Financial Results : Thimar widens losses to SAR 8.9M in H1 2025; Q2 at SAR 4.5M

Thimar widens losses to SAR 8.9M in H1 2025; Q2 at SAR 4.5M

07/08/2025 Argaam Exclusive

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Thimar Development Holding Co. reported a net loss of SAR 8.9 million for H1 2025, compared to SAR 6.9 million a year earlier.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Operating Income (8.61) (8.22) 4.5 %
Net Income (6.95) (8.90) (28.1 %)
Average Shares 6.50 6.50 -
Earnings Per Share before unusual items (Riyals) (1.34) (1.37) (2.5 %)
EPS (Riyal) (1.07) (1.37) (28.1 %)

The company’s losses increased in H1 2025 on a SAR 2.5 million decline in other revenues, despite the decrease in general and administrative (G&A) expenses by SAR 400,000. This is in addition to lower expenses due to the effect of adjusting the cash flows of financial obligations by approximately SAR 100,000.

 

The company slightly trimmed its losses to SAR 4.47 million in Q2 2025, from SAR 4.64 million in Q2 2024.

 

Sequentially, Thimar incurred more losses compared to SAR 4.43 million in Q1 2025.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Operating Income (4.56) (4.06) 11.0 %
Net Income (4.64) (4.47) 3.7 %
Average Shares 6.50 6.50 -
Earnings Per Share before unusual items (Riyal) (0.71) (0.69) 3.7 %
EPS (Riyal) (0.71) (0.69) 3.7 %

Shareholders’ equity, no minority interest, stood at SAR 15.93 million as of June 30, 2025, compared to SAR 24.19 million a year earlier.

 

As of June 30, 2025, Thimar’s accumulated losses amounted to SAR 90.8 million. 

Attached document:

 

 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 37.37 34.1 % 8.46 (13.7 %) 2.09 (40.7 %)
Q2 2016 43.27 16.2 % 12.25 64.6 % 2.18 136.7 %
Q3 2016 33.80 2.5 % 7.77 (1.2 %) 1.16 (7.9 %)
Q4 2016 28.76 (21.3 %) 0.41 (91.2 %) (5.35) (581.7 %)
Q1 2017 35.01 (6.3 %) 9.22 9.0 % 1.49 (28.4 %)
Q2 2017 41.30 (4.5 %) 12.07 (1.5 %) 2.82 29.1 %
Q3 2017 39.21 16.0 % 14.35 84.8 % 3.12 168.2 %
Q4 2017 21.10 (26.6 %) 0.26 (36.9 %) 4.07 176.1 %
Q1 2018 23.55 (32.7 %) 6.76 (26.7 %) 2.29 53.5 %
Q2 2018 17.87 (56.7 %) 5.17 (57.2 %) (0.38) (113.4 %)
Q3 2018 17.25 (56.0 %) 4.91 (65.8 %) 1.69 (46.0 %)
Q4 2018 12.38 (41.3 %) 0.05 (80.2 %) (4.87) (219.6 %)
Q1 2019 22.46 (4.6 %) 2.62 (61.2 %) (0.69) (129.9 %)
Q2 2019 16.02 (10.4 %) 1.89 (63.4 %) (2.67) (606.6 %)
Q3 2019 2.60 (84.9 %) (4.11) (183.7 %) (23.88) (1515.1 %)
Q4 2019 0.81 (93.5 %) 0.05 (7.8 %) (10.24) (110.2 %)
Q1 2020 0.78 (96.5 %) 0.05 (98.1 %) (2.07) (202.3 %)
Q2 2020 0.37 (97.7 %) 0.00 (100.2 %) (1.90) 28.7 %
Q3 2020 1.23 (52.8 %) 0.01 100.3 % (5.56) 76.7 %
Q4 2020 1.30 60.3 % (3.62) (7795.7 %) (2.79) 72.8 %
Q1 2021 0.43 (45.2 %) 0.04 (30.0 %) (1.56) 24.8 %
Q2 2021 - - - - (1.41) 26.1 %
Q3 2021 - - - - (1.48) 73.5 %
Q4 2021 - - (0.02) 99.4 % (43.91) (1,476.0 %)
Q1 2022 - - - - (1.26) 18.9 %
Q2 2022 - - - - (1.16) 17.6 %
Q3 2022 - - - - (1.32) 10.9 %
Q4 2022 - - - - (3.03) 93.1 %
Q1 2023 - - - - (1.18) 6.7 %
Q2 2023 - - - - (1.49) (28.4 %)
Q3 2023 - - - - (1.37) (4.1 %)
Q4 2023 - - - - (13.09) (331.7 %)
Q1 2024 - - - - (4.04) (243.1 %)
Q2 2024 - - - - (4.56) (206.5 %)
Q3 2024 - - - - (4.74) (246.0 %)
Q4 2024 - - - - (3.43) 73.8 %
Q1 2025 - - - - (4.72) (16.8 %)
Q2 2025 - - - - (4.06) 11.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 2.28 (94.1 %) 0.59 - 2.28 0.59
Q2 2016 2.02 (19.1 %) 0.52 - 2.02 0.52
Q3 2016 1.30 (6.8 %) 0.34 - 1.30 0.34
Q4 2016 (6.13) (394.2 %) (1.58) - (6.13) (1.58)
Q1 2017 1.47 (35.3 %) 0.38 - 1.47 0.38
Q2 2017 3.03 49.7 % 0.78 - 3.03 0.78
Q3 2017 2.25 73.1 % 0.58 - 2.25 0.58
Q4 2017 1.41 123.1 % 0.37 - 1.41 0.37
Q1 2018 1.48 0.1 % 0.38 - 1.48 0.38
Q2 2018 (0.71) (123.3 %) (0.18) - (0.71) (0.18)
Q3 2018 0.25 (88.8 %) 0.07 - 0.25 0.07
Q4 2018 (5.51) (490.0 %) (1.43) - (5.51) (1.43)
Q1 2019 (2.18) (247.8 %) (0.56) - (2.18) (0.56)
Q2 2019 (3.76) (432.8 %) (0.97) - (3.76) (0.97)
Q3 2019 (40.11) (15983.4 %) (10.37) (15.13) (24.98) (6.46)
Q4 2019 (11.26) (104.2 %) (2.91) - (11.26) (2.91)
Q1 2020 (1.94) 11.1 % (0.50) - (1.94) (0.50)
Q2 2020 (1.74) 53.6 % (0.45) - (1.74) (0.45)
Q3 2020 (5.32) 86.7 % (1.38) - (5.32) (1.38)
Q4 2020 (2.67) 76.3 % (0.69) - (2.67) (0.69)
Q1 2021 (1.33) 31.7 % (0.34) - (1.33) (0.34)
Q2 2021 (1.13) 35.3 % (0.29) - (1.13) (0.29)
Q3 2021 (1.28) 76.0 % (0.33) - (1.28) (0.33)
Q4 2021 (158.72) (5,841.6 %) (41.04) (117.02) (41.69) (10.78)
Q1 2022 2.55 292.4 % 0.66 3.80 (1.25) (0.32)
Q2 2022 (1.16) (2.7 %) (0.30) - (1.16) (0.30)
Q3 2022 (1.32) (2.9 %) (0.34) - (1.32) (0.34)
Q4 2022 (3.03) 98.1 % (0.78) - (3.03) (0.78)
Q1 2023 (0.33) (112.8 %) (0.08) - (0.33) (0.08)
Q2 2023 (1.38) (19.1 %) (0.36) 0.85 (2.23) (0.58)
Q3 2023 (0.77) 41.1 % (0.20) - (0.77) (0.20)
Q4 2023 (4.03) (33.0 %) (0.62) 8.55 (12.58) (1.94)
Q1 2024 (2.31) (606.6 %) (0.35) 1.74 (4.04) (0.62)
Q2 2024 (4.64) (236.3 %) (0.71) - (4.64) (0.71)
Q3 2024 (4.33) (459.6 %) (0.67) - (4.33) (0.67)
Q4 2024 3.27 181.1 % 0.50 1.76 1.51 0.23
Q1 2025 (4.43) (92.0 %) (0.68) - (4.43) (0.68)
Q2 2025 (4.47) 3.7 % (0.69) - (4.47) (0.69)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
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 %
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 %)
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 %)
Q1 2020 (10.52 %) (185.96 %) (207.63 %)
Q2 2020 (88.27 %) (815.19 %) (876.89 %)
Q3 2020 3.36 % (580.56 %) (637.36 %)
Q4 2020 (96.97 %) (287.19 %) (318.42 %)
Q1 2021 (107.69 %) (306.43 %) (333.60 %)
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 - - -
Q1 2024 - - -
Q2 2024 - - -
Q3 2024 - - -
Q4 2024 - - -
2024 - - -
Q1 2025 - - -
Q2 2025 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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 3.87 (14.75) (10.84) 11.93
Q2 2020 3.87 (14.23) (10.32) 11.48
Q3 2020 3.87 (5.24) (5.24) 10.10
Q4 2020 3.87 (3.02) (3.02) 9.41
Q1 2021 3.87 (2.86) (2.86) 9.07
Q2 2021 3.87 (2.70) (2.70) 8.77
Q3 2021 3.87 (1.66) (1.66) 8.44
Q4 2021 3.87 (42.00) (11.75) (32.63)
Q1 2022 3.87 (41.00) (11.73) (23.76)
Q2 2022 3.87 (41.01) (11.73) (23.99)
Q3 2022 3.87 (41.02) (11.74) (24.34)
Q4 2022 3.87 (0.76) (1.75) (25.99)
Q1 2023 3.87 (1.51) (1.51) (26.07)
Q2 2023 3.87 (1.57) (1.78) (26.43)
Q3 2023 3.87 (1.43) (1.64) (26.63)
Q4 2023 6.50 (1.00) (2.45) 4.79
Q1 2024 6.50 (1.31) (3.02) 4.44
Q2 2024 6.50 (1.81) (3.39) 3.72
Q3 2024 6.50 (2.36) (3.94) 3.06
Q4 2024 6.50 (1.23) (1.77) 3.82
Q1 2025 6.50 (1.56) (1.83) 3.14
Q2 2025 6.50 (1.53) (1.80) 2.45

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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
Q4 2020 NEG NEG 7.95
Q1 2021 NEG NEG 8.25
Q2 2021 NEG NEG 8.52
Q3 2021 NEG NEG 8.86
Q4 2021 NEG NEG (2.29)
Q1 2022 NEG NEG (3.15)
Q2 2022 NEG NEG (3.12)
Q3 2022 NEG NEG (3.07)
Q4 2022 NEG NEG (2.88)
Q1 2023 NEG NEG (6.80)
Q2 2023 NEG NEG (5.54)
Q3 2023 NEG NEG (4.42)
Q4 2023 NEG NEG 10.19
Q1 2024 NEG NEG 11.19
Q2 2024 NEG NEG 12.19
Q3 2024 NEG NEG 16.53
Q4 2024 NEG NEG 11.48
Q1 2025 NEG NEG 13.30
Q2 2025 NEG NEG 15.59

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) 233.61
Enterprise Value (EV) (M Riyal) 233.93
Shares Outstanding ((M)) 6.50
EPS ( Riyal) (TTM) (0.57)
Book Value (BV) ( Riyal) 2.75
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/book 13.09
Return on Average Assets (%) (TTM) (4.46 )
Return on Average Equity (%) (TTM) (19.73 )
EV/adj EBITDA (14.19)
EV/Revenues -
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Share Price

Thimar Development Holding Co.
35.94
0.04 0.11 %

Thimar Development Holding Co. (THIMAR)

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