Thimar Development Holding Co. swung to a net profit of SAR 906,000 in the first nine months of 2022, against a net loss of SAR 3.7 million in the prior-year period.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 0.43 | - | - |
| Gross Income | 0.04 | - | - |
| Operating Income | (4.44) | (3.74) | 15.8 % |
| Net Income | (3.73) | 0.08 | 102.0 % |
| Average Shares | 3.87 | 3.87 | - |
| EPS (Riyals) | (0.97) | 0.02 | 102.0 % |
The positive results were spurred by a drop of SAR 2 million in general and administrative expenses (G&A) during the current period. Other income increased by SAR 3 million in the first nine months of 2022.
In Q3 2022, the company trimmed net losses to SAR 1.10 million, from SAR 1.28 million, as G&A decreased by SAR 360,000.
Compared to the previous quarter, net losses more than doubled from SAR 540,000 on the back of an increase of SAR 560,000 in G&A.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Operating Income | (1.48) | (1.32) | 10.9 % |
| Net Income | (1.28) | (1.32) | (2.9 %) |
| Average Shares | 3.87 | 3.87 | - |
| EPS (Riyals) | (0.33) | (0.34) | (2.9 %) |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Operating Income | (1.16) | (1.32) | (13.4 %) |
| Net Income | (1.16) | (1.32) | (13.4 %) |
| Average Shares | 3.87 | 3.87 | - |
| EPS (Riyals) | (0.30) | (0.34) | (13.4 %) |
Shareholders’ equity, no minority interest, was negative SAR 93.53 million as of Sept. 30, 2022, compared to SAR 32.65 million a year earlier.
Accumulated losses stood at SAR 228.04 million by the end of the nine-month period, representing 228.04% of capital.
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