Thimar deepens losses to SAR 8M in 2024; Q4 profit at SAR 3.3M

Thimar deepens losses to SAR 8M in 2024; Q4 profit at SAR 3.3M

27/03/2025 Argaam Exclusive

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Thimar Development Holding Co. deepened its losses to SAR 8 million in 2024, from SAR 6.5 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Operating Income (17.14) (17.90) (4.4 %)
Net Income (6.53) (8.01) (22.7 %)
Average Shares 6.50 6.50 -
Earnings Per Share before unusual items (2.45) (1.77) 27.7 %
EPS (Riyals) (1.00) (1.23) (22.7 %)

The wider losses were attributed to a SAR 2 million year-on-year (YoY) increase in general and administrative expenses (G&A), and a high loss from the effect of adjusting the cash flows of financial liabilities by approximately SAR 9.5 million.

 

On the other hand, unrealized gains from investments at fair value through profit and loss during this year amounted to SAR 1.8 million.

 

Moreover, other revenues rose by SAR 5 million YoY, and the reversal of impairment on property, plant, and equipment increased by SAR 1 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Operating Income (13.09) (3.43) 73.8 %
Net Income (4.03) 3.27 181.1 %
Average Shares 6.50 6.50 -
Earnings Per Share before unusual items (1.94) 0.23 112.0 %
EPS (Riyals) (0.62) 0.50 181.1 %

Thimar swung to a net profit of SAR 3.3 million in Q4 2024, against a net loss of SAR 4.03 million in the year-earlier period.

 

On a sequential basis, the company turned a profit against a loss of SAR 4.33 million in Q3 2024.

 

Total shareholders’ equity, after minority interest, stood at SAR 24.83 million by Dec. 31, 2024, compared to SAR 31.13 million a year earlier.

 

Accumulated losses reached SAR 82.9 million by the end of 2024, representing 127.54% of capital.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2020 1.30 60.3 % (3.62) (7795.7 %) (2.79) 72.8 %
Q1 2021 0.43 (45.2 %) 0.04 (30.0 %) (1.56) 24.8 %
Q2 2021 - - - - (1.41) 26.1 %
Q3 2021 - - - - (1.48) 73.5 %
Q4 2021 - - (0.02) 99.4 % (43.91) (1,476.0 %)
Q1 2022 - - - - (1.26) 18.9 %
Q2 2022 - - - - (1.16) 17.6 %
Q3 2022 - - - - (1.32) 10.9 %
Q4 2022 - - - - (3.03) 93.1 %
Q1 2023 - - - - (1.18) 6.7 %
Q2 2023 - - - - (1.49) (28.4 %)
Q3 2023 - - - - (1.37) (4.1 %)
Q4 2023 - - - - (13.09) (331.7 %)
Q1 2024 - - - - (4.04) (243.1 %)
Q2 2024 - - - - (4.56) (206.5 %)
Q3 2024 - - - - (4.74) (246.0 %)
Q4 2024 - - - - (3.43) 73.8 %
2024 - - - - (17.90) (4.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
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)
Q4 2020 (2.67) 76.3 % (0.69) - (2.67) (0.69)
Q1 2021 (1.33) 31.7 % (0.34) - (1.33) (0.34)
Q2 2021 (1.13) 35.3 % (0.29) - (1.13) (0.29)
Q3 2021 (1.28) 76.0 % (0.33) - (1.28) (0.33)
Q4 2021 (158.72) (5,841.6 %) (41.04) (117.02) (41.69) (10.78)
Q1 2022 2.55 292.4 % 0.66 3.80 (1.25) (0.32)
Q2 2022 (1.16) (2.7 %) (0.30) - (1.16) (0.30)
Q3 2022 (1.32) (2.9 %) (0.34) - (1.32) (0.34)
Q4 2022 (3.03) 98.1 % (0.78) - (3.03) (0.78)
Q1 2023 (0.33) (112.8 %) (0.08) - (0.33) (0.08)
Q2 2023 (1.38) (19.1 %) (0.36) 0.85 (2.23) (0.58)
Q3 2023 (0.77) 41.1 % (0.20) - (0.77) (0.20)
Q4 2023 (4.03) (33.0 %) (0.62) 8.55 (12.58) (1.94)
Q1 2024 (2.31) (606.6 %) (0.35) 1.74 (4.04) (0.62)
Q2 2024 (4.64) (236.3 %) (0.71) - (4.64) (0.71)
Q3 2024 (4.33) (459.6 %) (0.67) - (4.33) (0.67)
Q4 2024 3.27 181.1 % 0.50 1.76 1.51 0.23
2024 (8.01) (22.7 %) (1.23) 3.50 (11.51) (1.77)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2020 (96.97 %) (287.19 %) (318.42 %)
Q1 2021 (107.69 %) (306.43 %) (333.60 %)
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 - - -
Q1 2024 - - -
Q2 2024 - - -
Q3 2024 - - -
Q4 2024 - - -
2024 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q4 2020 3.87 (3.02) (3.02) 9.41
Q1 2021 3.87 (2.86) (2.86) 9.07
Q2 2021 3.87 (2.70) (2.70) 8.77
Q3 2021 3.87 (1.66) (1.66) 8.44
Q4 2021 3.87 (42.00) (11.75) (32.63)
Q1 2022 3.87 (41.00) (11.73) (23.76)
Q2 2022 3.87 (41.01) (11.73) (23.99)
Q3 2022 3.87 (41.02) (11.74) (24.34)
Q4 2022 3.87 (0.76) (1.75) (25.99)
Q1 2023 3.87 (1.51) (1.51) (26.07)
Q2 2023 3.87 (1.57) (1.78) (26.43)
Q3 2023 3.87 (1.43) (1.64) (26.63)
Q4 2023 6.50 (1.00) (2.45) 4.79
Q1 2024 6.50 (1.31) (3.02) 4.44
Q2 2024 6.50 (1.81) (3.39) 3.72
Q3 2024 6.50 (2.36) (3.94) 3.06
Q4 2024 6.50 (1.23) (1.77) 3.82

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2020 NEG NEG 7.95
Q1 2021 NEG NEG 8.25
Q2 2021 NEG NEG 8.52
Q3 2021 NEG NEG 8.86
Q4 2021 NEG NEG (2.29)
Q1 2022 NEG NEG (3.15)
Q2 2022 NEG NEG (3.12)
Q3 2022 NEG NEG (3.07)
Q4 2022 NEG NEG (2.88)
Q1 2023 NEG NEG (6.80)
Q2 2023 NEG NEG (5.54)
Q3 2023 NEG NEG (4.42)
Q4 2023 NEG NEG 10.19
Q1 2024 NEG NEG 11.19
Q2 2024 NEG NEG 12.19
Q3 2024 NEG NEG 16.53
Q4 2024 NEG NEG 11.48

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) 255.78
Enterprise Value (EV) (M) 235.57
Shares Outstanding ((M)) 6.50
EPS ( Riyal) (TTM) (1.23)
Book Value (BV) ( Riyal) 3.82
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 10.30
Return on Average Assets (%) (TTM) (8.19 )
Return on Average Equity (%) (TTM) (12.54 )

Share Price

Thimar Development Holding Co. (THIMAR)


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