Thimar Development Holding Co. turned to a net loss of SAR 785,000 in Q1 2023, from a net profit of SAR 2.6 million in the year-earlier period on higher general and administrative expenses (G&A), along with a decline in other income.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Operating Income | (1.26) | (1.18) | 6.7 % |
| Net Income | 2.55 | (0.78) | (130.8 %) |
| Average Shares | 14.88 | 14.88 | - |
| EPS (Riyals) | 0.17 | (0.05) | (130.8 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Operating Income | (3.03) | (1.18) | 61.1 % |
| Net Income | (3.03) | (0.78) | 74.1 % |
| Average Shares | 14.88 | 14.88 | - |
| EPS (Riyals) | (0.20) | (0.05) | 74.1 % |
Sequentially, the company trimmed net losses from SAR 5.61 million in Q4 2022, backed by lower G&A and higher other income.
Thimar also did not record some items of other expenses, such as provisions for contingent liabilities, receivables, enforcement court and expected credit losses.
Shareholders’ equity, no minority interest, rose to SAR 99.92 million as of March 31, 2023, from SAR 91.89 million a year earlier.
Accumulated losses came in at SAR 234.43 million by the end of Q1 2023, accounting for 234.44% of the company’s capital.
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