AYYAN Investment Co. swung to a net loss of SAR 87.9 million in H1 2023, from a net profit of SAR 1.7 million in H1 2022.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 141.46 | 145.68 | 3.0 % |
| Gross Income | 32.08 | (14.32) | (144.6 %) |
| Operating Income | (6.98) | (77.37) | (1,007.8 %) |
| Net Income | 1.69 | (87.94) | (5312.7 %) |
| Average Shares | 80.64 | 80.64 | - |
| EPS (Riyals) | 0.02 | (1.09) | (5312.7 %) |
The company was hurt by the year-on-year (YoY) increase in financing costs (FCs), the cost of sales to total sales, general and administrative expenses, as well as selling and marketing expenses.
This was coupled with the YoY decrease in the share of profits from associates and the non-realization of realized and unrealized profits from investments at fair value through profit or loss (FVPL).
The company widened Q2 2023 net losses to SAR 41.29 million from SAR 11.73 million in Q2 2022, mainly due to the aforementioned reasons.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 65.86 | 76.49 | 16.1 % |
| Gross Income | 12.96 | (2.42) | (118.7 %) |
| Operating Income | (8.55) | (37.16) | (334.7 %) |
| Net Income | (11.73) | (41.29) | (252.1 %) |
| Average Shares | 80.64 | 80.64 | - |
| EPS (Riyals) | (0.15) | (0.51) | (252.1 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 69.19 | 76.49 | 10.6 % |
| Gross Income | (11.90) | (2.42) | 79.7 % |
| Operating Income | (40.22) | (37.16) | 7.6 % |
| Net Income | (46.65) | (41.29) | 11.5 % |
| Average Shares | 80.64 | 80.64 | - |
| EPS (Riyals) | (0.58) | (0.51) | 11.5 % |
Sequentially, Q2 losses shrank from SAR 46.65 million on revenue growth, increased other revenues, the realization of higher dividends, as well as lower FCs and selling and marketing expenses on a quarterly basis.
Total shareholders' equity, excluding minority interest, slipped to SAR 647.79 million as of June 30, 2023, versus SAR 810.34 million in the corresponding period a year ago.
Accumulated losses amounted to SAR 130.91 million, or 16.2% of capital, by the end of the six-month period.
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