‎“Thimar” records losses of SR 541K Q2, a decrease of 52%‎

Thimar Development Holding Company recorded a net loss after zakat and tax of 541 thousand riyals in the second quarter, compared to a loss of 1.12 million riyals in the same quarter of last year, a decrease of 52%. This came after today’s announcement of the preliminary financial results for the period ending in 2022- 06-30 (6 months).

The operational loss amounted to 541 thousand riyals in the second quarter, compared to a loss of 1.4 million riyals in the same quarter of the previous year, a decrease of 62%.

The net profit after zakat and tax during the 6-month period amounted to 2 million riyals, compared to a loss of 1.45 million riyals in the same period last year.

Earnings per share in the current period amounted to 0.2 riyals, compared to a loss of 0.25 riyals in the same period last year.

The reason for the decrease in the net loss during the current quarter compared to the same quarter of the previous year is due to the decrease in general and administrative expenses.

The reason for the increase in net profit during the current quarter compared to the previous quarter is due to the decrease in other revenues, the previous quarter included other revenues amounting to 3.8 million and there are no other revenues in the current quarter.

The reason for the increase in net profit during the current period compared to the same period of the previous year is due to:

1. Decrease in general and administrative expenses during the current period
2. Other revenues increased during the current period

The company said that some of the balances of the financial statements have been reclassified to conform to the current period.

The operating profit (loss) for the same period of the previous year changed from an operating loss of 2,455,268 riyals to an operating loss of 2,965,068 riyals.