Saturday, 3 June 2023

‎“Ayyan” records losses of SR45 million at the end of 2022‎

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Ayyan Investment Company recorded losses after zakat and tax of 45 million riyals during the year 2022 AD, compared to a profit of 6 million riyals in the year 2021 AD. This came after the announcement today of the annual financial results ending on 12-31-2022.

The operational loss amounted to 57 million riyals during the year ending in 2022, compared to losses of 10 million riyals in the previous year, an increase of 464%.

As for gross profit, it amounted to 17 million riyals in the current year, compared to 65 million riyals in the previous year, a decline of 74%.

The loss per share in the current year amounted to 0.56 riyals, compared to a profit of 0.06 riyals in the previous year.

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

1- Decreased revenues and high cost of revenues

2- High cost of revenue as a percentage of sales

3- High financing costs

4- Not realizing unrealized profits from investments at fair value through profit or loss

5- Decrease in profits realized from investments at fair value through profit or loss

6- An increase in the legal zakat expense

The company said that some comparative figures for the previous year have been reclassified in order to be in line with the nature of the offer for the current year.

Additional Information During the current year, the company opened Al-Salam Hospital in Al-Khobar (Al-Salam Medical Services Company – a subsidiary company).

Earnings per share (loss) is calculated from the profit for the year by dividing the net profit (loss) for the year (after excluding minority interests) by the weighted average number of shares outstanding during the year as follows:

Current year:

(44,767,736) / 80,636,328 = (0.56)

The previous year:

4,294,315 / 74,623,553 = 0.06

The accumulated losses amount to 42.9 million riyals, or 5.3% of the company’s capital.

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