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	15.08	(92.8 %)
Gross Income	45.93	2.90	(93.7 %)
Operating Income	(26.84)	(3.90)	85.5 %
Net Income	(15.06)	(144.37)	(858.6 %)
Average Shares	88.35	86.98	(1.6 %)
EPS (Riyals)	(0.17)	(1.66)	(873.7 %)

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	4.31	(93.7 %)
Gross Income	13.84	0.12	(99.2 %)
Operating Income	(19.85)	(1.89)	90.5 %
Net Income	(16.75)	(56.43)	(236.9 %)
Average Shares	88.35	86.98	(1.6 %)
EPS (Riyals)	(0.19)	(0.65)	(242.3 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	76.49	4.31	(94.4 %)
Gross Income	(2.42)	0.12	104.8 %
Operating Income	(37.16)	(1.89)	94.9 %
Net Income	(41.29)	(56.43)	(36.7 %)
Average Shares	88.35	86.98	(1.6 %)
EPS (Riyals)	(0.47)	(0.65)	(38.8 %)

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.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	0.73	(49.1 %)	0.00	(100.4 %)	(1.75)	8.8 %
Q2 2014	2.47	9.4 %	0.58	6.9 %	(0.96)	42.1 %
Q3 2014	1.02	(10.1 %)	(0.08)	(36.1 %)	(2.57)	(7.0 %)
Q4 2014	2.57	55.5 %	0.25	189.2 %	(6.61)	(56.0 %)
2014	6.79	4.8 %	0.74	13.8 %	(11.89)	(16.4 %)
Q1 2015	9.51	1202.9 %	2.66	132900.0 %	(0.85)	51.7 %
Q2 2015	47.51	1820.4 %	13.14	2176.6 %	(0.32)	66.4 %
Q3 2015	43.30	4157.4 %	10.82	13141.0 %	(1.72)	32.9 %
Q4 2015	50.24	1858.1 %	12.67	4989.2 %	(0.51)	92.2 %
2015	150.56	2118.7 %	38.41	5090.9 %	(4.28)	64.0 %
Q1 2016	49.61	421.6 %	12.71	378.4 %	(1.20)	(41.8 %)
Q2 2016	49.61	4.4 %	12.68	(3.4 %)	(1.11)	(243.3 %)
Q3 2016	45.23	4.5 %	13.43	24.1 %	(0.80)	53.8 %
Q4 2016	47.48	(5.5 %)	9.52	(24.9 %)	(4.28)	(733.7 %)
2016	191.93	27.5 %	48.30	25.7 %	(7.42)	(73.4 %)
Q1 2017	50.64	2.1 %	12.56	(1.2 %)	(1.94)	(61.3 %)
Q2 2017	55.45	11.8 %	15.06	18.8 %	0.61	154.7 %
Q3 2017	49.78	10.1 %	12.73	(5.2 %)	(1.10)	(38.4 %)
Q4 2017	53.20	12.0 %	12.54	31.8 %	(4.73)	(10.7 %)
2017	209.07	8.9 %	52.90	9.5 %	(7.17)	3.5 %
Q1 2018	53.02	4.7 %	12.41	(1.2 %)	(2.51)	(29.8 %)
Q2 2018	53.67	(3.2 %)	12.13	(19.5 %)	(0.77)	(227.0 %)
Q3 2018	57.55	15.6 %	14.21	11.6 %	(0.42)	61.9 %
Q4 2018	61.42	15.5 %	13.99	11.5 %	(2.18)	54.0 %
2018	225.65	7.9 %	52.73	(0.3 %)	(5.88)	17.9 %
Q1 2019	57.62	8.7 %	14.62	17.9 %	0.40	115.8 %
Q2 2019	58.62	9.2 %	14.98	23.5 %	(0.66)	14.8 %
Q3 2019	60.26	4.7 %	15.68	10.4 %	0.52	223.6 %
Q4 2019	69.00	12.3 %	24.10	72.3 %	(6.56)	(201.4 %)
2019	245.51	8.8 %	69.38	31.6 %	(6.30)	(7.2 %)
Q1 2020	63.33	9.9 %	16.01	9.5 %	0.16	(58.9 %)
Q2 2020	61.42	4.8 %	16.44	9.7 %	0.77	217.8 %
Q3 2020	65.95	9.4 %	18.98	21.0 %	2.11	306.0 %
Q4 2020	64.62	(6.3 %)	16.45	(31.8 %)	(1.32)	80.0 %
2020	255.32	4.0 %	67.87	(2.2 %)	1.73	127.4 %
Q1 2021	72.53	14.5 %	21.45	34.0 %	1.87	1045.3 %
Q2 2021	70.43	14.7 %	20.00	21.7 %	(2.79)	(459.9 %)
Q3 2021	65.80	(0.2 %)	16.61	(12.5 %)	2.08	(1.3 %)
Q4 2021	60.80	(5.9 %)	6.50	(60.5 %)	(11.29)	(758.5 %)
2021	269.56	5.6 %	64.55	(4.9 %)	(10.12)	(685.4 %)
Q1 2022	75.60	4.2 %	19.13	(10.8 %)	1.56	(16.5 %)
Q2 2022	65.86	(6.5 %)	12.96	(35.2 %)	(8.55)	(206.8 %)
Q3 2022	68.13	3.5 %	13.84	(16.6 %)	(19.85)	(1054.2 %)
Q4 2022	56.64	(6.8 %)	(29.09)	(547.8 %)	(30.30)	(168.4 %)
2022	266.23	(1.2 %)	16.83	(73.9 %)	(57.14)	(464.4 %)
Q1 2023	69.19	(8.5 %)	(11.90)	(162.2 %)	(40.22)	(2673.6 %)
Q2 2023	76.49	16.1 %	(2.42)	(118.7 %)	(37.16)	(334.8 %)
Q3 2023	4.31	(93.7 %)	0.12	(99.2 %)	(1.89)	90.5 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	6.48	-	0.65	-	(10.22)	(26.5 %)
2014	6.79	4.8 %	0.74	13.8 %	(11.89)	(16.4 %)
2015	150.56	2118.7 %	38.41	5090.9 %	(4.28)	64.0 %
2016	191.93	27.5 %	48.30	25.7 %	(7.42)	(73.4 %)
2017	209.07	8.9 %	52.90	9.5 %	(7.17)	3.5 %
2018	225.65	7.9 %	52.73	(0.3 %)	(5.88)	17.9 %
2019	245.51	8.8 %	69.38	31.6 %	(6.30)	(7.2 %)
2020	255.32	4.0 %	67.87	(2.2 %)	1.73	127.4 %
2021	269.56	5.6 %	64.55	(4.9 %)	(10.12)	(685.4 %)
2022	266.23	(1.2 %)	16.83	(73.9 %)	(57.14)	(464.4 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	4.70	674.8 %	0.09	-	4.70	0.09
Q2 2014	(4.11)	(216.6 %)	(0.08)	-	(4.11)	(0.08)
Q3 2014	(12.83)	(1198.1 %)	(0.24)	(33.59)	20.76	0.39
Q4 2014	(22.37)	(308.8 %)	(0.42)	(15.76)	(6.61)	(0.12)
2014	(36.08)	(325.2 %)	(0.67)	(50.25)	14.18	0.26
Q1 2015	4.74	0.9 %	0.09	2.97	1.77	0.03
Q2 2015	29.26	811.3 %	0.54	2.84	26.42	0.49
Q3 2015	7.56	159.0 %	0.14	23.19	(15.62)	(0.29)
Q4 2015	(0.41)	98.2 %	(0.01)	-	(0.41)	(0.01)
2015	52.09	244.4 %	0.97	53.21	(1.13)	(0.02)
Q1 2016	(2.79)	(158.8 %)	(0.05)	(1.47)	(1.32)	(0.02)
Q2 2016	(12.83)	(143.8 %)	(0.24)	(1.75)	(11.08)	(0.21)
Q3 2016	(2.88)	(138.1 %)	(0.05)	-	(2.88)	(0.05)
Q4 2016	(14.17)	(3,382.6 %)	(0.26)	(13.12)	(1.05)	(0.02)
2016	(33.39)	(164.1 %)	(0.62)	(16.35)	(17.05)	(0.32)
Q1 2017	1.00	135.9 %	0.02	-	1.00	0.02
Q2 2017	1.59	112.4 %	0.03	-	1.59	0.03
Q3 2017	(2.11)	26.6 %	(0.04)	(2.50)	0.39	0.01
Q4 2017	(9.93)	30.0 %	(0.18)	-	(9.93)	(0.18)
2017	(9.45)	71.7 %	(0.18)	(2.50)	(6.95)	(0.13)
Q1 2018	(2.79)	(378.1 %)	(0.05)	-	(2.79)	(0.05)
Q2 2018	0.32	(79.6 %)	0.01	-	0.32	0.01
Q3 2018	1.17	155.4 %	0.02	-	1.17	0.02
Q4 2018	8.51	185.8 %	0.16	-	8.51	0.16
2018	7.22	176.4 %	0.13	-	7.22	0.13
Q1 2019	1.42	151.0 %	0.03	-	1.42	0.03
Q2 2019	1.98	510.8 %	0.04	-	1.98	0.04
Q3 2019	2.30	96.8 %	0.04	-	2.30	0.04
Q4 2019	(6.88)	(180.9 %)	(0.13)	-	(6.88)	(0.13)
2019	(1.28)	(117.8 %)	(0.02)	-	(1.28)	(0.02)
Q1 2020	15.91	1020.3 %	0.20	14.58	1.33	0.02
Q2 2020	3.96	100.0 %	0.05	-	3.96	0.05
Q3 2020	9.19	299.2 %	0.11	3.01	6.18	0.08
Q4 2020	(1.76)	74.4 %	(0.02)	-	(1.76)	(0.02)
2020	27.29	2225.7 %	0.34	17.59	9.70	0.12
Q1 2021	7.37	(53.7 %)	0.09	-	7.37	0.09
Q2 2021	0.62	(84.4 %)	0.01	-	0.62	0.01
Q3 2021	3.74	(59.4 %)	0.05	-	3.74	0.05
Q4 2021	(7.42)	(321.2 %)	(0.09)	-	(7.42)	(0.09)
2021	4.29	(84.3 %)	0.05	-	4.29	0.05
Q1 2022	13.42	82.1 %	0.15	-	13.42	0.15
Q2 2022	(11.73)	(2003.4 %)	(0.13)	-	(11.73)	(0.13)
Q3 2022	(16.75)	(548.4 %)	(0.19)	-	(16.75)	(0.19)
Q4 2022	(29.71)	(300.2 %)	(0.34)	-	(29.71)	(0.34)
2022	(44.77)	(1142.5 %)	(0.51)	-	(44.77)	(0.51)
Q1 2023	(46.65)	(447.7 %)	(0.53)	-	(46.65)	(0.53)
Q2 2023	(41.29)	(252.1 %)	(0.47)	-	(41.29)	(0.47)
Q3 2023	(56.43)	(236.9 %)	(0.65)	-	(56.33)	(0.65)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	16.02	500.8 %	0.30	(4.39)	20.41	0.38
2014	(36.08)	(325.2 %)	(0.67)	(50.25)	14.18	0.26
2015	52.09	244.4 %	0.97	53.21	(1.13)	(0.02)
2016	(33.39)	(164.1 %)	(0.62)	(16.35)	(17.05)	(0.32)
2017	(9.45)	71.7 %	(0.18)	(2.50)	(6.95)	(0.13)
2018	7.22	176.4 %	0.13	-	7.22	0.13
2019	(1.28)	(117.8 %)	(0.02)	-	(1.28)	(0.02)
2020	27.29	2225.7 %	0.34	17.59	9.70	0.12
2021	4.29	(84.3 %)	0.05	-	4.29	0.05
2022	(44.77)	(1142.5 %)	(0.51)	-	(44.77)	(0.51)

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 %
2014	10.90 %	(157.32 %)	208.89 %
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 %
2015	25.51 %	4.19 %	(0.75 %)
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 %)
2016	25.16 %	3.98 %	(8.88 %)
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 %)
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 %
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 %)
2019	28.26 %	3.64 %	(0.52 %)
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 %
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 %
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 %)
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	(20.95 %)	(34.81 %)	(84.20 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	10.04 %	(95.52 %)	315.10 %
2014	10.90 %	(157.32 %)	208.89 %
2015	25.51 %	4.19 %	(0.75 %)
2016	25.16 %	3.98 %	(8.88 %)
2017	25.30 %	3.92 %	(3.32 %)
2018	23.37 %	3.99 %	3.20 %
2019	28.26 %	3.64 %	(0.52 %)
2020	26.58 %	7.00 %	3.80 %
2021	23.95 %	2.69 %	1.59 %
2022	6.32 %	(13.36 %)	(16.82 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	(0.27 %)	(98.77 %)	644.25 %
Q2 2014	23.32 %	0.08 %	(166.25 %)
Q3 2014	(8.16 %)	(355.95 %)	2,041.40 %
Q4 2014	9.70 %	(246.96 %)	(257.44 %)
Q1 2015	27.93 %	(1.82 %)	18.60 %
Q2 2015	27.65 %	(1.00 %)	55.61 %
Q3 2015	25.00 %	(0.10 %)	(36.08 %)
Q4 2015	25.22 %	15.68 %	(0.81 %)
Q1 2016	25.61 %	5.79 %	(2.66 %)
Q2 2016	25.57 %	5.41 %	(22.33 %)
Q3 2016	29.70 %	6.00 %	(6.37 %)
Q4 2016	20.04 %	(1.24 %)	(2.22 %)
Q1 2017	24.80 %	7.27 %	1.98 %
Q2 2017	27.16 %	5.44 %	2.86 %
Q3 2017	25.57 %	5.65 %	0.78 %
Q4 2017	23.58 %	(2.46 %)	(18.66 %)
Q1 2018	23.40 %	2.95 %	(5.26 %)
Q2 2018	22.60 %	5.59 %	0.60 %
Q3 2018	24.69 %	5.97 %	2.03 %
Q4 2018	22.78 %	1.62 %	13.86 %
Q1 2019	25.37 %	7.55 %	2.46 %
Q2 2019	25.56 %	(6.20 %)	3.38 %
Q3 2019	26.02 %	19.14 %	3.82 %
Q4 2019	34.93 %	(4.80 %)	(9.98 %)
Q1 2020	25.27 %	6.38 %	2.10 %
Q2 2020	26.76 %	7.75 %	6.45 %
Q3 2020	28.78 %	9.70 %	9.37 %
Q4 2020	25.45 %	4.12 %	(2.73 %)
Q1 2021	29.57 %	8.34 %	10.16 %
Q2 2021	28.40 %	1.89 %	0.87 %
Q3 2021	25.24 %	10.18 %	5.68 %
Q4 2021	10.68 %	(11.25 %)	(12.21 %)
Q1 2022	25.30 %	7.80 %	17.75 %
Q2 2022	19.67 %	(6.04 %)	(17.81 %)
Q3 2022	20.32 %	(22.46 %)	(24.58 %)
Q4 2022	(51.36 %)	(39.17 %)	(52.45 %)
Q1 2023	(17.19 %)	(45.26 %)	(67.42 %)
Q2 2023	(3.16 %)	(35.77 %)	(53.98 %)
Q3 2023	2.69 %	207.37 %	(1306.17 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	53.69	0.37	0.46	9.75
Q2 2014	53.69	0.23	0.31	9.78
Q3 2014	53.69	(0.03)	0.68	9.60
Q4 2014	53.69	(0.64)	0.27	9.04
Q1 2015	53.69	(0.64)	0.22	9.28
Q2 2015	53.69	(0.02)	0.79	9.91
Q3 2015	53.69	0.36	0.11	9.67
Q4 2015	53.69	0.77	0.23	9.85
Q1 2016	53.69	0.63	0.17	9.59
Q2 2016	53.69	(0.16)	(0.53)	9.34
Q3 2016	53.69	(0.35)	(0.29)	9.24
Q4 2016	53.69	(0.61)	(0.30)	9.09
Q1 2017	53.69	(0.54)	(0.26)	9.08
Q2 2017	53.69	(0.27)	(0.03)	9.07
Q3 2017	53.69	(0.26)	0.04	9.09
Q4 2017	53.69	(0.18)	(0.13)	8.89
Q1 2018	53.69	(0.25)	(0.20)	9.66
Q2 2018	53.69	(0.27)	(0.22)	9.72
Q3 2018	53.69	(0.21)	(0.21)	9.73
Q4 2018	53.69	0.13	0.13	9.79
Q1 2019	53.69	0.21	0.21	9.76
Q2 2019	53.69	0.24	0.24	9.17
Q3 2019	53.69	0.26	0.26	9.33
Q4 2019	53.69	(0.02)	(0.02)	9.63
Q1 2020	80.79	0.16	(0.02)	9.28
Q2 2020	80.79	0.19	0.01	9.34
Q3 2020	80.79	0.27	0.06	9.45
Q4 2020	80.79	0.34	0.12	9.29
Q1 2021	82.68	0.23	0.19	9.38
Q2 2021	82.68	0.19	0.15	9.39
Q3 2021	82.68	0.12	0.12	9.44
Q4 2021	82.68	0.05	0.05	9.15
Q1 2022	88.35	0.12	0.12	9.30
Q2 2022	88.35	(0.02)	(0.02)	9.17
Q3 2022	88.35	(0.25)	(0.25)	8.98
Q4 2022	88.35	(0.51)	(0.51)	8.33
Q1 2023	88.35	(1.19)	(1.19)	7.80
Q2 2023	88.35	(1.52)	(1.52)	7.33
Q3 2023	86.98	(2.00)	(2.00)	6.80

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	53.69	0.30	0.38	9.77
2014	53.69	(0.67)	0.26	9.04
2015	53.69	0.97	(0.02)	9.85
2016	53.69	(0.62)	(0.32)	9.09
2017	53.69	(0.18)	(0.13)	8.89
2018	53.69	0.13	0.13	9.79
2019	53.69	(0.02)	(0.02)	9.63
2020	80.79	0.34	0.12	9.29
2021	82.68	0.05	0.05	9.15
2022	88.35	(0.51)	(0.51)	8.33

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	77.87	63.91	2.99
Q2 2014	More than 100	95.59	3.07
Q3 2014	NEG	48.25	3.41
Q4 2014	NEG	90.58	2.75
Q1 2015	NEG	More than 100	2.69
Q2 2015	NEG	35.77	2.85
Q3 2015	51.44	More than 100	1.90
Q4 2015	27.54	93.24	2.14
Q1 2016	35.24	More than 100	2.30
Q2 2016	NEG	NEG	2.17
Q3 2016	NEG	NEG	1.86
Q4 2016	NEG	NEG	2.19
Q1 2017	NEG	NEG	2.84
Q2 2017	NEG	NEG	2.26
Q3 2017	NEG	More than 100	2.33
Q4 2017	NEG	NEG	2.32
Q1 2018	NEG	NEG	1.99
Q2 2018	NEG	NEG	2.02
Q3 2018	NEG	NEG	1.77
Q4 2018	More than 100	More than 100	1.74
Q1 2019	83.75	83.75	1.83
Q2 2019	72.46	72.46	1.92
Q3 2019	67.72	67.72	1.92
Q4 2019	NEG	NEG	2.00
Q1 2020	65.93	NEG	1.17
Q2 2020	67.79	More than 100	1.37
Q3 2020	65.70	More than 100	1.91
Q4 2020	66.64	More than 100	2.42
Q1 2021	More than 100	More than 100	2.55
Q2 2021	More than 100	More than 100	3.39
Q3 2021	More than 100	More than 100	3.10
Q4 2021	More than 100	More than 100	2.31
Q1 2022	More than 100	More than 100	2.13
Q2 2022	NEG	NEG	1.91
Q3 2022	NEG	NEG	1.93
Q4 2022	NEG	NEG	1.76
Q1 2023	NEG	NEG	2.08
Q2 2023	NEG	NEG	2.78
Q3 2023	NEG	NEG	2.36

Period	P/E	Adjusted P/E	Price/book
2013	84.59	66.38	2.58
2014	NEG	94.22	2.75
2015	21.76	NEG	2.14
2016	NEG	NEG	2.19
2017	NEG	NEG	2.32
2018	More than 100	More than 100	1.74
2019	NEG	NEG	2.00
2020	66.64	More than 100	2.42
2021	More than 100	More than 100	2.31
2022	NEG	NEG	1.76

Business Segments (Million)

Compared With The

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

Period	Manufacturing sector	medical service	Investments	Food
2013	-	-	14.80	6.48
2014	6.79	-	-	-
2015	10.91	139.65	-	-
2016	11.47	180.46	-	-
2017	13.15	195.92	-	-
2018	14.71	210.95	-	-
2019	16.44	229.06	-	-
2020	16.78	238.53	-	-
2021	16.92	252.64	-	-
2022	19.26	246.97	-	-

Financial Ratios

	Current
Market Cap (M Riyal)	1,501.55
Enterprise Value (EV) (M)	2,245.36
Shares Outstanding ((M))	100.64
EPS ( Riyal) (TTM)	(2.35)
Book Value (BV) ( Riyal)	6.17
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	2.71
Return on Average Assets (%) (TTM)	(12.78 )
Return on Average Equity (%) (TTM)	(36.76 )

AYYAN Investment Co. (AYYAN)

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

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Financials (M)

Current Quarter Comparison (M)

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Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

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Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q3

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

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2023

Revenue by Business Segment (Latest) 2023 Q3

Financial Ratios

Share Price

AYYAN Investment Co. (AYYAN)

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Business Segments (Million)