Riyadh – Mubasher: Thimar Development Holding Company recorded net losses after Zakat and tax worth SAR 1.56 million in the first half (H1) of 2023, against net profits of SAR 33.09 million in H1-22.

Operating losses hiked by 6.13% year-on-year (YoY) to SAR 2.52 million in H1-23 from SAR 2.37 million, according to a bourse filing.

The loss per share (EPS) increased to SAR 0.16 in January-June 2023, compared to SAR 0.14 during the same period in 2022.

Financial Results for Q2-23

In the second quarter (Q2) of 2023, the net losses after Zakat and tax enlarged to SAR 1.30 million, an annual increase of 83.28% from SAR 710,369 in Q2-22.

Meanwhile, the company’s operating losses amounted to SAR 1.40 million in the April-June 2023 period, marking a 98.49% YoY surge from SAR 710,369.

On a quarterly basis, the net losses in Q2-23 soared by 65.94% from SAR 784,636 in Q1-23, while the operating losses rose by 19.55% from SAR 1.17 million.

Accumulated Losses

Thimar unveiled that its accumulated losses reached SAR 232.77 million as of 30 June 2023, representing 232.78% of the SAR 100 million capital.