SIECO widens 2021 loss to SAR 14.9 mln; Q4 at SAR 8.2 mln

SIECO widens 2021 loss to SAR 14.9 mln; Q4 at SAR 8.2 mln

31/03/2022 Argaam Exclusive

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Saudi Industrial Export Co. (SIECO) deepened its net loss after Zakat and tax to SAR 14.9 million for 2021, compared to SAR 13.2 million a year earlier. 



Financials (M)

Item 2020 2021 Change‬
Revenues 32.60 15.79 (51.6 %)
Gross Income 1.94 2.02 4.2 %
Operating Income (12.57) (14.78) (17.6 %)
Net Income (13.18) (14.88) (12.9 %)
Average Shares 16.31 16.31 -
EPS (Riyals) (0.81) (0.91) (12.9 %)

SIECO attributed the increases loss to a decline in sales, due to the delay in capital injection as the capital increase application was no approved by the Capital Market Authority (CMA). It also cited higher general and administrative expenses, compared to 2020.

 

In Q4 2021, the company widened net losses after Zakat and tax to SAR 8.2 million, from SAR 5.44 million in the year-earlier period.

 

Compared to the previous quarter, the company widened losses from SAR 2.20 million.

 


Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Gross Income (0.37) 0.53 243.6 %
Operating Income (4.63) (8.58) (85.5 %)
Net Income (5.44) (8.23) (51.3 %)
Average Shares 16.31 16.31 -
EPS (Riyals) (0.33) (0.50) (51.3 %)

Shareholders' equity, after minority interest, reached SAR 12.96 million in 2021, down 53.28% from SAR 27.74 million a year earlier.    

  

Accumulated losses reached SAR 52.83 million, representing 81.54% of the company's capital pre-reduction of SAR 64.8 million.

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2012 71.59 (19.2 %) 1.50 (79.1 %) 0.44 (91.9 %) 0.03
Q2 2012 71.98 (35.0 %) 1.77 (50.2 %) 0.51 (74.9 %) 0.04
Q3 2012 88.62 (11.3 %) 1.32 (13.7 %) 1.26 (22.6 %) 0.09
Q4 2012 105.17 4.0 % 2.33 84.6 % (100.37) 2.5 % (7.47)
Q1 2013 85.71 19.7 % 3.99 165.4 % 2.66 498.0 % 0.20
Q2 2013 91.66 27.3 % 3.71 109.2 % 2.19 331.9 % 0.16
Q3 2013 55.06 (37.9 %) 2.52 91.5 % 1.29 2.9 % 0.10
Q4 2013 90.72 (13.7 %) 2.55 9.4 % (100.65) (0.3 %) (7.49)
Q1 2014 190.78 122.6 % 3.47 (12.9 %) 1.71 (35.6 %) 0.13
Q2 2014 127.19 38.8 % 1.66 (55.1 %) 0.52 (76.4 %) 0.04
Q3 2014 118.30 114.9 % 1.44 (42.7 %) 0.27 (78.8 %) 0.02
Q4 2014 135.40 49.2 % 0.87 (65.8 %) (100.91) (0.3 %) (7.51)
Q1 2015 132.16 (30.7 %) 1.18 (66.1 %) 0.16 (90.5 %) 0.01
Q2 2015 137.94 8.5 % 2.18 30.9 % 0.79 52.8 % 0.06
Q3 2015 202.10 70.8 % 3.71 156.8 % 1.89 589.1 % 0.14
Q4 2015 116.84 (13.7 %) 0.28 (68.2 %) (102.30) (1.4 %) (7.61)
Q1 2016 1.30 (99.0 %) 0.84 (28.3 %) (0.47) (388.3 %) (0.03)
Q2 2016 0.22 (99.8 %) 0.12 (94.6 %) (0.46) (158.0 %) (0.03)
Q3 2016 0.33 (99.8 %) 0.19 (95.0 %) (9.28) (591.3 %) (0.69)
Q4 2016 (1.23) (101.1 %) (0.83) (398.9 %) (3.39) 96.7 % (0.25)
Q1 2017 0.23 (82.3 %) 0.15 (82.1 %) (1.80) (282.3 %) (0.13)
Q2 2017 0.33 51.4 % 0.09 (25.4 %) (13.23) (2,789.5 %) (0.98)
Q3 2017 11.63 3381.4 % 0.29 55.1 % (10.63) (14.6 %) (0.79)
Q4 2017 7.04 673.2 % (3.05) (267.3 %) (85.33) (2,418.6 %) (6.35)
Q1 2018 8.14 3440.0 % 0.79 423.2 % 12.61 801.6 % 0.94
Q2 2018 32.09 9711.9 % 1.98 2147.7 % 0.32 102.4 % 0.02
Q3 2018 51.54 343.2 % 0.97 234.1 % (0.38) 96.5 % (0.03)
Q4 2018 26.51 276.6 % (2.72) 11.0 % (6.13) 92.8 % (0.38)
Q1 2019 18.22 123.8 % 0.28 (64.2 %) (8.53) (167.6 %) (0.52)
Q2 2019 5.93 (81.5 %) 0.25 (87.3 %) (3.28) (1122.1 %) (0.20)
Q3 2019 21.77 (57.8 %) (3.41) (451.6 %) 1.98 627.1 % 0.12
Q4 2019 22.33 (15.8 %) (11.27) (315.2 %) (16.13) (163.3 %) (0.99)
Q1 2020 11.34 (37.8 %) 0.26 (9.9 %) 0.22 102.6 % 0.01
Q2 2020 12.37 108.7 % 0.38 49.4 % (11.55) (252.0 %) (0.71)
Q3 2020 11.31 (48.0 %) 1.68 149.2 % 3.59 81.0 % 0.22
Q4 2020 - - (0.37) 96.7 % (5.44) 66.3 % (0.33)
Q1 2021 7.90 (30.3 %) 0.31 20.0 % (2.64) (1291.0 %) (0.16)
Q2 2021 4.17 (66.3 %) 0.14 (63.2 %) (1.87) 83.8 % (0.11)
Q3 2021 3.39 (70.1 %) 1.05 (37.7 %) (2.20) (161.2 %) (0.13)
Q4 2021 0.33 - 0.53 243.6 % (8.23) (51.3 %) (0.50)
2021 15.79 (51.6 %) 2.02 4.2 % (14.88) (12.9 %) (0.91)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 2.05 % 0.89 % 0.55 %
Q2 2012 1.76 % 0.45 % 0.17 %
Q3 2012 1.76 % 0.38 % 0.06 %
Q4 2012 2.05 % 0.78 % 0.83 %
Q1 2013 2.68 % 1.43 % 1.43 %
Q2 2013 3.05 % 1.85 % 1.80 %
Q3 2013 3.71 % 2.38 % 1.99 %
Q4 2013 3.95 % 2.37 % 2.00 %
Q1 2014 2.86 % 1.63 % 1.29 %
Q2 2014 2.20 % 1.10 % 0.83 %
Q3 2014 1.73 % 0.77 % 0.53 %
Q4 2014 1.30 % 0.54 % 0.45 %
Q1 2015 1.01 % 0.17 % 0.20 %
Q2 2015 1.08 % 0.28 % 0.24 %
Q3 2015 1.31 % 0.56 % 0.48 %
Q4 2015 1.25 % 0.43 % 0.26 %
Q1 2016 1.53 % - 0.19 %
Q2 2016 1.54 % (0.21 %) (0.12 %)
Q3 2016 1.20 % (3.53 %) (3.72 %)
Q4 2016 50.88 % (1066.13 %) (1038.68 %)
Q1 2017 83.71 % 1,753.35 % 1,740.63 %
Q2 2017 120.18 % 2,666.17 % 2,924.93 %
Q3 2017 (2.76 %) (86.06 %) (89.64 %)
Q4 2017 (13.12 %) (59.88 %) (52.17 %)
Q1 2018 (6.94 %) (41.88 %) (35.65 %)
Q2 2018 0.01 % (13.77 %) (11.61 %)
Q3 2018 0.69 % (7.18 %) (5.15 %)
Q4 2018 0.86 % (6.10 %) (6.25 %)
Q1 2019 0.40 % (5.82 %) (5.94 %)
Q2 2019 (1.19 %) (10.83 %) (10.98 %)
Q3 2019 (7.72 %) (21.12 %) (21.71 %)
Q4 2019 (20.73 %) (36.27 %) (38.04 %)
Q1 2020 (23.10 %) (39.57 %) (39.23 %)
Q2 2020 (20.72 %) (47.44 %) (47.69 %)
Q3 2020 (15.64 %) (39.42 %) (41.63 %)
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 12.78 % (90.63 %) (94.65 %)
2021 12.79 % (90.64 %) (94.25 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 13.44 (7.36) 0.16 8.88
Q2 2012 13.44 (7.47) 0.04 8.31
Q3 2012 13.44 (7.50) 0.02 8.39
Q4 2012 13.44 (7.31) 0.21 8.53
Q1 2013 13.44 (7.14) 0.37 8.62
Q2 2013 13.44 (7.02) 0.50 8.96
Q3 2013 13.44 (7.01) 0.50 9.23
Q4 2013 13.44 (7.03) 0.48 9.00
Q1 2014 13.44 (7.10) 0.41 9.24
Q2 2014 13.44 (7.23) 0.29 9.64
Q3 2014 13.44 (7.30) 0.21 9.89
Q4 2014 13.44 (7.32) 0.19 9.58
Q1 2015 13.44 (7.44) 0.08 9.53
Q2 2015 13.44 (7.42) 0.10 9.53
Q3 2015 13.44 (7.30) 0.22 9.44
Q4 2015 13.44 (7.40) 0.11 9.20
Q1 2016 13.44 (7.45) 0.06 9.04
Q2 2016 13.44 (7.54) (0.03) 8.77
Q3 2016 13.44 (8.37) (0.33) 8.35
Q4 2016 13.44 (1.01) (0.48) 7.82
Q1 2017 13.44 (1.11) (0.58) 8.18
Q2 2017 13.44 (2.06) (0.73) 7.93
Q3 2017 13.44 (2.16) (0.73) 7.29
Q4 2017 13.44 (8.26) (0.75) 0.82
Q1 2018 13.44 (7.19) (0.72) 1.76
Q2 2018 13.44 (6.18) (0.51) 1.78
Q3 2018 13.44 (5.42) (0.38) 1.75
Q4 2018 16.31 0.39 (0.45) 4.14
Q1 2019 16.31 (0.90) (0.47) 3.61
Q2 2019 16.31 (1.12) (0.69) 3.37
Q3 2019 16.31 (0.98) (0.96) 3.49
Q4 2019 16.31 (1.59) (1.59) 2.51
Q1 2020 16.31 (1.06) (1.48) 3.30
Q2 2020 16.31 (1.56) (1.98) 2.63
Q3 2020 16.31 (1.46) (1.46) 2.14
Q4 2020 16.31 (0.81) (0.81) 1.70
Q1 2021 16.31 (0.98) (0.98) 1.54
Q2 2021 16.31 (0.39) (0.39) 1.42
Q3 2021 16.31 (0.75) (0.75) 1.29
Q4 2021 16.31 (0.92) (0.92) 0.79

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 NEG More than 100 5.51
Q2 2012 NEG More than 100 6.51
Q3 2012 NEG More than 100 8.38
Q4 2012 NEG More than 100 10.16
Q1 2013 NEG More than 100 13.59
Q2 2013 NEG More than 100 6.03
Q3 2013 NEG More than 100 5.78
Q4 2013 NEG More than 100 5.93
Q1 2014 NEG More than 100 7.43
Q2 2014 NEG More than 100 7.49
Q3 2014 NEG More than 100 8.11
Q4 2014 NEG More than 100 4.65
Q1 2015 NEG More than 100 6.01
Q2 2015 NEG More than 100 6.30
Q3 2015 NEG More than 100 4.74
Q4 2015 NEG More than 100 5.01
Q1 2016 NEG More than 100 5.73
Q2 2016 NEG NEG 5.30
Q3 2016 NEG NEG 3.59
Q4 2016 NEG NEG 5.30
Q1 2017 NEG NEG 4.59
Q2 2017 NEG NEG 4.24
Q3 2017 NEG NEG 5.09
Q4 2017 NEG NEG 21.25
Q1 2018 NEG NEG 17.87
Q2 2018 NEG NEG 15.48
Q3 2018 NEG NEG 14.24
Q4 2018 More than 100 NEG 10.14
Q1 2019 NEG NEG 10.11
Q2 2019 NEG NEG 10.13
Q3 2019 NEG NEG 8.57
Q4 2019 NEG NEG 12.37
Q1 2020 NEG NEG 6.78
Q2 2020 NEG NEG 9.93
Q3 2020 NEG NEG 18.52
Q4 2020 NEG NEG 31.09
Q1 2021 NEG NEG 39.48
Q2 2021 NEG NEG 38.40
Q3 2021 NEG NEG 43.59
Q4 2021 NEG NEG 58.60

Business Segments (Million)

Compared With The
Period Export Activities Medical Supplies Saudi for Industrial Exports - Jordan
Q3 2018 55.68 - (4.15)
Q4 2018 26.51 - -
Q3 2019 21.77 - -
Q4 2019 22.33 - -
Q1 2020 11.34 - -
Q2 2020 14.28 - -
Q3 2020 8.02 1.38 -
Q1 2021 7.90 - -
Q2 2021 4.24 0.13 -
Q3 2021 3.32 - -
Q4 2021 0.33 - -


Financial Ratios
Current
Market Cap (M Riyal) 470.84
Enterprise Value (EV) (M) 345.43
Shares Outstanding ((M)) 19.44
EPS ( Riyal) (TTM) (0.69)
Book Value (BV) ( Riyal) 7.46
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.25
Return on Average Assets (%) (TTM) (8.30 )
Return on Average Equity (%) (TTM) (8.81 )
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Share Price

Saudi Industrial Export Co.
24.22
(0.38) (1.54 %)

Saudi Industrial Export Co. (SIECO)

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