Riyadh – Mubasher: Thimar Development Holding Company has incurred accumulated losses worth SAR 54.81 million as on 31 December 2019, accounting for 54.82% of the SAR 100 million capital.

The company pointed out that the accumulated losses were attributed to disposals of projects in progress, according to a bourse disclosure.

In 2020, Thimar suffered net losses after Zakat and tax of SAR 11.67 million, down 79.41% from SAR 56.73 million in 2019.

Moreover, revenues plunged by 91.24% to SAR 3.66 million in 2020, compared to SAR 41.88 million a year earlier.

Last November, the listed firm’s shareholders agreed to change its name from the National Agricultural Marketing Company to Thimar Development Holding.