Ayyan Investment Company turned to net losses after Zakat and tax worth SAR 46.72 million in the first quarter (Q1) of 2023.
The registered losses were against net profits amounting to SAR 13.61 million in Q1-22, according to the interim financial results.
Revenues dropped by 8.48% year-on-year (YoY) to SAR 69.18 million during Q1-23 from SAR 75.59 million.
The loss per share hit SAR 0.58 in the first three months (3M) of 2023, compared to earnings per share (EPS) worth SAR 0.17 in the year-ago period.
On a quarterly basis, the Q1-23 losses hiked by 56.81% from SAR 29.79 million in Q4-22, while the revenues jumped by 22.16% from SAR 56.63 million.
Ayyan Investment incurred accumulated losses valued at SAR 89.62 million as of 31 March 2022, accounting for 11.11% of the SAR 806.36 million capital.
Last year, the Saudi firm swung to net losses after Zakat and tax worth SAR 44.63 million, versus net profits valued at SAR 6.37 million in 2021.
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