Thimar trims 9M 2020 net loss to SAR 9 mln, Q3 at SAR 5 mln

Thimar trims 9M 2020 net loss to SAR 9 mln, Q3 at SAR 5 mln

03/07/2022 Argaam Exclusive

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Thimar Development Holding Co. cut net losses to SAR 9 million for the first nine months of 2020, from SAR 45.5 million in the year-earlier period.

 

The losses decreased as the company’s financial statements for the first nine months of 2019 implied an expected credit loss provision of SAR 15 million. Thimar excluded SAR 15 million losses from in-progress projects. Moreover, the company’s loss shares from associates stood at SAR 1 million.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 41.08 2.37 (94.2 %)
Gross Income 0.40 0.06 (84.6 %)
Operating Income (27.24) (9.54) 65.0 %
Net Income (45.48) (9.01) 80.2 %
Average Shares 3.87 3.87 -
EPS (Riyals) (11.76) (2.33) 80.2 %

In Q3 2020, Thimar’s net loss narrowed to SAR 5.32 million from SAR 40.11 million in the prior-year period.

 

The losses narrowed as Thimar’s Q3 2019 financial statements implied an expected credit loss provision of SAR 16 million. Thimar excluded SAR 15 million in losses from projects underway. Moreover, the company’s loss shares from associates stood at SAR 2 million.

 

Compared to Q2 2020, net losses widened from SAR 1.74 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 2.60 1.23 (52.8 %)
Gross Income (4.11) 0.01 100.3 %
Operating Income (23.88) (5.56) 76.7 %
Net Income (40.11) (5.32) 86.7 %
Average Shares 3.87 3.87 -
EPS (Riyals) (10.37) (1.38) 86.7 %

Shareholders’ equity, after minority interest, stood at SAR 39.059 million as of Sept. 30, 2020, from SAR 59.327 million a year earlier.

 

Accumulated losses came in at SAR 63.8 million, or 63.8% of the company’s capital, by the end of the nine-month period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 10.25 (59.3 %) 1.56 (71.1 %) (2.09) (30.0 %)
Q2 2011 12.97 (23.1 %) 2.22 (63.5 %) (3.21) (6,566.3 %)
Q3 2011 16.56 (12.3 %) 2.52 99.2 % (1.28) 75.2 %
Q4 2011 15.06 1.3 % 1.85 148.3 % (7.16) 44.8 %
Q1 2012 15.82 54.4 % 2.99 91.8 % (0.75) 64.3 %
Q2 2012 21.78 67.9 % 4.41 98.9 % 0.53 116.4 %
Q3 2012 22.38 35.1 % 4.43 75.7 % 0.69 153.5 %
Q4 2012 21.73 44.3 % 5.14 178.2 % 0.82 111.4 %
Q1 2013 24.11 52.4 % 4.49 50.2 % 0.50 167.1 %
Q2 2013 26.46 21.5 % 5.73 29.9 % 1.03 96.5 %
Q3 2013 27.44 22.6 % 5.55 25.3 % 1.21 76.5 %
Q4 2013 34.25 57.6 % 9.39 82.5 % 3.35 310.2 %
Q1 2014 44.65 85.2 % 8.62 91.9 % 2.94 486.9 %
Q2 2014 33.35 26.0 % 9.18 60.1 % 2.59 151.1 %
Q3 2014 31.21 13.7 % 8.73 57.1 % 1.94 60.4 %
Q4 2014 33.29 (2.8 %) 6.39 (31.9 %) 2.32 (30.8 %)
Q1 2015 27.87 (37.6 %) 9.80 13.7 % 3.52 19.4 %
Q2 2015 37.24 11.6 % 7.44 (18.9 %) 0.92 (64.4 %)
Q3 2015 32.98 5.7 % 7.86 (9.9 %) 1.26 (34.9 %)
Q4 2015 36.55 9.8 % 4.61 (27.8 %) 1.11 (52.1 %)
Q1 2016 37.37 34.1 % 8.46 (13.7 %) 2.09 (40.7 %)
Q2 2016 43.27 16.2 % 12.25 64.6 % 2.18 136.7 %
Q3 2016 33.80 2.5 % 7.77 (1.2 %) 1.16 (7.9 %)
Q4 2016 28.76 (21.3 %) 0.41 (91.2 %) (5.35) (581.7 %)
Q1 2017 35.01 (6.3 %) 9.22 9.0 % 1.49 (28.4 %)
Q2 2017 41.30 (4.5 %) 12.07 (1.5 %) 2.82 29.1 %
Q3 2017 39.21 16.0 % 14.35 84.8 % 3.12 168.2 %
Q4 2017 21.10 (26.6 %) 0.26 (36.9 %) 4.07 176.1 %
Q1 2018 23.55 (32.7 %) 6.76 (26.7 %) 2.29 53.5 %
Q2 2018 17.87 (56.7 %) 5.17 (57.2 %) (0.38) (113.4 %)
Q3 2018 17.25 (56.0 %) 4.91 (65.8 %) 1.69 (46.0 %)
Q4 2018 12.38 (41.3 %) 0.05 (80.2 %) (4.87) (219.6 %)
Q1 2019 22.46 (4.6 %) 2.62 (61.2 %) (0.69) (129.9 %)
Q2 2019 16.02 (10.4 %) 1.89 (63.4 %) (2.67) (606.6 %)
Q3 2019 2.60 (84.9 %) (4.11) (183.7 %) (23.88) (1515.1 %)
Q4 2019 0.81 (93.5 %) 0.05 (7.8 %) (10.24) (110.2 %)
Q1 2020 0.78 (96.5 %) 0.05 (98.1 %) (2.07) (202.3 %)
Q2 2020 0.37 (97.7 %) 0.00 (100.2 %) (1.90) 28.7 %
Q3 2020 1.23 (52.8 %) 0.01 100.3 % (5.56) 76.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2011 (2.05) (35.8 %) (0.53) - (2.05) (0.53)
Q2 2011 (3.07) (2193.9 %) (0.79) - (3.07) (0.79)
Q3 2011 (1.06) 80.5 % (0.27) 0.24 (1.30) (0.34)
Q4 2011 10.79 187.5 % 2.79 19.10 (8.31) (2.15)
Q1 2012 (0.87) 57.6 % (0.22) - (0.87) (0.22)
Q2 2012 0.36 111.8 % 0.09 - 0.36 0.09
Q3 2012 0.60 157.1 % 0.16 - 0.60 0.16
Q4 2012 0.93 (91.3 %) 0.24 - 0.93 0.24
Q1 2013 2.56 394.8 % 0.66 2.25 0.31 0.08
Q2 2013 2.77 663.1 % 0.72 1.97 0.80 0.21
Q3 2013 3.05 405.8 % 0.79 2.06 0.99 0.26
Q4 2013 5.21 457.9 % 1.35 2.34 2.87 0.74
Q1 2014 6.01 134.4 % 1.55 3.25 2.76 0.71
Q2 2014 3.01 8.8 % 0.78 0.61 2.40 0.62
Q3 2014 3.43 12.4 % 0.89 1.75 1.68 0.44
Q4 2014 5.11 (1.9 %) 1.32 2.71 2.40 0.62
Q1 2015 38.86 546.7 % 10.05 35.15 3.71 0.96
Q2 2015 2.50 (16.9 %) 0.65 - 2.50 0.65
Q3 2015 1.39 (59.4 %) 0.36 - 1.39 0.36
Q4 2015 2.08 (59.3 %) 0.54 - 2.08 0.54
Q1 2016 2.28 (94.1 %) 0.59 - 2.28 0.59
Q2 2016 2.02 (19.1 %) 0.52 - 2.02 0.52
Q3 2016 1.30 (6.8 %) 0.34 - 1.30 0.34
Q4 2016 (6.13) (394.2 %) (1.58) - (6.13) (1.58)
Q1 2017 1.47 (35.3 %) 0.38 - 1.47 0.38
Q2 2017 3.03 49.7 % 0.78 - 3.03 0.78
Q3 2017 2.25 73.1 % 0.58 - 2.25 0.58
Q4 2017 1.41 123.1 % 0.37 - 1.41 0.37
Q1 2018 1.48 0.1 % 0.38 - 1.48 0.38
Q2 2018 (0.71) (123.3 %) (0.18) - (0.71) (0.18)
Q3 2018 0.25 (88.8 %) 0.07 - 0.25 0.07
Q4 2018 (5.51) (490.0 %) (1.43) - (5.51) (1.43)
Q1 2019 (2.18) (247.8 %) (0.56) - (2.18) (0.56)
Q2 2019 (3.76) (432.8 %) (0.97) - (3.76) (0.97)
Q3 2019 (40.11) (15983.4 %) (10.37) (15.13) (24.98) (6.46)
Q4 2019 (11.26) (104.2 %) (2.91) - (11.26) (2.91)
Q1 2020 (1.94) 11.1 % (0.50) - (1.94) (0.50)
Q2 2020 (1.74) 53.6 % (0.45) - (1.74) (0.45)
Q3 2020 (5.32) 86.7 % (1.38) - (5.32) (1.38)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2011 8.34 % (27.83 %) (32.27 %)
Q2 2011 2.14 % (31.95 %) (40.13 %)
Q3 2011 4.52 % (28.76 %) (34.33 %)
Q4 2011 14.86 % (18.98 %) (26.86 %)
Q1 2012 15.86 % (14.97 %) (22.42 %)
Q2 2012 17.01 % (9.94 %) (14.61 %)
Q3 2012 18.24 % (4.52 %) (10.95 %)
Q4 2012 20.78 % 5.60 % 1.26 %
Q1 2013 20.54 % 6.43 % 2.46 %
Q2 2013 20.91 % 6.59 % 2.80 %
Q3 2013 20.98 % 6.70 % 3.04 %
Q4 2013 22.42 % 8.19 % 4.43 %
Q1 2014 22.06 % 8.79 % 5.59 %
Q2 2014 23.44 % 9.60 % 6.46 %
Q3 2014 25.04 % 9.98 % 6.77 %
Q4 2014 23.10 % 9.48 % 6.49 %
Q1 2015 27.12 % 11.28 % 8.11 %
Q2 2015 24.97 % 9.66 % 7.94 %
Q3 2015 23.97 % 9.19 % 7.61 %
Q4 2015 22.07 % 7.93 % 7.19 %
Q1 2016 19.69 % 6.22 % 5.73 %
Q2 2016 22.10 % 7.11 % 5.18 %
Q3 2016 21.92 % 7.89 % 5.09 %
Q4 2016 20.17 % 2.49 % (0.37 %)
Q1 2017 21.05 % 2.16 % (0.95 %)
Q2 2017 21.22 % 3.30 % (0.24 %)
Q3 2017 24.99 % 4.41 % 0.43 %
Q4 2017 26.28 % 11.74 % 5.97 %
Q1 2018 26.71 % 14.61 % 6.52 %
Q2 2018 26.08 % 12.60 % 4.36 %
Q3 2018 21.42 % 12.68 % 3.05 %
Q4 2018 23.76 % 4.18 % (6.32 %)
Q1 2019 18.22 % (1.33 %) (11.64 %)
Q2 2019 13.90 % (3.67 %) (16.44 %)
Q3 2019 0.84 % (54.21 %) (68.15 %)
Q4 2019 1.06 % (84.47 %) (100.70 %)
Q1 2020 (10.52 %) (185.96 %) (207.63 %)
Q2 2020 (88.27 %) (815.19 %) (876.89 %)
Q3 2020 3.36 % (580.56 %) (637.36 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2011 3.87 (5.08) (5.08) 8.03
Q2 2011 3.87 (5.91) (5.91) 7.05
Q3 2011 3.87 (4.79) (4.85) 6.77
Q4 2011 3.87 1.19 (3.81) 9.57
Q1 2012 3.87 1.50 (3.50) 9.24
Q2 2012 3.87 2.39 (2.62) 9.12
Q3 2012 3.87 2.82 (2.12) 9.22
Q4 2012 3.87 0.27 0.27 9.63
Q1 2013 3.87 1.15 0.57 11.95
Q2 2013 3.87 1.78 0.68 12.15
Q3 2013 3.87 2.41 0.78 12.48
Q4 2013 3.87 3.51 1.29 13.38
Q1 2014 3.87 4.40 1.92 14.31
Q2 2014 3.87 4.47 2.33 15.02
Q3 2014 3.87 4.57 2.51 15.86
Q4 2014 3.87 4.54 2.39 16.85
Q1 2015 3.87 13.03 2.64 26.71
Q2 2015 3.87 12.90 2.66 27.56
Q3 2015 3.87 12.37 2.59 27.77
Q4 2015 3.87 11.59 2.50 27.68
Q1 2016 3.87 2.13 2.13 28.27
Q2 2016 3.87 2.01 2.01 28.80
Q3 2016 3.87 1.99 1.99 29.09
Q4 2016 3.87 (0.14) (0.14) 27.59
Q1 2017 3.87 (0.34) (0.34) 27.98
Q2 2017 3.87 (0.09) (0.09) 28.76
Q3 2017 3.87 0.16 0.16 29.34
Q4 2017 3.87 2.11 2.11 29.84
Q1 2018 3.87 2.11 2.11 30.22
Q2 2018 3.87 1.15 1.15 30.04
Q3 2018 3.87 0.63 0.63 30.10
Q4 2018 3.87 (1.16) (1.16) 28.68
Q1 2019 3.87 (2.11) (2.11) 28.12
Q2 2019 3.87 (2.90) (2.90) 27.14
Q3 2019 3.87 (13.33) (9.42) 15.34
Q4 2019 3.87 (14.82) (10.91) 15.34
Q1 2020 3.87 (14.75) (10.84) 11.93
Q2 2020 3.87 (14.23) (10.32) 11.48
Q3 2020 3.87 (5.24) (5.24) 10.10

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 NEG NEG 10.88
Q2 2011 NEG NEG 13.13
Q3 2011 NEG NEG 14.11
Q4 2011 90.33 NEG 11.27
Q1 2012 More than 100 NEG 16.24
Q2 2012 39.53 NEG 10.35
Q3 2012 42.31 NEG 12.91
Q4 2012 More than 100 More than 100 13.10
Q1 2013 More than 100 More than 100 12.19
Q2 2013 80.81 More than 100 11.81
Q3 2013 56.69 More than 100 10.94
Q4 2013 52.09 More than 100 13.68
Q1 2014 93.77 More than 100 28.86
Q2 2014 76.91 More than 100 22.87
Q3 2014 87.58 More than 100 25.21
Q4 2014 76.88 More than 100 20.72
Q1 2015 27.02 More than 100 13.18
Q2 2015 25.81 More than 100 12.08
Q3 2015 13.96 66.81 6.22
Q4 2015 15.01 69.48 6.28
Q1 2016 66.24 66.24 5.00
Q2 2016 67.06 67.06 4.68
Q3 2016 49.71 49.71 3.39
Q4 2016 NEG NEG 5.89
Q1 2017 NEG NEG 5.81
Q2 2017 NEG NEG 4.83
Q3 2017 More than 100 More than 100 5.09
Q4 2017 62.09 62.09 4.39
Q1 2018 61.98 61.98 4.33
Q2 2018 More than 100 More than 100 4.40
Q3 2018 More than 100 More than 100 3.85
Q4 2018 NEG NEG 4.09
Q1 2019 NEG NEG 3.37
Q2 2019 NEG NEG 3.47
Q3 2019 NEG NEG 5.56
Q4 2019 NEG NEG 4.88
Q1 2020 NEG NEG 6.27
Q2 2020 NEG NEG 6.52
Q3 2020 NEG NEG 7.41

Business Segments (Million)

Compared With The
Period Meat sector Fruit and vegetable sector Other activities
Q1 2018 15.02 7.81 0.72
Q2 2018 5.92 11.80 0.15
Q1 2019 20.53 1.73 0.20

Current
Market Cap (M Riyal) 275.28
Enterprise Value (EV) (M) 253.07
Shares Outstanding ((M)) 6.50
EPS ( Riyal) (TTM) (2.36)
Book Value (BV) ( Riyal) 3.06
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 13.86
Return on Average Assets (%) (TTM) (23.08 )
Return on Average Equity (%) (TTM) -

Share Price

42.35
(0.30) (0.70 %)

Thimar Development Holding Co. (THIMAR)


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