Thimar Development Holding Co. narrowed its net losses after Zakat and tax during the first nine months of 2021 by 58.5% to reach SAR 3.8 million, compared with SAR 9 million in the year-earlier period.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 2.37 | 0.43 | (82.1 %) |
| Gross Income | 0.06 | 0.04 | (42.6 %) |
| Operating Income | (9.54) | (4.44) | 53.4 % |
| Net Income | (9.01) | (3.73) | 58.5 % |
| Average Shares | 14.88 | 14.88 | - |
| EPS (Riyals) | (0.61) | (0.25) | 58.5 % |
The company attributed the loss reduction to a decrease in general and administrative expenses.
In Q3 2021, Thimar’s net loss declined to SAR 1.3 million from SAR 5.32 million in the prior-year period, due to lower general and administrative expenses.
Compared to Q2 2021, net losses widened from SAR 1.13 million.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 1.23 | - | - |
| Gross Income | 0.01 | - | - |
| Operating Income | (5.56) | (1.48) | 73.5 % |
| Net Income | (5.32) | (1.28) | 76.0 % |
| Average Shares | 14.88 | 14.88 | - |
| EPS (Riyals) | (0.36) | (0.09) | 76.0 % |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Operating Income | (1.41) | (1.48) | (4.9 %) |
| Net Income | (1.13) | (1.28) | (13.3 %) |
| Average Shares | 14.88 | 14.88 | - |
| EPS (Riyals) | (0.08) | (0.09) | (13.3 %) |
Shareholders’ equity, with no minority interest, stood at SAR 32.654 million as of Sept. 30, 2021, from SAR 39.059 million a year earlier.
Accumulated losses came in at SAR 70.2 million, or 70.23% of the company’s capital, by the end of the nine-month period.
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