Ayyan reports 60% profit jump to SR13.6 mln in 1Q

Ayyan Investment Co. announced that its profits after zakat and tax jumped 59.8% to SR 13.6 million in the first quarter of 2022 compared to 8.5 million during the same period of 2021.

This came after Ayyan announcement on Thursday of the preliminary financial results for the period ending on 31.03.2022 (three months).

The company’s operational profit fell 16.5% to SR 1.6 million in the 1^st quarter of the current year from SR 1.9 million in the same period of the previous year.

Gross profit of Ayyan plunged 10.8% to SR 19.12 million in the first quarter of this year from SR 21.5 million a year ago, while the profit per share rose to SR 0.17 from SR 0.1.

The reason for the increase in the profits of the current quarter compared to the profits of the same quarter of the previous year is due to the following:

1. Higher revenue.
2. Decreased general and administrative expenses.
3. Higher dividends received.
4. Achieving profits from investing in an associate company in return for realizing losses for the same quarter of the previous year.
5. Increase in unrealized profits from investments at fair value through profit or loss.

The reason for achieving profits during the current quarter compared to realizing losses during the previous quarter is due to the following:

1. Increase in revenues during the current quarter.
2. Higher gross profit.
3. Higher profits from investing in an associate company.
4. Realizing unrealized profits from investments at fair value through profit or loss during the current quarter, in return for realizing unrealized losses during the previous quarter.
5. Increase in other revenue.

Additional Information:

Earnings per share have been calculated from the profit for the period by dividing the net profit for the period (after excluding minority interest) by the weighted average number of shares outstanding during the period as follows

Current Quarter:

13,415,862 / 80,636,328 = 0.17

The same quarter of the previous year has reached earnings per share:

7,366,484 / 73,732,069 = 0.10