Thimar hit by SAR40.10 million losses for Q3 of 2019, see 17 reasons for ambiguous results

Thimar Development Holding Co. attained a net loss of SAR40.10 million in the third quarter of 2019 compared to a profit of SAR 252.5 thousand in the same quarter last year after deducting the Zakat and tax. This followed today’s announcement of preliminary financial results for September 30, 2019 (nine months).

The operating losses reached SAR40.10 million in the third quarter, compared to SAR 1.04 million profit in the same quarter of 2018.

However, the total loss in the third quarter was SAR 4.11 million, compared to SAR 4.9 million profit in the same quarter of the previous year.

Total shareholders’ equity without minority interest amounted to SAR 59.3 million in the 9 months compared to SAR 116.4 million in the same period of the previous year, which declined by 49%.

The stock loss reached SAR4.55 in exchange for a 0.1 gain in the same period of the previous year.

The shifting loss during the third quarter of 2019 compared to the same quarter of the previous year is due to:

– Sales Reduction.

– Provision for expected credit losses.

– Loss on disposal of a project in progress.

The rise in net losses during the third quarter of 2019 compared to the same quarter of the previous year is due to the following reasons:

– Sales Reduction.

– Provision for expected credit losses.

– Loss on disposal of a project in progress.

The decline in net profit during the 9 months of 2019 compared to the same period of the previous year is due to the following reasons:

– Sales Reduction.

– Provision for expected credit losses.

– Loss on disposal of project in progress.

Attached is the external auditor’s opinion and the basis for abstention on the preliminary consolidated financial statements for September 30, 2019, where 17 indicators were mentioned for not concluding those statements.