On 2026-07-30 08:03:07 (Saudi Time), Thimar Development Holding Co. announced its Interim financial results for the six months ended on June 30, 2026.

Year-on-Year Performance Drivers

Sales/Revenue data shows "-" (no revenue) for both the current and prior year periods, with gross profit derived solely from net gains on investments at fair value through profit and loss of SAR 0.86 million (858,000 ÷ 1,000,000) in the current period versus none in the prior year. The net loss attributable to shareholders narrowed by 34.601% YoY for the six-month period, from SAR 8.90 million (8,901,269 ÷ 1,000,000) to SAR 5.82 million (5,821,287 ÷ 1,000,000), primarily driven by a SAR 2.9 million reduction in general expenses and the recognition of SAR 0.86 million in investment gains, partially offset by a SAR 0.455 million increase in zakat expense and a SAR 0.326 million decline in other income. Operational loss also improved by 45.439% YoY, from SAR 8.22 million (8,219,416 ÷ 1,000,000) to SAR 4.48 million (4,484,575 ÷ 1,000,000), reflecting the same cost reduction dynamics. The company remains under financial restructuring proceedings with accumulated losses of SAR 96.61 million (96,607,284 ÷ 1,000,000), representing 148.63% of share capital, raising material uncertainty about its ability to continue as a going concern.

Quarter-on-Quarter Performance Drivers

QoQ net loss narrowed by approximately SAR 1.1 million (from SAR -3,452,607 / -3.45 million to SAR -2,368,680 / -2.37 million, a 31.394% improvement), driven primarily by the emergence of net gains from investments at fair value through profit and loss amounting to SAR 858,000(converted: SAR 0.86 million) — which also represented the sole source of gross profit this quarter — alongside a reduction in general expenses of approximately SAR 700,000(currency not specified in original) (SAR 0.70 million). These improvements were partially offset by a rise in zakat expense of approximately SAR 459,000(converted: SAR 0.46 million).

Other Items

The external auditor issued an unmodified conclusion for the six-month period ended June 30, 2026, but included a material uncertainty paragraph related to going concern and an emphasis of matter paragraph. Regarding going concern, the auditor noted that the Group incurred losses of SAR 5,821,287 during the period and that accumulated losses as of June 30, 2026 amounted to SAR 96,607,284, representing 149% of share capital, adding that "the Group's ability to continue as a going concern is dependent upon the implementation of the financial restructuring proposal" and that "these events or conditions...indicate the existence of a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern." The auditor further emphasized that the Company is subject to financial restructuring proceedings pursuant to a judgment issued on April 7, 2021 in Case No. 1970 for the year 1442H, with Mr. Hany bin Saleh Al-Quiali appointed as financial restructuring trustee, and that pursuant to Article 45 of Chapter Four of the Bankruptcy Law and its Implementing Regulations, the Group is exempt from applying the provisions of the Companies Law relating to losses reaching the statutory threshold. Total shareholders' equity (after deducting minority equity) stood at SAR 5,219,124 as of the current period, compared to SAR 15,935,369 in the same period of the prior year, a decline of 67.248%. Loss per share for the current period was SAR -0.9, compared to SAR -1.37 in the prior year period.

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