Financial Results : Thimar deepens losses to SAR 8M in 2024; Q4 profit at SAR 3.3M

Thimar deepens losses to SAR 8M in 2024; Q4 profit at SAR 3.3M

27/03/2025 Argaam Exclusive

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Thimar Development Holding Co. deepened its losses to SAR 8 million in 2024, from SAR 6.5 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Operating Income (17.14) (17.90) (4.4 %)
Net Income (6.53) (8.01) (22.7 %)
Average Shares 6.50 6.50 -
Earnings Per Share before unusual items (Riyals) (2.45) (1.77) 27.7 %
EPS (Riyals) (1.00) (1.23) (22.7 %)

The wider losses were attributed to a SAR 2 million year-on-year (YoY) increase in general and administrative expenses (G&A), and a high loss from the effect of adjusting the cash flows of financial liabilities by approximately SAR 9.5 million.

 

On the other hand, unrealized gains from investments at fair value through profit and loss during this year amounted to SAR 1.8 million.

 

Moreover, other revenues rose by SAR 5 million YoY, and the reversal of impairment on property, plant, and equipment increased by SAR 1 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Operating Income (13.09) (3.43) 73.8 %
Net Income (4.03) 3.27 181.1 %
Average Shares 6.50 6.50 -
Earnings Per Share before unusual items (Riyals) (1.94) 0.23 112.0 %
EPS (Riyals) (0.62) 0.50 181.1 %

Thimar swung to a net profit of SAR 3.3 million in Q4 2024, against a net loss of SAR 4.03 million in the year-earlier period.

 

On a sequential basis, the company turned a profit against a loss of SAR 4.33 million in Q3 2024.

 

Total shareholders’ equity, after minority interest, stood at SAR 24.83 million by Dec. 31, 2024, compared to SAR 31.13 million a year earlier.

 

Accumulated losses reached SAR 82.9 million by the end of 2024, representing 127.54% of capital.

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