Thimar trims 9M 2020 net loss to SAR 9 mln, Q3 at SAR 5 mln

03/07/2022 Argaam Exclusive

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Thimar Development Holding Co. cut net losses to SAR 9 million for the first nine months of 2020, from SAR 45.5 million in the year-earlier period.

The losses decreased as the company’s financial statements for the first nine months of 2019 implied an expected credit loss provision of SAR 15 million. Thimar excluded SAR 15 million losses from in-progress projects. Moreover, the company’s loss shares from associates stood at SAR 1 million.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	41.08	2.37	(94.2 %)
Gross Income	0.40	0.06	(84.6 %)
Operating Income	(27.24)	(9.54)	65.0 %
Net Income	(45.48)	(9.01)	80.2 %
Average Shares	3.87	14.88	-
EPS (Riyals)	(11.76)	(0.61)	94.8 %

In Q3 2020, Thimar’s net loss narrowed to SAR 5.32 million from SAR 40.11 million in the prior-year period.

The losses narrowed as Thimar’s Q3 2019 financial statements implied an expected credit loss provision of SAR 16 million. Thimar excluded SAR 15 million in losses from projects underway. Moreover, the company’s loss shares from associates stood at SAR 2 million.

Compared to Q2 2020, net losses widened from SAR 1.74 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	2.60	1.23	(52.8 %)
Gross Income	(4.11)	0.01	100.3 %
Operating Income	(23.88)	(5.56)	76.7 %
Net Income	(40.11)	(5.32)	86.7 %
Average Shares	3.87	14.88	-
EPS (Riyals)	(10.37)	(0.36)	96.5 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	0.37	1.23	231.1 %
Gross Income	0.00	0.01	450.0 %
Operating Income	(1.91)	(5.56)	(192.0 %)
Net Income	(1.75)	(5.32)	(205.1 %)
Average Shares	14.88	14.88	-
EPS (Riyals)	(0.12)	(0.36)	(205.1 %)

Shareholders’ equity, after minority interest, stood at SAR 39.059 million as of Sept. 30, 2020, from SAR 59.327 million a year earlier.

Accumulated losses came in at SAR 63.8 million, or 63.8% of the company’s capital, by the end of the nine-month period.

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2011	10.25	(59.3 %)	1.56	(71.1 %)	(2.05)	(35.8 %)	(0.53)
Q2 2011	12.97	(23.1 %)	2.22	(63.5 %)	(3.07)	(2193.9 %)	(0.79)
Q3 2011	16.56	(12.3 %)	2.52	99.2 %	(1.06)	80.5 %	(0.27)
Q4 2011	15.06	1.3 %	1.85	148.3 %	10.79	187.5 %	2.79
2011	54.85	(27.6 %)	8.15	(8.6 %)	4.62	124.2 %	1.19
Q1 2012	15.82	54.4 %	2.99	91.8 %	(0.87)	57.6 %	(0.22)
Q2 2012	21.78	67.9 %	4.41	98.9 %	0.36	111.8 %	0.09
Q3 2012	22.38	35.1 %	4.43	75.7 %	0.60	157.1 %	0.16
Q4 2012	21.73	44.3 %	5.14	178.2 %	0.93	(91.3 %)	0.24
2012	81.71	49.0 %	16.98	108.4 %	1.03	(77.7 %)	0.27
Q1 2013	24.11	52.4 %	4.49	50.2 %	2.56	394.8 %	0.66
Q2 2013	26.46	21.5 %	5.73	29.9 %	2.77	663.1 %	0.72
Q3 2013	27.44	22.6 %	5.55	25.3 %	3.05	405.8 %	0.79
Q4 2013	34.25	57.6 %	9.39	82.5 %	5.21	457.9 %	1.35
2013	112.26	37.4 %	25.17	48.2 %	13.59	1219.2 %	3.51
Q1 2014	44.65	85.2 %	8.62	91.9 %	6.01	134.4 %	1.55
Q2 2014	33.35	26.0 %	9.18	60.1 %	3.01	8.8 %	0.78
Q3 2014	31.21	13.7 %	8.73	57.1 %	3.43	12.4 %	0.89
Q4 2014	33.29	(2.8 %)	6.39	(31.9 %)	5.11	(1.9 %)	1.32
2014	142.50	26.9 %	32.92	30.8 %	17.41	28.1 %	4.50
Q1 2015	27.87	(37.6 %)	9.80	13.7 %	38.86	546.7 %	10.05
Q2 2015	37.24	11.6 %	7.44	(18.9 %)	2.50	(16.9 %)	0.65
Q3 2015	32.98	5.7 %	7.86	(9.9 %)	1.39	(59.4 %)	0.36
Q4 2015	36.55	9.8 %	4.61	(27.8 %)	2.08	(59.3 %)	0.54
2015	134.63	(5.5 %)	29.72	(9.7 %)	43.08	147.4 %	11.14
Q1 2016	37.37	34.1 %	8.46	(13.7 %)	2.28	(94.1 %)	0.59
Q2 2016	43.27	16.2 %	12.25	64.6 %	2.02	(19.1 %)	0.52
Q3 2016	33.80	2.5 %	7.77	(1.2 %)	1.30	(6.8 %)	0.34
Q4 2016	28.76	(21.3 %)	0.41	(91.2 %)	(6.13)	(394.2 %)	(1.58)
2016	143.20	6.4 %	28.88	(2.8 %)	(0.53)	(101.2 %)	(0.14)
Q1 2017	35.01	(6.3 %)	9.22	9.0 %	1.47	(35.3 %)	0.38
Q2 2017	41.30	(4.5 %)	12.07	(1.5 %)	3.03	49.7 %	0.78
Q3 2017	39.21	16.0 %	14.35	84.8 %	2.25	73.1 %	0.58
Q4 2017	21.10	(26.6 %)	0.26	(36.9 %)	1.41	123.1 %	0.37
2017	136.61	(4.6 %)	35.90	24.3 %	7.21	1466.5 %	1.87
Q1 2018	23.55	(32.7 %)	6.76	(26.7 %)	1.48	0.1 %	0.38
Q2 2018	17.87	(56.7 %)	5.17	(57.2 %)	(0.71)	(123.3 %)	(0.18)
Q3 2018	17.25	(56.0 %)	4.91	(65.8 %)	0.25	(88.8 %)	0.07
Q4 2018	12.38	(41.3 %)	0.05	(80.2 %)	(5.51)	(490.0 %)	(1.43)
2018	71.05	(48.0 %)	16.88	(53.0 %)	(4.49)	(162.2 %)	(1.16)
Q1 2019	22.46	(4.6 %)	2.62	(61.2 %)	(2.18)	(247.8 %)	(0.56)
Q2 2019	16.02	(10.4 %)	1.89	(63.4 %)	(3.76)	(432.8 %)	(0.97)
Q3 2019	2.60	(84.9 %)	(4.11)	(183.7 %)	(40.11)	(15983.4 %)	(10.37)
Q4 2019	0.81	(93.5 %)	0.05	(7.8 %)	(11.26)	(104.2 %)	(2.91)
2019	41.89	(41.0 %)	0.44	(97.4 %)	(56.74)	(1,163.6 %)	(14.67)
Q1 2020	0.78	(96.5 %)	0.05	(98.1 %)	(1.94)	11.1 %	(0.13)
Q2 2020	0.37	(97.7 %)	0.00	(100.2 %)	(1.75)	53.6 %	(0.12)
Q3 2020	1.23	(52.8 %)	0.01	100.3 %	(5.32)	86.7 %	(0.36)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2010	75.81	(42.4 %)	8.91	(47.4 %)	(19.11)	(79.7 %)	(4.94)
2011	54.85	(27.6 %)	8.15	(8.6 %)	4.62	124.2 %	1.19
2012	81.71	49.0 %	16.98	108.4 %	1.03	(77.7 %)	0.27
2013	112.26	37.4 %	25.17	48.2 %	13.59	1219.2 %	3.51
2014	142.50	26.9 %	32.92	30.8 %	17.41	28.1 %	4.50
2015	134.63	(5.5 %)	29.72	(9.7 %)	43.08	147.4 %	11.14
2016	143.20	6.4 %	28.88	(2.8 %)	(0.53)	(101.2 %)	(0.14)
2017	136.61	(4.6 %)	35.90	24.3 %	7.21	1466.5 %	1.87
2018	71.05	(48.0 %)	16.88	(53.0 %)	(4.49)	(162.2 %)	(1.16)
2019	41.89	(41.0 %)	0.44	(97.4 %)	(56.74)	(1,163.6 %)	(14.67)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	8.34 %	(27.83 %)	(32.27 %)
Q2 2011	2.14 %	(31.95 %)	(40.13 %)
Q3 2011	4.52 %	(28.76 %)	(34.33 %)
Q4 2011	14.86 %	(18.98 %)	(26.86 %)
2011	14.86 %	(18.98 %)	(26.86 %)
Q1 2012	15.86 %	(14.97 %)	(22.42 %)
Q2 2012	17.01 %	(9.94 %)	(14.61 %)
Q3 2012	18.24 %	(4.52 %)	(10.95 %)
Q4 2012	20.78 %	5.60 %	1.26 %
2012	20.78 %	5.60 %	1.26 %
Q1 2013	20.54 %	6.43 %	2.46 %
Q2 2013	20.91 %	6.59 %	2.80 %
Q3 2013	20.98 %	6.70 %	3.04 %
Q4 2013	22.42 %	8.19 %	4.43 %
2013	22.42 %	7.81 %	4.43 %
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 %
2014	23.10 %	9.48 %	6.39 %
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 %
2015	22.07 %	7.87 %	5.89 %
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 %)
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 %
2017	26.28 %	11.27 %	5.28 %
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 %)
2018	23.76 %	4.17 %	(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 %)
2019	1.06 %	(84.47 %)	(99.34 %)
Q1 2020	(10.52 %)	(185.96 %)	(207.62 %)
Q2 2020	(88.27 %)	(815.20 %)	(876.87 %)
Q3 2020	3.36 %	(580.60 %)	(637.36 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2010	11.76 %	(22.06 %)	(25.21 %)
2011	14.86 %	(18.98 %)	(26.86 %)
2012	20.78 %	5.60 %	1.26 %
2013	22.42 %	7.81 %	4.43 %
2014	23.10 %	9.48 %	6.39 %
2015	22.07 %	7.87 %	5.89 %
2016	20.17 %	2.49 %	(0.37 %)
2017	26.28 %	11.27 %	5.28 %
2018	23.76 %	4.17 %	(6.32 %)
2019	1.06 %	(84.47 %)	(99.34 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2011	15.22 %	(12.66 %)	(20.02 %)
Q2 2011	17.10 %	(6.29 %)	(23.66 %)
Q3 2011	15.23 %	(11.95 %)	(7.84 %)
Q4 2011	12.28 %	(41.95 %)	(55.18 %)
Q1 2012	18.91 %	0.41 %	(5.50 %)
Q2 2012	20.27 %	6.20 %	1.66 %
Q3 2012	19.80 %	6.76 %	2.69 %
Q4 2012	23.67 %	7.56 %	4.30 %
Q1 2013	18.63 %	5.31 %	1.30 %
Q2 2013	21.67 %	6.80 %	3.01 %
Q3 2013	20.24 %	7.13 %	3.61 %
Q4 2013	27.41 %	12.15 %	8.39 %
Q1 2014	19.31 %	8.41 %	6.18 %
Q2 2014	27.53 %	10.60 %	7.20 %
Q3 2014	27.96 %	9.18 %	5.39 %
Q4 2014	19.19 %	10.08 %	7.21 %
Q1 2015	35.18 %	15.87 %	13.31 %
Q2 2015	19.99 %	5.04 %	6.71 %
Q3 2015	23.82 %	7.34 %	4.22 %
Q4 2015	12.63 %	5.37 %	5.70 %
Q1 2016	22.65 %	7.26 %	6.10 %
Q2 2016	28.31 %	8.29 %	4.67 %
Q3 2016	22.97 %	10.79 %	3.84 %
Q4 2016	1.42 %	(22.17 %)	(21.31 %)
Q1 2017	26.35 %	6.24 %	4.21 %
Q2 2017	29.22 %	12.41 %	7.33 %
Q3 2017	36.61 %	13.83 %	5.73 %
Q4 2017	1.22 %	15.68 %	6.70 %
Q1 2018	28.69 %	18.81 %	6.27 %
Q2 2018	28.91 %	(1.95 %)	(3.95 %)
Q3 2018	28.46 %	15.78 %	1.46 %
Q4 2018	0.41 %	(30.99 %)	(44.52 %)
Q1 2019	11.65 %	2.37 %	(9.71 %)
Q2 2019	11.81 %	(11.95 %)	(23.47 %)
Q3 2019	(158.28 %)	(914.55 %)	(961.53 %)
Q4 2019	5.81 %	(1265.64 %)	(1391.78 %)
Q1 2020	6.44 %	(212.76 %)	(250.00 %)
Q2 2020	(1.08 %)	(396.22 %)	(471.62 %)
Q3 2020	1.14 %	(416.90 %)	(434.61 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2011	3.87	(5.08)	(5.08)	8.03
Q2 2011	3.87	(5.91)	(5.91)	7.05
Q3 2011	3.87	(4.79)	(4.85)	6.77
Q4 2011	3.87	1.19	(3.81)	9.57
Q1 2012	3.87	1.50	(3.50)	9.24
Q2 2012	3.87	2.39	(2.62)	9.12
Q3 2012	3.87	2.82	(2.12)	9.22
Q4 2012	3.87	0.27	0.27	9.63
Q1 2013	3.87	1.15	0.57	11.95
Q2 2013	3.87	1.78	0.68	12.15
Q3 2013	3.87	2.41	0.78	12.48
Q4 2013	3.87	3.51	1.29	13.38
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	14.88	(3.84)	(2.82)	3.10
Q2 2020	14.88	(3.70)	(2.68)	2.98
Q3 2020	14.88	(1.36)	(1.36)	2.63

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2010	3.87	(4.94)	(4.94)	8.37
2011	3.87	1.19	(3.81)	9.57
2012	3.87	0.27	0.27	9.63
2013	3.87	3.51	1.29	13.38
2014	3.87	4.50	2.35	16.85
2015	3.87	11.14	2.05	27.68
2016	3.87	(0.14)	(0.14)	27.59
2017	3.87	1.87	1.87	29.84
2018	3.87	(1.16)	(1.16)	28.68
2019	3.87	(14.67)	(10.76)	15.34

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2011	NEG	NEG	10.88
Q2 2011	NEG	NEG	13.13
Q3 2011	NEG	NEG	14.11
Q4 2011	90.33	NEG	11.27
Q1 2012	More than 100	NEG	16.24
Q2 2012	39.53	NEG	10.35
Q3 2012	42.31	NEG	12.91
Q4 2012	More than 100	More than 100	13.10
Q1 2013	More than 100	More than 100	12.19
Q2 2013	80.81	More than 100	11.81
Q3 2013	56.69	More than 100	10.94
Q4 2013	52.09	More than 100	13.68
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

Period	P/E	Adjusted P/E	Price/book
2010	NEG	NEG	11.40
2011	90.33	NEG	11.27
2012	More than 100	More than 100	13.10
2013	52.09	More than 100	13.68
2014	77.52	More than 100	20.72
2015	15.62	84.87	6.28
2016	NEG	NEG	5.89
2017	70.24	70.24	4.39
2018	NEG	NEG	4.09
2019	NEG	NEG	4.88

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)	303.55
Enterprise Value (EV) (M)	270.08
Shares Outstanding ((M))	6.50
EPS ( Riyal) (TTM)	(1.29)
Book Value (BV) ( Riyal)	4.44
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	10.53
Return on Average Assets (%) (TTM)	(11.89 )
Return on Average Equity (%) (TTM)	-

Thimar Development Holding Co. (THIMAR)

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Thimar trims 9M 2020 net loss to SAR 9 mln, Q3 at SAR 5 mln

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Financials (M)

Current Quarter Comparison (M)

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Financial results (Million)

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Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2020 Q3

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Thimar trims 9M 2020 net loss to SAR 9 mln, Q3 at SAR 5 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2019

Revenue by Business Segment (Latest) 2020 Q3

Financial Ratios

Share Price

Thimar Development Holding Co. (THIMAR)

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Business Segments (Million)