Thimar 9M 2025 net loss shrinks to SAR 7M; Q3 profit at SAR 1.9M

Thimar Development Holding Co. reported a net loss of SAR 7 million for the first nine months of 2025, compared to a loss of SAR 11.3 million in the year-earlier period.

Losses were reduced on a yearly basis, mainly due to higher other income and lower financial liability adjustment expenses, despite higher general and administrative (G&A) costs. Besides, higher other income rose of SAR 4.27 million as of 9M 2025.

The improvement was also supported by a SAR 248,000 decline in expenses resulting from the adjustment of cash flows for financial liabilities.

Meanwhile, G&A expenses increased by SAR 154,000, while unrealized gains from investments measured at fair value through profit or loss declined by SAR 72,000.

However, Thimar swung to a net profit of SAR 1.2 million in Q3 2025, compared to a net loss of SAR 4.33 million in Q3 2024.

The positive shift was driven by an increase in other income to approximately SAR 6.72 million and a decline in financial liability adjustment expenses by around SAR 124,000.

This came despite higher G&A expenses, which rose by SAR 524,000 due to legal fees related to the Saudi National Bank case and other factors, as well as a decline in unrealized investment gains by SAR 72,000.

On a sequential basis, Thimar swung to a profit, compared to a SAR 4.50 million loss in Q2 2025, mainly driven by a rise in other income to approximately SAR 7.02 million, despite higher G&A expenses, which increased by SAR 631,000 due to legal fees related to the Saudi National Bank (SNB) case and other factors.

Thimar’s accumulated losses stood at SAR 89.89 million as of Sept. 30, representing 138.29% of the total capital.

Total shareholders’ equity (excluding minority interest) stood at SAR 17.85 million by Sept. 30, 2024, compared to SAR 19.85 million a year earlier.

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