Data News > Ayyan Investment Company faces SAR 55.91 million losses in Q1-24

Ayyan Investment Company faces SAR 55.91 million losses in Q1-24

By KlickAnalytics Data Insights  |   May 16, 2024 08:00AM ET

- SAR 99.82 million revenues reported in Q1-24
- Loss per share increased to SAR 0.69 in Q1-24
- SAR 313.67 million accumulated losses as of March 2024

Ayyan Investment Company announced a net loss of SAR 55.91 million in the first quarter of 2024, a 19.67% increase compared to the same period last year. The company also saw a significant year-on-year revenue growth of 44.28%, with revenues reaching SAR 99.82 million by the end of March 2024.

Moreover, the loss per share rose to SAR 0.69 in Q1-24. Ayyan Investment also disclosed accumulated losses amounting to SAR 313.67 million as of March 31, 2024, representing 39% of the capital.

In efforts to improve their financial position, the Saudi company is in talks with a commercial bank to secure additional funding for working capital. Additionally, Ayyan Investment has submitted a right issue file to the Capital Market Authority, aiming to increase its capital by SAR 200 million.

In 2023, the firm faced a substantial 384.11% year-on-year increase in net losses, reaching SAR 216.06 million. By taking strategic steps to address their financial challenges, Ayyan Investment Company aims to strengthen its position in the market and drive sustainable growth in the future.
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