Financial Results : Thimar cuts 2020 net loss to SAR 11.7 mln; Q4 at SAR 2.7 mln

Thimar cuts 2020 net loss to SAR 11.7 mln; Q4 at SAR 2.7 mln

03/07/2022 Argaam Exclusive

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Thimar Development Holding Co. narrowed net losses by 78.7% to SAR 11.7 million in 2020 from SAR 56.7 million a year earlier.



Financials (M)

Item 2019 2020 Change‬
Revenues 41.89 3.67 (91.2 %)
Gross Income 0.44 (3.56) (900.9 %)
Operating Income (37.48) (12.33) 67.1 %
Net Income (56.74) (11.68) 79.4 %
Average Shares 3.87 3.87 -
Earnings Per Share before unusual items (Riyals) (10.76) (3.02) 71.9 %
EPS (Riyal) (14.67) (3.02) 79.4 %

Losses decreased as the company allocated a provision for expected credit losses of SAR 23 million. Thimar excluded SAR 15 million losses from projects in progress. Moreover, the company’s loss share from associates stood at SAR 3 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 0.81 1.30 60.3 %
Gross Income 0.05 (3.62) (7795.7 %)
Operating Income (10.24) (2.79) 72.8 %
Net Income (11.26) (2.67) 76.3 %
Average Shares 3.87 3.87 -
Earnings Per Share before unusual items (Riyal) (2.91) (0.69) 76.3 %
EPS (Riyal) (2.91) (0.69) 76.3 %

In Q4 2020, Thimar reduced net losses to SAR 2.7 million from SAR 11.26 million in the year-earlier period.

 

Shareholders’ equity, after minority interest, decreased by 24.3% to SAR 36.388 million as of Dec. 31, 2020, from SAR 48.068 million a year earlier.

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