Ayaan Investment Company’s Post-Zakat and Tax Losses Rise 254% in Q2

Overview

Ayaan Investment Company’s post-zakat and tax losses rose 254% in the second quarter of this year to a record 41.26 million riyals compared to 11.64 million riyals in the same quarter of 2022.

The company’s losses rose by 11.68% in the second quarter of this year compared to a loss of 46.7 million rials in the previous first quarter.

Reasons for Losses

Ayaan Investment said in a statement on Tadawul Saudi Arabia today, Sunday, that the reason for the increase in current quarter losses compared to the previous year’s losses in the same quarter is due to the high cost of revenue as a percentage of revenue, as well as an increase in general and administrative expenses, as well as sales and marketing expenses.

Other Factors

Financing costs also increased, while the profit share of associates decreased.

The company indicated a decrease in other income, as well as a non-realization of realized gains from investments at fair value through profit or loss.