Riyadh – Ayyan Investment Company shifted to net losses after Zakat and tax worth SAR 87.98 million in the first half (H1) of 2023, versus net profits worth SAR 1.96 million in H1-22.

The loss per share was SAR 1.09 at the end of June 2023, against earnings per share (EPS) of SAR 0.02 in the year-ago period, according to the financial results.

Meanwhile, the revenues increased by 2.98% to SAR 145.67 million during January-June 2023 from SAR 141.45 million in the corresponding six months (6M) last year.

Income Statement for Q2-23

During the second quarter (Q2) of 2023, Ayyan Investment registered a 254.24% year-on-year (YoY) increase in net loss to SAR 41.26 million from SAR 11.64 million.

The revenues grew by 16.14% on an annual basis to SAR 76.48 million during April-June 2023, compared with SAR 65.86 million in the corresponding period last year.

On a quarterly basis, the net losses in Q2-23 were 11.68% lower than SAR 46.72 million in Q1-23, while the revenues soared by 10.55% from SAR 69.18 million.

Accumulated Losses

The company announced accumulated losses amounting to SAR 130.91 million, which represented 16.20% of the SAR 806.36 million capital.

It is worth noting that the accumulated losses at the end of H1-23 deepened from SAR 89.62 million as of 31 March 2023.

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