Thimar” records SR2.5 mln net profit during Q1, 2022 ‎

Thimar Development Holding Company recorded a net profit after zakat and tax in the first quarter of 2.5 million riyals, compared to a loss of 1.3 million riyals in the same quarter of last year. This came after today’s announcement of the preliminary financial results for the period ending on 03-31-2022. (three months).

The operational loss amounted to 1.2 million riyals in the first quarter, compared to 1.5 million riyals in the same quarter of the previous year, a decrease of 18.9%.

Total income during the first quarter amounted to 34.3 million riyals, compared to a loss of 1.3 million riyals in the same quarter of last year.

Earnings per share in the current period reached 0.26 riyals, compared to a loss of 0.13 riyals in the same period last year.

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

Decrease in general and administrative expenses by 1 million riyals

Other revenues increased by 4 million

– The reason for the increase in net profits during the current quarter compared to the fourth quarter of 2021 is due to:

A decrease in selling and marketing expenses during the current quarter by 1 million riyals

Decrease in general and administrative expenses during the current quarter by 73 million riyals

Creating a provision for expected credit losses in the previous quarter in the amount of 22 million riyals, and there is no provision during the current quarter.

Forming a provision for debit balances – the execution court during the previous quarter in the amount of 4 million riyals, and there is no provision during the current quarter.

Formation of impairment losses in the value of property and machinery amounting to 13 million riyals, and there is no provision during the current quarter.

Forming a provision for financial cases and claims in the amount of 46 million riyals, and there is no provision during the current quarter

Other revenues increased during the current quarter by 3 million riyals.