1 2016 66.24 66.24 5.00
Q2 2016 67.06 67.06 4.68
Q3 2016 49.71 49.71 3.39
Q4 2016 NEG NEG 5.89
Q1 2017 NEG NEG 5.81
Q2 2017 NEG NEG 4.83
Q3 2017 More than 100 More than 100 5.09
Q4 2017 62.09 62.09 4.39
Q1 2018 61.98 61.98 4.33
Q2 2018 More than 100 More than 100 4.40
Q3 2018 More than 100 More than 100 3.85
Q4 2018 NEG NEG 4.09
Q1 2019 NEG NEG 3.37
Q2 2019 NEG NEG 3.47
Q3 2019 NEG NEG 5.56
Q4 2019 NEG NEG 4.88
Q1 2020 NEG NEG 6.27
Q2 2020 NEG NEG 6.52
Q3 2020 NEG NEG 7.41
Q4 2020 NEG NEG 7.95
Q1 2021 NEG NEG 8.25
Q2 2021 NEG NEG 8.52
Q3 2021 NEG NEG 8.86
Q4 2021 NEG NEG (2.29)
Q1 2022 NEG NEG (3.15)
Q2 2022 NEG NEG (3.12)
Q3 2022 NEG NEG (3.07)
Q4 2022 NEG NEG (2.88)
Q1 2023 NEG NEG (6.80)
Q2 2023 NEG NEG (5.54)
Q3 2023 NEG NEG (4.42)
Q4 2023 NEG NEG 10.19

Business Segments (Million)

Compared With The
Period Meat sector Fruit and vegetable sector Other activities
Q1 2018 15.02 7.81 0.72
Q2 2018 5.92 11.80 0.15
Q1 2019 20.53 1.73 0.20


Financial Ratios
Current
Market Cap (M Riyal) 284.38
Enterprise Value (EV) (M) 262.48
Shares Outstanding ((M)) 6.50
EPS ( Riyal) (TTM) (2.36)
Book Value (BV) ( Riyal) 3.06
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 14.32
Return on Average Assets (%) (TTM) (22.20 )
Return on Average Equity (%) (TTM) -
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Share Price

Thimar Development Holding Co.
43.75
0.15 0.34 %

Thimar Development Holding Co. (THIMAR)

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