Riyadh – Mubasher: Ayyan Investment Company reported net losses valued at SAR 55.91 million in the first quarter (Q1) of 2024, higher by 19.67% than SAR 46.72 million in Q1-23.

The revenues amounted to SAR 99.82 million as of 31 March 2024, marking a 44.28% year-on-year (YoY) leap from SAR 69.18 million, according to the interim financials.

In the first three months (3M) of 2024, the loss per share increased to SAR 0.69 from SAR 0.58 in Q1-23.

Quarter-on-quarter (QoQ), the net losses in Q1-24 dropped by 22.05% from SAR 71.74 million in October-December 2023, while the revenues grew by 6.52% from SAR 93.71 million.

Accumulated Losses

Ayyan Investment incurred accumulated losses worth SAR 313.67 million as of 31 March 2024, accounting for 39% of the capital.

Meanwhile, the Saudi group is conducting negotiations with a commercial bank to obtain additional facilities to finance working capital.

The company also submitted a right issue file to the Capital Market Authority (CMA) to increase capital by SAR 200 million.

In 2023, the Tadawul-listed firm suffered 384.11% YoY higher net losses at SAR 216.06 million, compared to SAR 44.63 million.