Thimar Development Posts SAR 3.45M Net Loss in Three Months 2026
THIMAR 4160.SA | 0.00 |
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | - | - | - | - | - |
| Gross Profit (Loss) | - | - | - | 708,000 | -100 |
| Operational Profit (Loss) | -3,016,488 | -4,156,801 | -27.432 | -4,936,564 | -38.894 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | -3,452,607 | -4,429,013 | -22.045 | -6,040,644 | -42.843 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -3,452,607 | -4,429,013 | -22.045 | -6,809,510 | -49.297 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 7,587,804 | 20,407,625 | -62.818 |
| Profit (Loss) per Share | -0.53 | -0.68 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | -94,238,604 | -144.98 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
Year-on-Year Performance Drivers
The company had no sales revenue in both the current quarter and the same quarter of the previous year. Net loss improved by 22.045% YoY to SAR 3.45 million, primarily driven by a decrease in general expenses of approximately SAR 1.20 million and reduced impact from cash flow adjustments for financial liabilities by SAR 0.10 million, partially offset by a decrease in other income of SAR 0.30 million.
Quarter-on-Quarter Performance Drivers
QoQ net loss decreased 42.843% from SAR 6.04 million to SAR 3.45 million, primarily driven by a reduction in general expenses of approximately SAR 2.90 million. However, this improvement was partially offset by decreased net gains from fair value investments of SAR 1.10 million and reduced gains from property sales of SAR 0.80 million. The company reported no revenue in either quarter, with the previous quarter benefiting from SAR 1.088 million in unrealized investment gains that were absent in the current period.
Other Items
The auditors issued an unmodified conclusion but highlighted material uncertainty related to going concern, noting that accumulated losses reached SAR 94,238,604, representing 145% of share capital as of March 31, 2026. The company is subject to financial restructuring proceedings pursuant to a judgment issued on April 7, 2021, with Mr. Hany bin Saleh Al-Quiali appointed as financial restructuring trustee. Under Article 132 of the Companies Law, an Extraordinary General Assembly should be convened within 180 days to address the losses or dissolve the company, though the company is exempt from this requirement due to ongoing bankruptcy proceedings under Article 45 of the Bankruptcy Law. The company's ability to continue as a going concern depends on implementing the financial restructuring proposal. Additionally, the company has repaid approximately SAR 91 million of its SAR 117 million debt to the Financial Regulatory Authority, leaving a remaining balance of approximately SAR 26 million.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=95265&anCat=1&cs=4160&locale=arAttached PDF document link:
https://www.saudiexchange.sa/Resources/fsPdf/21393_451_2026-05-11_10-25-47_en.pdfImportant Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.