AYYAN widens 9M 2023 loss to SAR 144.4 mln; Q3 at SAR 56.4 mln

AYYAN widens 9M 2023 loss to SAR 144.4 mln; Q3 at SAR 56.4 mln

09/11/2023 Argaam Exclusive

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AYYAN Investment Co. increased its net losses to SAR 144.4 million in the first nine months of 2023 from SAR 15.1 million a year earlier.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 209.59 239.56 14.3 %
Gross Income 45.92 (34.25) (174.6 %)
Operating Income (26.84) (123.97) (362.0 %)
Net Income (15.06) (144.37) (858.6 %)
Average Shares 80.64 80.64 -
EPS (Riyals) (0.19) (1.79) (858.6 %)

The higher losses were ascribed to a year-on-year (YoY) increase in the ratio of cost of sales to revenues.

 

AYYAN also reported higher general and administrative (G&A) expenses, as well as selling and marketing costs. Increased finance costs (FCs), along with lower dividend income and profit share from an associate, also weighed on the company’s performance.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 68.13 93.89 37.8 %
Gross Income 13.84 (19.93) (244.0 %)
Operating Income (19.85) (46.60) (134.7 %)
Net Income (16.75) (56.43) (236.9 %)
Average Shares 80.64 80.64 -
EPS (Riyals) (0.21) (0.70) (236.9 %)

In Q3 2023, net loss widened to SAR 56.4 million from SAR 16.8 million in Q3 2022 as the ratio of cost of sales to revenues increased. The company also recorded higher selling and marketing costs and FCs. It also received zero dividends from an associate and reported a loss share from an associate.

 

Compared to Q2 2023, net losses increased by 36.7% from SAR 41.3 million on higher FCs and a quarter-on-quarter decline in other revenues.

 

Total shareholders’ equity, after minority interest, surged to SAR 591.36 million as of Sept. 30, 2023, up from SAR 793.59 million in the prior-year period.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 0.73 (49.1 %) 0.00 (100.4 %) 4.70 674.8 % 0.10
Q2 2014 2.47 9.4 % 0.58 6.9 % (4.11) (216.6 %) (0.08)
Q3 2014 1.02 (10.1 %) (0.08) (36.1 %) (12.83) (1198.1 %) (0.26)
Q4 2014 2.57 55.5 % 0.25 189.2 % (22.37) (308.8 %) (0.46)
Q1 2015 9.51 1202.9 % 2.66 132900.0 % 4.74 0.9 % 0.10
Q2 2015 47.51 1820.4 % 13.14 2176.6 % 29.26 811.3 % 0.60
Q3 2015 43.30 4157.4 % 10.82 13141.0 % 7.56 159.0 % 0.15
Q4 2015 50.24 1858.1 % 12.67 4989.2 % (0.41) 98.2 % (0.01)
Q1 2016 49.61 421.6 % 12.71 378.4 % (2.79) (158.8 %) (0.06)
Q2 2016 49.61 4.4 % 12.68 (3.4 %) (12.83) (143.8 %) (0.26)
Q3 2016 45.23 4.5 % 13.43 24.1 % (2.88) (138.1 %) (0.06)
Q4 2016 47.48 (5.5 %) 9.52 (24.9 %) (14.17) (3,382.6 %) (0.29)
Q1 2017 50.64 2.1 % 12.56 (1.2 %) 1.00 135.9 % 0.02
Q2 2017 55.45 11.8 % 15.06 18.8 % 1.59 112.4 % 0.03
Q3 2017 49.78 10.1 % 12.73 (5.2 %) (2.11) 26.6 % (0.04)
Q4 2017 53.20 12.0 % 12.54 31.8 % (9.93) 30.0 % (0.20)
Q1 2018 53.02 4.7 % 12.41 (1.2 %) (2.79) (378.1 %) (0.06)
Q2 2018 53.67 (3.2 %) 12.13 (19.5 %) 0.32 (79.6 %) 0.01
Q3 2018 57.55 15.6 % 14.21 11.6 % 1.17 155.4 % 0.02
Q4 2018 61.42 15.5 % 13.99 11.5 % 8.51 185.8 % 0.17
Q1 2019 57.62 8.7 % 14.62 17.9 % 1.42 151.0 % 0.03
Q2 2019 58.62 9.2 % 14.98 23.5 % 1.98 510.8 % 0.04
Q3 2019 60.26 4.7 % 15.68 10.4 % 2.30 96.8 % 0.05
Q4 2019 69.00 12.3 % 24.10 72.3 % (6.88) (180.9 %) (0.14)
Q1 2020 63.33 9.9 % 16.01 9.5 % 15.91 1020.4 % 0.22
Q2 2020 61.42 4.8 % 16.44 9.7 % 3.96 100.1 % 0.05
Q3 2020 65.95 9.4 % 18.98 21.0 % 9.19 299.2 % 0.12
Q4 2020 64.62 (6.3 %) 16.45 (31.8 %) (1.76) 74.4 % (0.02)
Q1 2021 72.53 14.5 % 21.45 34.0 % 7.37 (53.7 %) 0.10
Q2 2021 70.43 14.7 % 20.00 21.7 % 0.62 (84.4 %) 0.01
Q3 2021 65.80 (0.2 %) 16.61 (12.5 %) 3.74 (59.4 %) 0.05
Q4 2021 60.80 (5.9 %) 6.50 (60.5 %) (7.42) (321.0 %) (0.10)
Q1 2022 75.60 4.2 % 19.13 (10.8 %) 13.42 82.1 % 0.17
Q2 2022 65.86 (6.5 %) 12.96 (35.2 %) (11.73) (2004.0 %) (0.15)
Q3 2022 68.13 3.5 % 13.84 (16.6 %) (16.75) (548.4 %) (0.21)
Q4 2022 56.64 (6.8 %) (29.09) (547.8 %) (29.71) (300.2 %) (0.37)
Q1 2023 69.19 (8.5 %) (11.90) (162.2 %) (46.65) (447.7 %) (0.58)
Q2 2023 76.49 16.1 % (2.42) (118.7 %) (41.29) (252.1 %) (0.51)
Q3 2023 93.89 37.8 % (19.93) (244.0 %) (56.43) (236.9 %) (0.70)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 3.43 % (103.24 %) 424.48 %
Q2 2014 3.93 % (88.57 %) 281.77 %
Q3 2014 3.63 % (128.17 %) 620.97 %
Q4 2014 10.92 % (157.30 %) 217.25 %
Q1 2015 21.83 % (65.06 %) 75.87 %
Q2 2015 26.33 % (17.50 %) 69.87 %
Q3 2015 26.11 % (6.83 %) 5.79 %
Q4 2015 26.09 % 4.77 % 8.07 %
Q1 2016 25.88 % 5.37 % 4.76 %
Q2 2016 25.36 % 6.95 % (14.75 %)
Q3 2016 26.45 % 8.29 % (8.05 %)
Q4 2016 25.18 % 4.00 % (8.51 %)
Q1 2017 24.97 % 4.40 % (7.26 %)
Q2 2017 25.44 % 4.43 % (0.68 %)
Q3 2017 24.52 % 4.39 % 0.95 %
Q4 2017 25.30 % 3.92 % (3.32 %)
Q1 2018 24.94 % 2.88 % (5.08 %)
Q2 2018 23.76 % 2.89 % (5.72 %)
Q3 2018 23.59 % 3.08 % (5.16 %)
Q4 2018 23.37 % 3.99 % 3.20 %
Q1 2019 23.86 % 5.12 % 4.96 %
Q2 2019 24.57 % 2.19 % 5.56 %
Q3 2019 24.91 % 5.57 % 5.97 %
Q4 2019 28.26 % 3.64 % (0.48 %)
Q1 2020 28.17 % 3.44 % (0.51 %)
Q2 2020 28.43 % 6.70 % 0.28 %
Q3 2020 29.08 % 4.58 % 1.76 %
Q4 2020 26.58 % 7.00 % 3.80 %
Q1 2021 27.71 % 7.51 % 5.95 %
Q2 2021 28.10 % 6.01 % 4.53 %
Q3 2021 27.25 % 6.12 % 3.64 %
Q4 2021 23.95 % 2.69 % 1.59 %
Q1 2022 22.83 % 2.60 % 3.79 %
Q2 2022 20.59 % 0.66 % (0.75 %)
Q3 2022 19.39 % (7.48 %) (8.32 %)
Q4 2022 6.32 % (13.36 %) (16.82 %)
Q1 2023 (5.46 %) (28.01 %) (40.35 %)
Q2 2023 (10.93 %) (35.56 %) (49.69 %)
Q3 2023 (21.38 %) (39.37 %) (58.77 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 49.00 0.41 0.50 10.68
Q2 2014 49.00 0.25 0.34 10.71
Q3 2014 49.00 (0.03) 0.74 10.52
Q4 2014 49.00 (0.71) 0.30 9.90
Q1 2015 49.00 (0.71) 0.24 10.17
Q2 2015 49.00 (0.02) 0.86 10.86
Q3 2015 49.00 0.39 0.12 10.59
Q4 2015 49.00 0.84 0.25 10.79
Q1 2016 49.00 0.69 0.19 10.51
Q2 2016 49.00 (0.17) (0.58) 10.24
Q3 2016 49.00 (0.39) (0.32) 10.13
Q4 2016 49.00 (0.67) (0.33) 9.96
Q1 2017 49.00 (0.59) (0.29) 9.95
Q2 2017 49.00 (0.30) (0.03) 9.93
Q3 2017 49.00 (0.28) 0.04 9.95
Q4 2017 49.00 (0.19) (0.14) 9.74
Q1 2018 49.00 (0.27) (0.22) 10.59
Q2 2018 49.00 (0.30) (0.24) 10.65
Q3 2018 49.00 (0.23) (0.23) 10.66
Q4 2018 49.00 0.15 0.15 10.73
Q1 2019 49.00 0.23 0.23 10.69
Q2 2019 49.00 0.27 0.27 10.05
Q3 2019 49.00 0.29 0.29 10.22
Q4 2019 49.00 (0.02) (0.02) 10.55
Q1 2020 73.73 0.18 (0.02) 10.17
Q2 2020 73.73 0.21 0.01 10.23
Q3 2020 73.73 0.30 0.06 10.36
Q4 2020 73.73 0.37 0.13 10.18
Q1 2021 75.46 0.25 0.21 10.28
Q2 2021 75.46 0.20 0.16 10.29
Q3 2021 75.46 0.13 0.13 10.34
Q4 2021 75.46 0.06 0.06 10.03
Q1 2022 80.64 0.13 0.13 10.19
Q2 2022 80.64 (0.02) (0.02) 10.05
Q3 2022 80.64 (0.28) (0.28) 9.84
Q4 2022 80.64 (0.56) (0.56) 9.12
Q1 2023 80.64 (1.30) (1.30) 8.55
Q2 2023 80.64 (1.67) (1.67) 8.03
Q3 2023 80.64 (2.16) (2.16) 7.33

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 68.36 56.11 2.63
Q2 2014 More than 100 83.92 2.70
Q3 2014 NEG 42.36 3.00
Q4 2014 NEG 79.52 2.42
Q1 2015 NEG 99.61 2.36
Q2 2015 NEG 31.40 2.50
Q3 2015 45.16 More than 100 1.67
Q4 2015 24.18 81.85 1.88
Q1 2016 30.94 More than 100 2.02
Q2 2016 NEG NEG 1.91
Q3 2016 NEG NEG 1.63
Q4 2016 NEG NEG 1.93
Q1 2017 NEG NEG 2.49
Q2 2017 NEG NEG 1.99
Q3 2017 NEG More than 100 2.05
Q4 2017 NEG NEG 2.03
Q1 2018 NEG NEG 1.75
Q2 2018 NEG NEG 1.77
Q3 2018 NEG NEG 1.56
Q4 2018 More than 100 More than 100 1.53
Q1 2019 73.53 73.53 1.60
Q2 2019 63.61 63.61 1.69
Q3 2019 59.45 59.45 1.69
Q4 2019 NEG NEG 1.75
Q1 2020 57.88 NEG 1.03
Q2 2020 59.51 More than 100 1.21
Q3 2020 57.68 More than 100 1.67
Q4 2020 58.50 More than 100 2.13
Q1 2021 90.40 More than 100 2.24
Q2 2021 More than 100 More than 100 2.98
Q3 2021 More than 100 More than 100 2.72
Q4 2021 More than 100 More than 100 2.03
Q1 2022 More than 100 More than 100 1.87
Q2 2022 NEG NEG 1.68
Q3 2022 NEG NEG 1.70
Q4 2022 NEG NEG 1.55
Q1 2023 NEG NEG 1.83
Q2 2023 NEG NEG 2.44
Q3 2023 NEG NEG 2.07

Business Segments (Million)

Compared With The
Period medical service Manufacturing sector Investments Food
Q1 2014 - 0.73 - -
Q2 2014 - 2.47 - -
Q3 2014 - 1.02 - -
Q4 2014 - 2.57 - -
Q1 2015 6.92 2.59 - -
Q2 2015 44.09 3.43 - -
Q3 2015 41.55 1.75 - -
Q4 2015 47.09 3.15 - -
Q1 2016 46.51 3.10 - -
Q2 2016 45.56 4.04 - -
Q3 2016 43.72 1.51 - -
Q4 2016 44.67 2.81 - -
Q1 2017 47.97 2.67 - -
Q2 2017 50.48 4.98 - -
Q3 2017 46.87 2.91 - -
Q4 2017 50.60 2.59 - -
Q1 2018 50.24 2.78 - -
Q2 2018 48.22 5.45 - -
Q3 2018 54.82 2.73 - -
Q4 2018 57.67 3.75 - -
Q1 2019 53.71 3.91 - -
Q2 2019 54.45 4.17 - -
Q3 2019 56.65 3.62 - -
Q4 2019 64.25 4.75 - -
Q1 2020 58.48 4.85 - -
Q2 2020 57.41 4.01 - -
Q3 2020 62.20 3.74 - -
Q4 2020 60.44 4.18 - -
Q1 2021 67.58 4.95 - -
Q2 2021 66.66 3.77 - -
Q3 2021 62.23 3.57 - -
Q4 2021 56.17 4.63 - -
Q1 2022 70.01 5.59 - -
Q2 2022 61.83 4.03 - -
Q3 2022 63.91 4.22 - -
Q4 2022 51.22 5.42 - -
Q1 2023 62.67 6.52 - -
Q2 2023 72.25 4.24 - -
Q3 2023 89.57 4.31 - -


Financial Ratios
Current
Market Cap (M Riyal) 1,459.58
Enterprise Value (EV) (M) 2,172.85
Shares Outstanding ((M)) 80.64
EPS ( Riyal) (TTM) (2.79)
Book Value (BV) ( Riyal) 5.49
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.30
Return on Average Assets (%) (TTM) (13.69 )
Return on Average Equity (%) (TTM) (39.81 )
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Share Price

AYYAN Investment Co.
18.18
0.08 0.44 %

AYYAN Investment Co. (AYYAN)

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