Financial Results : AYYAN profit hits SAR 469.3M in 9M 2025 on one-off gains; Q3 at SAR 84.2M

AYYAN profit hits SAR 469.3M in 9M 2025 on one-off gains; Q3 at SAR 84.2M

20/10/2025 Argaam Exclusive

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AYYAN Investment Co. switched to a net profit of SAR 469.3 million for the first nine months of 2025, marking a 438.5% leap from a net loss of SAR 138.6 million a year earlier.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 19.44 125.64 546.3 %
Gross Income 8.73 119.18 1265.2 %
Operating Income 1.59 104.33 6452.8 %
Net Income (138.64) 469.31 438.5 %
Average Shares 100.64 100.64 -
Earnings Per Share before unusual items (Riyals) (1.38) 0.51 137.0 %
EPS (Riyal) (1.38) 4.66 438.5 %

The turnaround was mainly driven by higher revenues resulting from gains on fair value revaluation of financial assets classified at fair value through profit or loss (FVTPL), compared to the absence of such gains in the same period last year.

 

The company also recorded gains from the disposal of financial assets at FVTPL and higher dividend income.

 

Additionally, AYYAN benefited from lower cost of revenues, reduced selling and marketing expenses, lower financing costs, and gains from discontinued operations, compared to losses from such operations in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 6.66 90.58 1260.5 %
Gross Income 3.75 88.34 2257.7 %
Operating Income 1.20 85.14 7010.2 %
Net Income (34.68) 84.16 342.7 %
Average Shares 100.64 100.64 -
Earnings Per Share before unusual items (Riyal) (0.34) 0.84 342.7 %
EPS (Riyal) (0.34) 0.84 342.7 %

Quarter-on-quarter (QoQ), profit rose due to higher revenues from fair value and disposal gains on financial assets, lower administrative expenses, reduced financing costs, and higher other income.

 

Total shareholders’ equity, after minority interest, increased to SAR 1.07 billion as of Sept. 30, up from SAR 553.97 million a year earlier.

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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 %
Q3 2025 90.58 1260.5 % 88.34 2257.7 % 85.14 7010.2 %


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
Q3 2025 84.16 342.7 % 0.84 - 84.16 0.84

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 %)
Q3 2025 93.24 % 77.28 % 19.70 %


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
Q3 2025 100.64 4.41 0.25 10.69

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
Q3 2025 2.89 50.32 1.19

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 -
Q3 2025 2.09 - 88.49 -


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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