Thimar Development Holding Co. — Earnings Release 2025

Mar 30, 2026

Thimar Development Holding Co. announces its Annual Financial results for the period ending on 2025-12-31

4160 · 30/03/2026 07:56:31 · Announcement #93905 · View on Saudi Exchange

Thimar Development Holding Co. announces its Annual Financial results for the period ending on 2025-12-31

Element List	Current Year	Previous Year	%Change
Sales/Revenue	-	-	-
Gross Profit (Loss)	708,000	1,794,000	-60.53
Operational Profit (Loss)	-19,301,579	-16,110,216	19.81
Net Profit (Loss) Attributable to Shareholders of the Issuer	-13,027,361	-8,013,419	62.57
Total Comprehensive Income Attributable to Shareholders of the Issuer	-13,796,227	-6,302,711	118.89
Total Shareholders Equity (after Deducting Minority Equity)	11,040,411	24,836,638	-55.55
Profit (Loss) per Share	-2	-1.23
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	-94,653,914	-145.62
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year	No revenues were generated during the current year or the previous year.

Unrealized gains from investments at fair value through profit or loss (FVTPL) amounted to SAR 1,088,000 during the current year, compared to SAR 1,794,000 in the previous year. The reason of the increase (decrease) in the net profit during the current year compared to the last year is The increase in net loss this year compared to the previous year is due to:

1-A revaluation result dated December 31, 2025, of approximately SAR 1.3 million, reflecting the reversal of the impairment loss on property, plant, and equipment

2-A revaluation result dated December 31, 2025, of approximately SAR 700,000, reflecting unrealized gains from investments measured at fair value through profit or loss this year

3-Although general expenses decreased this year compared to the previous year by approximately SAR 1.7 million, the change in capital increase costs from advance payments to general expenses resulted in an increase of approximately SAR 800,000 compared to the previous year

4-An increase in the cost of revenues by approximately SAR 400,000

5-A decrease in the reversal of the related parties' provision by approximately SAR 1.8 million

6-A decrease in other income by approximately SAR 1.2 million Despite an increase in gains from the sale of assets of approximately 800,000 riyals and a decrease in the impact of adjusting cash flows for financial liabilities by approximately 400,000 riyals Statement of the type of external auditor's report Unmodified opinion Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) MATERIAL UNCERTAINTY RELATED TO GOING CONCERN

We draw attention to Note (4-1) to the accompanying consolidated financial statements, which indicates that the Group incurred a loss of SAR 13,027,361 for the year ended 31 December 2025. In addition, the accumulated losses as at 31 December 2025 amounted to SAR 94,653,914, representing 146% of the share capital.

Accordingly, pursuant to Article (132) of the Companies Law, the Group is required to convene an Extraordinary General Assembly within one hundred and eighty days from the date of becoming aware of such losses to consider the continuation of the Group and to take any necessary actions to address these losses or dissolve the Company. However, due to the Group entering into a financial reorganization proposal and procedures, as disclosed in Note (1), and in accordance with Article (45), Chapter Four of the Bankruptcy Law and its Implementing Regulations, the Group is exempted from the application of the provisions of the Companies Law with respect to the accumulated losses reaching the statutory threshold.

Furthermore, the Group’s ability to continue as a going concern is dependent on the successful implementation of the financial reorganization proposal.

As stated in Note (4-1), these events or conditions, along with the other matters set forth in Note (1), indicate the existence of a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

EMPHASIS OF MATTER

We draw attention to Note (1) to the accompanying consolidated financial statements, which indicates that Thimar Development Holding Company is subject to a financial reorganization procedure in accordance with the court judgment issued on 7 April 2021 (corresponding to 25 Sha’ban 1442H) in Case No. 1970 of 1442H, which ordered the commencement of the financial reorganization procedure for the Company and the appointment of Mr. Hani bin Saleh Al Aqili as the Financial Reorganization Trustee. Reclassification of Comparison Items None Additional Information - Attached Documents  

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