AYYAN narrows net loss to SAR 138.6M in 9M 2024; Q3 at SAR 34.7M

AYYAN narrows net loss to SAR 138.6M in 9M 2024; Q3 at SAR 34.7M

07/11/2024 Argaam Exclusive

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AYYAN Investment Co. logged SAR 138.6 million in net losses for the first nine months of 2024, down from SAR 144.4 million in the same period a year ago.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 15.08 12.28 (18.6 %)
Gross Income 2.90 1.57 (46.1 %)
Operating Income (3.90) (5.57) (42.9 %)
Net Income (144.37) (138.64) 4.0 %
Average Shares 86.98 89.72 3.2 %
EPS (Riyals) (1.66) (1.55) 6.9 %

The narrower losses came amid the year-on-year (YoY) decline in the cost of revenues, along with lower losses from discontinued operations. This came despite the YoY sales slump on weaker sales volumes.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 4.31 3.25 (24.7 %)
Gross Income 0.12 0.34 191.5 %
Operating Income (1.89) (2.21) (16.7 %)
Net Income (56.43) (34.68) 38.5 %
Average Shares 86.98 89.72 3.2 %
EPS (Riyals) (0.65) (0.39) 40.4 %

AYYAN also trimmed net losses to SAR 34.7 million in the third quarter of 2024, from SAR 56.4 million in Q3 2023.

 

On a sequential basis, the company narrowed its losses from SAR 48.3 million in Q2 2024.

 

Shareholders' equity, after minority interest, dropped to SAR 553.97 million at the end of 9M 2024, compared to SAR 591.36 million in the same period last year.

 

Accumulated losses reached SAR 396.66 million by the end of September 2024, representing 39.4% of capital

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
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 %)
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 %)
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 %
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 %)
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 %
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 %)
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 %)
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 %
Q4 2023 93.71 65.5 % (5.33) 81.7 % (36.53) (20.5 %)
Q1 2024 99.83 44.3 % (13.64) (14.6 %) (44.20) (9.9 %)
Q2 2024 3.86 (95.0 %) 0.44 118.1 % (1.90) 94.9 %
Q3 2024 3.25 (24.7 %) 0.34 191.5 % (2.21) (16.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
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)
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)
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
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)
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)
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)
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)
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)
Q4 2023 (71.88) (142.0 %) (0.83) - (71.88) (0.83)
Q1 2024 (55.65) (19.3 %) (0.63) - (55.65) (0.63)
Q2 2024 (48.30) (17.0 %) (0.55) - (48.30) (0.55)
Q3 2024 (34.68) 38.5 % (0.39) - (34.68) (0.39)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 (20.95 %) (34.81 %) (84.20 %)
Q4 2023 (8.01 %) (31.45 %) (88.70 %)
Q1 2024 (7.75 %) (27.53 %) (82.07 %)
Q2 2024 (9.13 %) (17.25 %) (115.10 %)
Q3 2024 (9.07 %) - (104.92 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2023 86.98 (2.49) (2.49) 5.75
Q1 2024 88.35 (2.55) (2.55) 5.01
Q2 2024 88.35 (2.63) (2.63) 4.46
Q3 2024 89.72 (2.35) (2.35) 6.17

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2023 NEG NEG 2.87
Q1 2024 NEG NEG 4.20
Q2 2024 NEG NEG 4.12
Q3 2024 NEG NEG 3.02

Business Segments (Million)

Compared With The
Period Manufacturing sector medical service Investments Food
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 - - -
Q4 2023 5.01 88.71 - -
Q1 2024 5.17 94.66 - -
Q2 2024 3.86 - - -
Q3 2024 3.25 - - -


Financial Ratios
Current
Market Cap (M Riyal) 1,517.65
Enterprise Value (EV) (M) 2,261.46
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 2.74
Return on Average Assets (%) (TTM) (12.78 )
Return on Average Equity (%) (TTM) (36.76 )
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Share Price

AYYAN Investment Co.
15.08
0.16 1.07 %

AYYAN Investment Co. (AYYAN)

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