Financial Results : AYYAN turns to SAR 385.2M profit in H1 2025; Q2 at SAR17.8M

AYYAN turns to SAR 385.2M profit in H1 2025; Q2 at SAR17.8M

15/07/2025 Argaam Exclusive

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AYYAN Investment Co. turned to a net profit of SAR 385.2 million (excluding minority interest) in H1 2025, versus a net loss of SAR 104 million in H1 2024.

 

For the six-month period, net earnings before excluding minority interest stood at SAR 384.3 million, against losses of SAR 104.3 million in H1 2024.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Revenues 12.78 35.06 174.3 %
Gross Income 4.98 30.84 518.8 %
Operating Income 0.39 19.20 4762.0 %
Net Income (103.96) 385.15 470.5 %
Average Shares 88.35 100.64 13.9 %
Earnings Per Share before unusual items (Riyals) (1.18) (0.33) 72.2 %
EPS (Riyal) (1.18) 3.83 425.3 %

The positive performance was driven by realizing gains from discontinued operations, receiving cash dividends during the current period, besides logging unrealized and realized gains from investments at fair value through profit or loss.

 

On the other hand, the company reported lower sales on weaker sales volume.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Revenues 6.78 26.06 284.4 %
Gross Income 3.36 24.06 616.8 %
Operating Income 1.02 18.85 1749.1 %
Net Income (48.30) 17.79 136.8 %
Average Shares 88.35 100.64 13.9 %
Earnings Per Share before unusual items (Riyal) (0.55) 0.18 132.3 %
EPS (Riyal) (0.55) 0.18 132.3 %

The company reported a net profit of SAR 17.8 million in Q2 2025, against a loss of SAR 48.3 million in Q2 2024.

 

Sequentially, the three-month bottom line fell dramatically by 95.2% from SAR 367.36 million in Q1 2025, as AYYAN reported profits from discontinued operations in the previous quarter.
Total shareholders' equity, excluding minority interest, reached SAR 992.02 million as of June 30, 2025, compared with SAR 394.37 million in the corresponding period a year ago.

 

Accumulated losses amounted to SAR 145.88 million, or 14.5% of capital, by the end of the six-month period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 49.61 421.6 % 12.71 378.4 % (1.20) (41.8 %)
Q2 2016 49.61 4.4 % 12.68 (3.4 %) (1.11) (243.3 %)
Q3 2016 45.23 4.5 % 13.43 24.1 % (0.80) 53.8 %
Q4 2016 47.48 (5.5 %) 9.52 (24.9 %) (4.28) (733.7 %)
Q1 2017 50.64 2.1 % 12.56 (1.2 %) (1.94) (61.3 %)
Q2 2017 55.45 11.8 % 15.06 18.8 % 0.61 154.7 %
Q3 2017 49.78 10.1 % 12.73 (5.2 %) (1.10) (38.4 %)
Q4 2017 53.20 12.0 % 12.54 31.8 % (4.73) (10.7 %)
Q1 2018 53.02 4.7 % 12.41 (1.2 %) (2.51) (29.8 %)
Q2 2018 53.67 (3.2 %) 12.13 (19.5 %) (0.77) (227.0 %)
Q3 2018 57.55 15.6 % 14.21 11.6 % (0.42) 61.9 %
Q4 2018 61.42 15.5 % 13.99 11.5 % (2.18) 54.0 %
Q1 2019 57.62 8.7 % 14.62 17.9 % 0.40 115.8 %
Q2 2019 58.62 9.2 % 14.98 23.5 % (0.66) 14.8 %
Q3 2019 60.26 4.7 % 15.68 10.4 % 0.52 223.6 %
Q4 2019 69.00 12.3 % 24.10 72.3 % (6.56) (201.4 %)
Q1 2020 63.70 10.5 % 16.37 12.0 % 0.53 33.0 %
Q2 2020 65.91 12.4 % 20.93 39.7 % 5.27 901.5 %
Q3 2020 71.50 18.6 % 24.53 56.5 % 7.66 1375.6 %
Q4 2020 67.83 (1.7 %) 19.66 (18.4 %) 1.90 128.9 %
Q1 2021 79.37 24.6 % 28.29 72.8 % 8.71 1545.0 %
Q2 2021 75.01 13.8 % 24.58 17.5 % 1.80 (65.8 %)
Q3 2021 71.37 (0.2 %) 22.17 (9.6 %) 7.65 (0.1 %)
Q4 2021 62.23 (8.3 %) 7.93 (59.7 %) (9.86) (619.9 %)
Q1 2022 88.11 11.0 % 31.64 11.9 % 14.08 61.7 %
Q2 2022 60.41 (19.5 %) 7.50 (69.5 %) (14.00) (878.0 %)
Q3 2022 71.02 (0.5 %) 16.73 (24.5 %) (16.96) (321.8 %)
Q4 2022 57.89 (7.0 %) (27.83) (451.0 %) (29.04) (194.7 %)
Q1 2023 70.34 (20.2 %) (10.75) (134.0 %) (39.06) (377.5 %)
Q2 2023 76.76 27.1 % (2.15) (128.6 %) (36.89) (163.5 %)
Q3 2023 3.21 (95.5 %) (0.99) (105.9 %) (3.00) 82.3 %
Q4 2023 6.00 (89.6 %) 1.75 106.3 % (3.74) 87.1 %
Q1 2024 6.00 (91.5 %) 1.63 115.1 % (0.62) 98.4 %
Q2 2024 6.78 (91.2 %) 3.36 256.2 % 1.02 102.8 %
Q3 2024 6.66 107.5 % 3.75 479.3 % 1.20 139.9 %
Q4 2024 3.71 (38.2 %) 1.43 (18.3 %) (7.01) (87.3 %)
Q1 2025 9.00 49.9 % 6.78 316.8 % 0.35 155.4 %
Q2 2025 26.06 284.4 % 24.06 616.8 % 18.85 1749.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 (2.79) (158.8 %) (0.05) (1.47) (1.32) (0.02)
Q2 2016 (12.83) (143.8 %) (0.24) (1.75) (11.08) (0.21)
Q3 2016 (2.88) (138.1 %) (0.05) - (2.88) (0.05)
Q4 2016 (14.17) (3,382.6 %) (0.26) (13.12) (1.05) (0.02)
Q1 2017 1.00 135.9 % 0.02 - 1.00 0.02
Q2 2017 1.59 112.4 % 0.03 - 1.59 0.03
Q3 2017 (2.11) 26.6 % (0.04) (2.50) 0.39 0.01
Q4 2017 (9.93) 30.0 % (0.18) - (9.93) (0.18)
Q1 2018 (2.79) (378.1 %) (0.05) - (2.79) (0.05)
Q2 2018 0.32 (79.6 %) 0.01 - 0.32 0.01
Q3 2018 1.17 155.4 % 0.02 - 1.17 0.02
Q4 2018 8.51 185.8 % 0.16 - 8.51 0.16
Q1 2019 1.42 151.0 % 0.03 - 1.42 0.03
Q2 2019 1.98 510.8 % 0.04 - 1.98 0.04
Q3 2019 2.30 96.8 % 0.04 - 2.30 0.04
Q4 2019 (6.88) (180.9 %) (0.13) - (6.88) (0.13)
Q1 2020 15.91 1020.3 % 0.20 14.58 1.33 0.02
Q2 2020 3.96 100.0 % 0.05 - 3.96 0.05
Q3 2020 9.19 299.2 % 0.11 3.01 6.18 0.08
Q4 2020 (1.76) 74.4 % (0.02) - (1.76) (0.02)
Q1 2021 7.37 (53.7 %) 0.09 - 7.37 0.09
Q2 2021 0.62 (84.5 %) 0.01 - 0.62 0.01
Q3 2021 3.74 (59.4 %) 0.05 - 3.74 0.05
Q4 2021 (7.42) (321.2 %) (0.09) - (7.42) (0.09)
Q1 2022 13.42 82.1 % 0.15 - 13.42 0.15
Q2 2022 (11.73) (2006.5 %) (0.13) - (11.73) (0.13)
Q3 2022 (16.75) (548.4 %) (0.19) - (16.75) (0.19)
Q4 2022 (29.71) (300.2 %) (0.34) - (29.71) (0.34)
Q1 2023 (46.65) (447.7 %) (0.53) - (46.65) (0.53)
Q2 2023 (41.29) (252.1 %) (0.47) - (41.29) (0.47)
Q3 2023 (56.43) (236.9 %) (0.64) - (56.43) (0.64)
Q4 2023 (71.94) (142.2 %) (0.81) - (71.94) (0.81)
Q1 2024 (55.65) (19.3 %) (0.63) - (55.65) (0.63)
Q2 2024 (48.30) (17.0 %) (0.55) - (48.30) (0.55)
Q3 2024 (34.68) 38.5 % (0.34) - (34.68) (0.34)
Q4 2024 (25.77) 64.2 % (0.26) - (25.77) (0.26)
Q1 2025 367.36 760.1 % 3.65 418.06 (50.70) (0.50)
Q2 2025 17.79 136.8 % 0.18 - 17.79 0.18

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2016 25.88 % 5.37 % 4.76 %
Q2 2016 25.36 % 6.95 % (14.75 %)
Q3 2016 26.45 % 8.29 % (8.05 %)
Q4 2016 25.18 % 4.00 % (8.51 %)
Q1 2017 24.97 % 4.40 % (7.26 %)
Q2 2017 25.44 % 4.43 % (0.68 %)
Q3 2017 24.52 % 4.39 % 0.95 %
Q4 2017 25.30 % 3.92 % (3.32 %)
Q1 2018 24.94 % 2.88 % (5.08 %)
Q2 2018 23.76 % 2.89 % (5.72 %)
Q3 2018 23.59 % 3.08 % (5.16 %)
Q4 2018 23.37 % 3.99 % 3.20 %
Q1 2019 23.86 % 5.12 % 4.96 %
Q2 2019 24.57 % 2.19 % 5.56 %
Q3 2019 24.91 % 5.57 % 5.97 %
Q4 2019 28.26 % 3.64 % (0.48 %)
Q1 2020 28.27 % 3.58 % (0.51 %)
Q2 2020 29.78 % 8.46 % 0.27 %
Q3 2020 31.81 % 8.26 % 1.70 %
Q4 2020 30.30 % 11.71 % 3.61 %
Q1 2021 32.82 % 14.04 % 5.53 %
Q2 2021 33.04 % 12.47 % 4.22 %
Q3 2021 32.26 % 12.58 % 3.39 %
Q4 2021 28.81 % 8.91 % 1.49 %
Q1 2022 29.09 % 10.51 % 3.49 %
Q2 2022 24.55 % 5.61 % (0.71 %)
Q3 2022 22.64 % (3.14 %) (7.98 %)
Q4 2022 10.11 % (8.78 %) (16.14 %)
Q1 2023 (5.52 %) (28.09 %) (40.37 %)
Q2 2023 (8.69 %) (32.82 %) (48.69 %)
Q3 2023 (20.04 %) (33.79 %) (83.61 %)
Q4 2023 (7.76 %) (27.85 %) (138.39 %)
Q1 2024 0.26 % 0.79 % (244.99 %)
Q2 2024 26.11 % 197.30 % (1056.68 %)
Q3 2024 41.19 % 178.72 % (827.90 %)
Q4 2024 43.88 % 147.47 % (710.34 %)
2024 43.88 % 147.47 % (710.34 %)
Q1 2025 58.56 % 78.87 % (609.96 %)
Q2 2025 79.28 % 53.48 % (205.56 %)


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 53.69 0.63 0.17 9.59
Q2 2016 53.69 (0.16) (0.53) 9.34
Q3 2016 53.69 (0.35) (0.29) 9.24
Q4 2016 53.69 (0.61) (0.30) 9.09
Q1 2017 53.69 (0.54) (0.26) 9.08
Q2 2017 53.69 (0.27) (0.03) 9.07
Q3 2017 53.69 (0.26) 0.04 9.09
Q4 2017 53.69 (0.18) (0.13) 8.89
Q1 2018 53.69 (0.25) (0.20) 9.66
Q2 2018 53.69 (0.27) (0.22) 9.72
Q3 2018 53.69 (0.21) (0.21) 9.73
Q4 2018 53.69 0.13 0.13 9.79
Q1 2019 53.69 0.21 0.21 9.76
Q2 2019 53.69 0.24 0.24 9.17
Q3 2019 53.69 0.26 0.26 9.33
Q4 2019 53.69 (0.02) (0.02) 9.63
Q1 2020 80.79 0.16 (0.02) 9.28
Q2 2020 80.79 0.19 0.01 9.34
Q3 2020 80.79 0.27 0.06 9.45
Q4 2020 80.79 0.34 0.12 9.29
Q1 2021 82.68 0.23 0.19 9.38
Q2 2021 82.68 0.19 0.15 9.39
Q3 2021 82.68 0.12 0.12 9.44
Q4 2021 82.68 0.05 0.05 9.15
Q1 2022 88.35 0.12 0.12 9.30
Q2 2022 88.35 (0.02) (0.02) 9.17
Q3 2022 88.35 (0.25) (0.25) 8.98
Q4 2022 88.35 (0.51) (0.51) 8.33
Q1 2023 88.35 (1.19) (1.19) 7.80
Q2 2023 88.35 (1.52) (1.52) 7.33
Q3 2023 88.35 (1.97) (1.97) 6.69
Q4 2023 88.35 (2.45) (2.45) 5.66
Q1 2024 88.35 (2.55) (2.55) 5.01
Q2 2024 88.35 (2.63) (2.63) 4.46
Q3 2024 100.64 (2.09) (2.09) 5.50
Q4 2024 100.64 (1.63) (1.63) 6.03
Q1 2025 100.64 2.57 (1.58) 9.68
Q2 2025 100.64 3.23 (0.93) 9.86

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2016 35.24 More than 100 2.30
Q2 2016 NEG NEG 2.17
Q3 2016 NEG NEG 1.86
Q4 2016 NEG NEG 2.19
Q1 2017 NEG NEG 2.84
Q2 2017 NEG NEG 2.26
Q3 2017 NEG More than 100 2.33
Q4 2017 NEG NEG 2.32
Q1 2018 NEG NEG 1.99
Q2 2018 NEG NEG 2.02
Q3 2018 NEG NEG 1.77
Q4 2018 More than 100 More than 100 1.74
Q1 2019 83.75 83.75 1.83
Q2 2019 72.46 72.46 1.92
Q3 2019 67.72 67.72 1.92
Q4 2019 NEG NEG 2.00
Q1 2020 65.93 NEG 1.17
Q2 2020 67.79 More than 100 1.37
Q3 2020 65.70 More than 100 1.91
Q4 2020 66.64 More than 100 2.42
Q1 2021 More than 100 More than 100 2.55
Q2 2021 More than 100 More than 100 3.39
Q3 2021 More than 100 More than 100 3.10
Q4 2021 More than 100 More than 100 2.31
Q1 2022 More than 100 More than 100 2.13
Q2 2022 NEG NEG 1.91
Q3 2022 NEG NEG 1.93
Q4 2022 NEG NEG 1.76
Q1 2023 NEG NEG 2.08
Q2 2023 NEG NEG 2.78
Q3 2023 NEG NEG 2.36
Q4 2023 NEG NEG 2.87
Q1 2024 NEG NEG 4.20
Q2 2024 NEG NEG 4.12
Q3 2024 NEG NEG 3.02
Q4 2024 NEG NEG 2.51
Q1 2025 6.72 NEG 1.79
Q2 2025 4.05 NEG 1.33

Business Segments (Million)

Compared With The
Period Manufacturing, assembly & supply sector medical service Investments Food
Q1 2016 3.10 46.51 - -
Q2 2016 4.04 45.56 - -
Q3 2016 1.51 43.72 - -
Q4 2016 2.81 44.67 - -
Q1 2017 2.67 47.97 - -
Q2 2017 4.98 50.48 - -
Q3 2017 2.91 46.87 - -
Q4 2017 2.59 50.60 - -
Q1 2018 2.78 50.24 - -
Q2 2018 5.45 48.22 - -
Q3 2018 2.73 54.82 - -
Q4 2018 3.75 57.67 - -
Q1 2019 3.91 53.71 - -
Q2 2019 4.17 54.45 - -
Q3 2019 3.62 56.65 - -
Q4 2019 4.75 64.25 - -
Q1 2020 4.85 58.48 - -
Q2 2020 4.01 57.41 - -
Q3 2020 3.74 62.20 - -
Q4 2020 4.18 60.44 - -
Q1 2021 4.95 67.58 - -
Q2 2021 3.77 66.66 - -
Q3 2021 3.57 62.23 - -
Q4 2021 4.63 56.17 - -
Q1 2022 5.59 70.01 - -
Q2 2022 4.03 61.83 - -
Q3 2022 4.22 63.91 - -
Q4 2022 5.42 51.22 - -
Q1 2023 6.52 62.67 - -
Q2 2023 4.25 72.25 - -
Q3 2023 4.31 - - -
Q4 2023 5.01 - - -
Q1 2024 5.17 - 0.83 -
Q2 2024 3.86 - 2.92 -
Q3 2024 3.25 - 3.41 -
Q4 2024 3.16 - 0.54 -
Q1 2025 2.52 - 6.48 -
Q2 2025 2.03 - 24.02 -


Financial Ratios
Current
Market Cap (M Riyal) 1,307.31
Enterprise Value (EV) (M Riyal) 524.01
Shares Outstanding ((M)) 100.64
EPS ( Riyal) (TTM) 4.41
Book Value (BV) ( Riyal) 10.69
Par Value ( Riyal) 10.00
Recurring P/E 51.31
P/E (TTM) 2.95
Price/book 1.21
Return on Average Assets (%) (TTM) 32.1
Return on Average Equity (%) (TTM) 54.4
EV/adj EBITDA 5.24
EV/Revenues 4.05
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Share Price

AYYAN Investment Co.
12.99
0.07 0.54 %

AYYAN Investment Co. (AYYAN)

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