AYYAN Investment Co. increased its net losses to SAR 144.4 million in the first nine months of 2023 from SAR 15.1 million a year earlier.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 209.59 | 239.56 | 14.3 % |
| Gross Income | 45.92 | (34.25) | (174.6 %) |
| Operating Income | (26.84) | (123.97) | (362.0 %) |
| Net Income | (15.06) | (144.37) | (858.6 %) |
| Average Shares | 80.64 | 80.64 | - |
| EPS (Riyals) | (0.19) | (1.79) | (858.6 %) |
The higher losses were ascribed to a year-on-year (YoY) increase in the ratio of cost of sales to revenues.
AYYAN also reported higher general and administrative (G&A) expenses, as well as selling and marketing costs. Increased finance costs (FCs), along with lower dividend income and profit share from an associate, also weighed on the company’s performance.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 68.13 | 93.89 | 37.8 % |
| Gross Income | 13.84 | (19.93) | (244.0 %) |
| Operating Income | (19.85) | (46.60) | (134.7 %) |
| Net Income | (16.75) | (56.43) | (236.9 %) |
| Average Shares | 80.64 | 80.64 | - |
| EPS (Riyals) | (0.21) | (0.70) | (236.9 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 76.49 | 93.89 | 22.7 % |
| Gross Income | (2.42) | (19.93) | (723.9 %) |
| Operating Income | (37.16) | (46.60) | (25.4 %) |
| Net Income | (41.29) | (56.43) | (36.7 %) |
| Average Shares | 80.64 | 80.64 | - |
| EPS (Riyals) | (0.51) | (0.70) | (36.7 %) |
In Q3 2023, net loss widened to SAR 56.4 million from SAR 16.8 million in Q3 2022 as the ratio of cost of sales to revenues increased. The company also recorded higher selling and marketing costs and FCs. It also received zero dividends from an associate and reported a loss share from an associate.
Compared to Q2 2023, net losses increased by 36.7% from SAR 41.3 million on higher FCs and a quarter-on-quarter decline in other revenues.
Total shareholders’ equity, after minority interest, surged to SAR 591.36 million as of Sept. 30, 2023, up from SAR 793.59 million in the prior-year period.
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