SIDC widens net loss to SAR 4.8 mln in Q1 2022

SIDC widens net loss to SAR 4.8 mln in Q1 2022

22/05/2022 Argaam Exclusive

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Saudi Industrial Development Co. (SIDC) widened net losses after Zakat and tax to SAR 4.8 million in Q1 2022, from SAR 1.74 million in the year-ago period



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 45.54 41.42 (9.1 %)
Gross Income 7.91 6.09 (23.0 %)
Operating Income (2.26) (5.97) (163.7 %)
Net Income (1.74) (4.80) (175.9 %)
Average Shares 40.00 40.00 -
EPS (Riyals) (0.04) (0.12) (175.9 %)

The losses increased due to higher operating expenses and production cost, along with lower sales.

 

Meanwhile, the company narrowed Q1 2022 losses from SAR 12.69 million in the previous quarter.

 

Shareholders’ equity, excluding minority interest, grew by 3.9% to SAR 222.14 million by the end of Q1 2022, compared to SAR 213.68 million in the year-ago period.

 

Accumulated losses amounted to SAR 42.52 million as of March 31, 2022, representing 10.6% of the company’s SAR 400 million capital. 

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Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2013 79.81 6.1 % 23.39 1.4 % 6.55 (28.4 %) 0.16
Q2 2013 84.89 3.9 % 27.92 11.5 % 12.28 16.6 % 0.31
Q3 2013 86.34 2.0 % 27.42 9.2 % 9.12 2.5 % 0.23
Q4 2013 68.72 (5.6 %) 21.26 (0.9 %) 7.53 64.6 % 0.19
Q1 2014 75.07 (5.9 %) 22.35 (4.5 %) 23.77 262.9 % 0.59
Q2 2014 85.66 0.9 % 25.93 (7.1 %) 1.32 (89.3 %) 0.03
Q3 2014 87.12 0.9 % 24.31 (11.3 %) 13.85 51.9 % 0.35
Q4 2014 68.09 (0.9 %) 16.15 (24.0 %) (31.99) (524.7 %) (0.80)
Q1 2015 79.01 5.2 % 24.17 8.1 % 4.74 (80.1 %) 0.12
Q2 2015 92.50 8.0 % 30.70 18.4 % 12.53 852.3 % 0.31
Q3 2015 84.70 (2.8 %) 27.88 14.7 % (11.60) (183.7 %) (0.29)
Q4 2015 69.32 1.8 % 16.55 2.5 % (24.62) 23.0 % (0.62)
Q1 2016 67.44 (14.6 %) 17.17 (29.0 %) (8.56) (280.7 %) (0.21)
Q2 2016 79.46 (14.1 %) 20.24 (34.1 %) 8.09 (35.5 %) 0.20
Q3 2016 67.05 (20.8 %) 17.36 (37.7 %) (7.74) 33.2 % (0.19)
Q4 2016 45.59 (34.2 %) 12.19 (26.3 %) 8.25 133.5 % 0.21
Q1 2017 61.22 (9.2 %) 14.99 (12.7 %) 0.81 109.5 % 0.02
Q2 2017 62.04 (21.9 %) 6.54 (67.7 %) (10.33) (227.7 %) (0.26)
Q3 2017 65.21 (2.7 %) 6.72 (61.3 %) (3.62) 53.3 % (0.09)
Q4 2017 51.67 13.3 % 6.26 (48.7 %) 2.93 (64.5 %) 0.07
Q1 2018 44.73 (26.9 %) 8.20 (45.3 %) 0.17 (79.3 %) 0.00
Q2 2018 51.10 (17.6 %) 9.78 49.6 % (1.31) 87.3 % (0.03)
Q3 2018 48.72 (25.3 %) 7.33 9.0 % (8.71) (140.7 %) (0.22)
Q4 2018 45.59 (11.8 %) 3.43 (45.2 %) (20.23) (791.6 %) (0.51)
Q1 2019 50.10 12.0 % 8.93 9.0 % 3.00 1682.7 % 0.07
Q2 2019 53.88 5.4 % 9.37 (4.2 %) (1.66) (26.9 %) (0.04)
Q3 2019 45.95 (5.7 %) 8.83 20.6 % (4.31) 50.6 % (0.11)
Q4 2019 41.47 (9.1 %) 6.05 76.6 % (36.23) (79.1 %) (0.91)
Q1 2020 40.30 (19.6 %) 7.84 (12.3 %) (10.02) (434.6 %) (0.25)
Q2 2020 41.58 (22.8 %) 11.10 18.5 % 4.34 361.3 % 0.11
Q3 2020 39.67 (13.7 %) 8.24 (6.7 %) (1.36) 68.5 % (0.03)
Q4 2020 43.06 3.8 % 8.48 40.0 % (0.54) 98.5 % (0.01)
Q1 2021 45.54 13.0 % 7.91 0.9 % (1.74) 82.6 % (0.04)
Q2 2021 41.94 0.9 % 8.39 (24.4 %) (4.32) (199.7 %) (0.11)
Q3 2021 37.40 (5.7 %) 4.22 (48.7 %) (5.74) (323.1 %) (0.14)
Q4 2021 38.20 (11.3 %) 7.44 (12.2 %) (12.69) (2,267.9 %) (0.32)
Q1 2022 41.42 (9.1 %) 6.09 (23.0 %) (4.80) (175.9 %) (0.12)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 29.78 % 13.90 % 9.58 %
Q2 2013 30.38 % 13.51 % 10.03 %
Q3 2013 30.94 % 13.32 % 10.04 %
Q4 2013 31.27 % 12.94 % 11.10 %
Q1 2014 31.41 % 12.14 % 14.22 %
Q2 2014 30.70 % 9.94 % 6.56 %
Q3 2014 29.64 % 8.60 % 6.57 %
Q4 2014 28.08 % 7.04 % (5.66 %)
Q1 2015 28.31 % 7.76 % (9.08 %)
Q2 2015 29.18 % 9.66 % (1.44 %)
Q3 2015 30.50 % 10.65 % (7.86 %)
Q4 2015 30.50 % 10.04 % (1.33 %)
Q1 2016 29.40 % 7.96 % (5.62 %)
Q2 2016 27.19 % 5.63 % (5.72 %)
Q3 2016 25.18 % 4.04 % (1.45 %)
Q4 2016 25.80 % 4.40 % (1.55 %)
Q1 2017 25.57 % 5.49 % 2.11 %
Q2 2017 21.66 % 0.65 % (7.61 %)
Q3 2017 17.28 % (1.85 %) (9.86 %)
Q4 2017 14.37 % (4.38 %) (9.46 %)
Q1 2018 12.39 % (7.10 %) (10.45 %)
Q2 2018 14.55 % (4.24 %) (6.75 %)
Q3 2018 16.08 % (4.62 %) (9.91 %)
Q4 2018 15.11 % (10.13 %) (15.82 %)
Q1 2019 15.07 % (9.27 %) (13.94 %)
Q2 2019 14.65 % (9.32 %) (13.92 %)
Q3 2019 15.63 % (7.70 %) (11.87 %)
Q4 2019 17.34 % (5.60 %) (11.14 %)
Q1 2020 17.67 % (6.14 %) (18.91 %)
Q2 2020 19.98 % (3.06 %) (16.74 %)
Q3 2020 20.38 % (3.50 %) (15.58 %)
Q4 2020 21.66 % 2.34 % (4.60 %)
Q1 2021 21.03 % 3.35 % 0.41 %
Q2 2021 19.39 % (0.17 %) (4.67 %)
Q3 2021 17.26 % (3.69 %) (7.35 %)
Q4 2021 17.14 % (4.78 %) (15.02 %)
Q1 2022 16.45 % (7.15 %) (17.34 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 40.00 0.76 0.76 9.38
Q2 2013 40.00 0.81 0.81 9.68
Q3 2013 40.00 0.81 0.81 9.91
Q4 2013 40.00 0.89 0.89 10.10
Q1 2014 40.00 1.32 1.12 10.60
Q2 2014 40.00 1.04 0.52 10.71
Q3 2014 40.00 1.16 0.52 11.06
Q4 2014 40.00 0.17 (0.45) 10.26
Q1 2015 40.00 (0.30) (0.73) 10.34
Q2 2015 40.00 (0.02) (0.12) 10.66
Q3 2015 40.00 (0.66) (0.64) 10.35
Q4 2015 40.00 (0.47) (0.11) 9.73
Q1 2016 40.00 (0.81) (0.44) 9.40
Q2 2016 40.00 (0.92) (0.43) 9.58
Q3 2016 40.00 (0.82) (0.10) 9.38
Q4 2016 40.00 0.00 (0.10) 9.05
Q1 2017 40.00 0.24 0.13 9.07
Q2 2017 40.00 (0.23) (0.45) 8.81
Q3 2017 40.00 (0.12) (0.58) 8.72
Q4 2017 40.00 (0.26) (0.57) 8.80
Q1 2018 40.00 (0.27) (0.58) 8.80
Q2 2018 40.00 (0.05) (0.36) 8.76
Q3 2018 40.00 (0.17) (0.49) 8.55
Q4 2018 40.00 (0.75) (0.75) 8.07
Q1 2019 40.00 (0.68) (0.68) 8.16
Q2 2019 40.00 (0.69) (0.69) 8.13
Q3 2019 40.00 (0.58) (0.58) 8.04
Q4 2019 40.00 (0.98) (0.53) 5.45
Q1 2020 40.00 (1.31) (0.86) 5.04
Q2 2020 40.00 (1.16) (0.71) 5.30
Q3 2020 40.00 (1.08) (0.63) 5.44
Q4 2020 40.00 (0.19) (0.19) 5.26
Q1 2021 40.00 0.02 0.02 5.34
Q2 2021 40.00 (0.20) (0.20) 5.42
Q3 2021 40.00 (0.31) (0.31) 5.43
Q4 2021 40.00 (0.61) (0.61) 5.10
Q1 2022 40.00 (0.69) (0.69) 5.55

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 24.48 24.48 1.99
Q2 2013 19.13 19.13 1.60
Q3 2013 19.92 19.92 1.63
Q4 2013 22.32 22.32 1.96
Q1 2014 16.20 19.06 2.01
Q2 2014 20.03 40.35 1.95
Q3 2014 19.20 42.89 2.02
Q4 2014 84.63 NEG 1.43
Q1 2015 NEG NEG 1.79
Q2 2015 NEG NEG 1.63
Q3 2015 NEG NEG 1.16
Q4 2015 NEG NEG 1.45
Q1 2016 NEG NEG 1.04
Q2 2016 NEG NEG 1.09
Q3 2016 NEG NEG 0.83
Q4 2016 More than 100 NEG 1.14
Q1 2017 50.60 89.09 1.31
Q2 2017 NEG NEG 1.31
Q3 2017 NEG NEG 1.24
Q4 2017 NEG NEG 1.15
Q1 2018 NEG NEG 1.07
Q2 2018 NEG NEG 1.05
Q3 2018 NEG NEG 0.99
Q4 2018 NEG NEG 1.02
Q1 2019 NEG NEG 1.08
Q2 2019 NEG NEG 1.04
Q3 2019 NEG NEG 1.01
Q4 2019 NEG NEG 1.51
Q1 2020 NEG NEG 1.34
Q2 2020 NEG NEG 1.35
Q3 2020 NEG NEG 2.61
Q4 2020 NEG NEG 2.70
Q1 2021 More than 100 More than 100 3.81
Q2 2021 NEG NEG 4.69
Q3 2021 NEG NEG 4.03
Q4 2021 NEG NEG 3.96
Q1 2022 NEG NEG 3.32

Business Segments (Million)

Compared With The
Period Mattresses & sponge sector Sanitary ware segment Transportation Sheet Iron Other unallocated amounts
Q1 2013 68.42 11.38 - - -
Q2 2013 70.01 14.88 - - -
Q3 2013 72.99 13.35 - - -
Q4 2013 56.96 11.75 - - -
Q1 2014 63.66 11.41 - - -
Q2 2014 71.48 14.18 - - -
Q3 2014 75.80 11.31 - - -
Q4 2014 56.93 11.16 - - -
Q1 2015 68.29 10.72 - - -
Q2 2015 81.05 11.45 - - -
Q3 2015 73.64 11.06 - - -
Q4 2015 60.17 9.16 - - -
Q1 2016 57.68 9.51 - - 0.25
Q2 2016 70.76 8.96 - - -
Q3 2016 60.75 6.30 - - -
Q4 2016 39.54 6.05 - - -
Q1 2017 53.19 8.03 - - -
Q2 2017 54.94 7.09 - - -
Q3 2017 58.79 6.42 - - -
Q4 2017 43.63 8.04 - - -
Q1 2018 37.98 6.75 - - -
Q2 2018 44.25 6.85 - - -
Q3 2018 42.47 6.25 - - -
Q4 2018 39.14 6.46 - - -
Q1 2019 43.62 6.48 - - -
Q2 2019 48.77 5.12 - - -
Q3 2019 40.13 5.82 - - -
Q4 2019 35.90 5.57 - - -
Q1 2020 35.57 4.73 - - -
Q2 2020 36.90 4.68 - - -
Q3 2020 36.38 3.29 - - -
Q4 2020 37.13 5.92 - - -
Q1 2021 41.95 3.58 - - -
Q2 2021 39.10 2.84 - - -
Q3 2021 34.41 2.99 - - -
Q4 2021 27.12 3.93 7.15 - -
Q1 2022 36.20 3.74 1.47 - -


Financial Ratios
Current
Market Cap (M Riyal) 340.00
Enterprise Value (EV) (M) 361.77
Shares Outstanding ((M)) 40.00
EPS ( Riyal) (TTM) (1.87)
Book Value (BV) ( Riyal) 2.34
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.63
Return on Average Assets (%) (TTM) (31.45 )
Return on Average Equity (%) (TTM) (58.46 )
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Share Price

Saudi Industrial Development Co.
8.50
(0.13) (1.51 %)

Saudi Industrial Development Co. (SIDC)

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