Sadirat trims H1 2023 losses to SAR 2.3 mln; Q2 at SAR 620,000

Sadirat trims H1 2023 losses to SAR 2.3 mln; Q2 at SAR 620,000

14/08/2023 Argaam Exclusive

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Saudi Industrial Export Co. (Sadirat) trimmed its H1 2023 losses to SAR 2.3 million from SAR 12.81 million in H1 2022.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 0.11 7.16 6651.9 %
Gross Income 0.11 (0.44) (518.9 %)
Operating Income (13.20) (10.06) 23.8 %
Net Income (12.81) (2.34) 81.8 %
Average Shares 19.44 19.44 -
EPS (Riyals) (0.66) (0.12) 81.8 %

Sadirat attributed the year-on-year (YoY) decline in losses to higher sales and lower provision for doubtful debts. This came despite a YoY surge in general and administrative expenses in H1 2023.

 

In Q2 2023, the company narrowed its losses to SAR 620,000, compared to SAR 7.93 million a year earlier, on increased sales.

 

Additionally, the company made profits from investments by utilizing a portion of its cash liquidity, although administrative expenses soared.

 

On a sequential basis, net loss shrank from SAR 1.72 million in Q1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 0.04 2.82 6465.1 %
Gross Income 0.04 (0.78) (1911.6 %)
Operating Income (8.16) (5.89) 27.8 %
Net Income (7.93) (0.62) 92.2 %
Average Shares 19.44 19.44 -
EPS (Riyals) (0.41) (0.03) 92.2 %

Shareholders’ equity, excluding minority interest, stood at SAR 157.69 million as of June 30, 2023, compared to SAR 168.19 million a year earlier.

 

Accumulated losses hit SAR 37.83 million, or 19.46% of capital, as of June 30, 2023.

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
Q1 2022 0.06 (99.2 %) 0.06 (79.4 %) (4.88) (84.5 %) (0.30)
Q2 2022 0.04 (99.0 %) 0.04 (68.8 %) (7.93) (323.7 %) (0.41)
Q3 2022 0.08 (97.8 %) 0.05 (95.0 %) (5.33) (142.6 %) (0.27)
Q4 2022 0.09 (74.6 %) 0.09 (84.0 %) (2.95) 64.1 % (0.15)
Q1 2023 4.33 6779.4 % 0.34 431.7 % (1.72) 64.8 % (0.09)
Q2 2023 2.82 6465.1 % (0.78) (1911.6 %) (0.62) 92.2 % (0.03)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q1 2022 22.32 % (214.52 %) (215.95 %)
Q2 2022 43.92 % (610.32 %) (607.26 %)
Q3 2022 133.59 % (3772.23 %) (3835.65 %)
Q4 2022 91.35 % - (6771.35 %)
Q1 2023 11.35 % (323.34 %) (327.34 %)
Q2 2023 (4.20 %) (125.72 %) (103.04 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2022 16.30 (1.05) (1.05) 0.50
Q2 2022 19.44 (1.20) (1.20) 8.65
Q3 2022 19.44 (1.36) (1.02) 8.38
Q4 2022 19.44 (1.09) (0.93) 8.23
Q1 2023 19.44 (0.92) (0.76) 8.14
Q2 2023 19.44 (0.55) (0.39) 8.11

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2022 NEG NEG 128.53
Q2 2022 NEG NEG 4.00
Q3 2022 NEG NEG 4.52
Q4 2022 NEG NEG 3.77
Q1 2023 NEG NEG 4.09
Q2 2023 NEG NEG 4.25

Business Segments (Million)

Compared With The
Period Selling of goods Service Rendered 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 - -
Q1 2022 - 0.06 - - -
Q2 2022 - 0.04 - - -
Q3 2022 - 0.08 - - -
Q4 2022 - 0.06 - - -
Q1 2023 4.31 0.02 - - -
Q2 2023 2.79 0.04 - - -


Financial Ratios
Current
Market Cap (M Riyal) 483.67
Enterprise Value (EV) (M) 358.26
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 3.34
Return on Average Assets (%) (TTM) (8.30 )
Return on Average Equity (%) (TTM) (8.81 )
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Share Price

Saudi Industrial Export Co.
24.88
(0.10) (0.40 %)

Saudi Industrial Export Co. (SIECO)

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