Sadirat narrows 9M net loss to SAR 11 mln; Q3 loss widens to SAR 8.6 mln

Sadirat narrows 9M net loss to SAR 11 mln; Q3 loss widens to SAR 8.6 mln

07/11/2023 Argaam Exclusive

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Saudi Industrial Export Co. (Sadirat) trimmed net loss to SAR 11 million for the first nine months of 2023, compared to SAR 18.1 million in the year-earlier period, driven by higher sales in addition to the company's profit from its investments through the partial utilization of cash liquidity.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 0.18 12.62 6872.4 %
Gross Income 0.16 (0.35) (321.5 %)
Operating Income (11.32) (12.18) (7.6 %)
Net Income (18.14) (10.98) 39.5 %
Average Shares 194.40 194.40 -
EPS (Riyals) (0.09) (0.06) 39.5 %

Q3 2023 net loss stood at SAR 8.6 million, widening 62% from SAR 5.33 million in Q3 2022, as the company set aside credit loss provisions, despite an increase in the company's sales and lower general and administrative expenses (G&As) compared to the same quarter of the previous year.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 0.08 5.46 7180.0 %
Gross Income 0.05 0.09 73.1 %
Operating Income 1.88 (8.99) (577.3 %)
Net Income (5.33) (8.64) (62.1 %)
Average Shares 194.40 194.40 -
EPS (Riyals) (0.03) (0.04) (62.1 %)

On a quarterly basis, net loss deepened from SAR 0.62 million.

 

Total shareholders’ equity, no minority interest, stood at SAR 149.04 million by Sept. 30, 2023, compared to SAR 160.02 million in the prior-year period.  

 

Accumulated losses at the end of 9M 2023 amounted to SAR 46.47 million, representing 23.9% of the company’s capital.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 190.78 122.6 % 3.47 (12.9 %) 2.25 (22.3 %)
Q2 2014 127.19 38.8 % 1.66 (55.1 %) 0.53 (78.0 %)
Q3 2014 118.30 114.9 % 1.44 (42.7 %) 0.44 (71.0 %)
Q4 2014 135.40 49.2 % 0.87 (65.8 %) (0.17) (121.0 %)
Q1 2015 132.16 (30.7 %) 1.18 (66.1 %) 0.02 (98.9 %)
Q2 2015 137.94 8.5 % 2.18 30.9 % 1.13 111.5 %
Q3 2015 202.10 70.8 % 3.71 156.8 % 2.35 435.5 %
Q4 2015 116.84 (13.7 %) 0.28 (68.2 %) (1.00) (494.9 %)
Q1 2016 1.30 (99.0 %) 0.84 (28.3 %) (0.27) (1222.2 %)
Q2 2016 0.22 (99.8 %) 0.12 (94.6 %) (1.76) (256.3 %)
Q3 2016 0.33 (99.8 %) 0.19 (95.0 %) (1.24) (152.6 %)
Q4 2016 (1.23) (101.1 %) (0.83) (398.9 %) (3.51) (250.9 %)
Q1 2017 0.23 (82.3 %) 0.15 (82.1 %) (1.56) (472.4 %)
Q2 2017 0.33 51.4 % 0.09 (25.4 %) (2.97) (68.5 %)
Q3 2017 11.63 3381.4 % 0.29 55.1 % (1.69) (36.3 %)
Q4 2017 7.04 673.2 % (3.05) (267.3 %) (5.60) (59.4 %)
Q1 2018 8.14 3440.0 % 0.79 423.2 % (1.41) 9.5 %
Q2 2018 32.09 9711.9 % 1.98 2147.7 % 0.35 111.8 %
Q3 2018 51.54 343.2 % 0.97 234.1 % (0.61) 63.9 %
Q4 2018 26.51 276.6 % (2.72) 11.0 % (5.83) (4.1 %)
Q1 2019 18.22 123.8 % 0.28 (64.2 %) (1.66) (17.5 %)
Q2 2019 5.93 (81.5 %) 0.25 (87.3 %) (3.33) (1051.0 %)
Q3 2019 21.77 (57.8 %) (3.41) (451.6 %) (4.91) (707.1 %)
Q4 2019 22.33 (15.8 %) (11.27) (315.2 %) (15.23) (161.1 %)
Q1 2020 11.34 (37.8 %) 0.26 (9.9 %) (1.26) 24.2 %
Q2 2020 12.37 108.7 % 0.38 49.4 % (11.28) (238.9 %)
Q3 2020 11.31 (48.0 %) 1.68 149.2 % 4.59 193.5 %
Q4 2020 - - (0.37) 96.7 % (4.63) 69.6 %
Q1 2021 7.90 (30.3 %) 0.31 20.0 % (2.31) (83.3 %)
Q2 2021 4.17 (66.3 %) 0.14 (63.2 %) (1.87) 83.5 %
Q3 2021 3.39 (70.1 %) 1.05 (37.7 %) (2.02) (144.1 %)
Q4 2021 0.33 - 0.53 243.6 % (8.58) (85.5 %)
Q1 2022 0.06 (99.2 %) 0.06 (79.4 %) (5.04) (118.3 %)
Q2 2022 0.04 (99.0 %) 0.04 (68.8 %) (8.16) (337.3 %)
Q3 2022 0.08 (97.8 %) 0.05 (95.0 %) 1.88 193.1 %
Q4 2022 0.09 (74.6 %) 0.09 (84.0 %) (4.65) 45.8 %
Q1 2023 4.33 6779.4 % 0.34 431.7 % (4.17) 17.3 %
Q2 2023 2.82 6465.1 % (0.78) (1911.6 %) (5.89) 27.8 %
Q3 2023 5.46 7180.0 % 0.09 73.1 % (8.99) (577.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 1.71 (35.5 %) 0.01 - 1.71 0.01
Q2 2014 0.52 (76.5 %) 0.00 - 0.52 0.00
Q3 2014 0.27 (78.8 %) 0.00 - 0.27 0.00
Q4 2014 (101.29) (0.8 %) (0.75) (100.96) (0.33) 0.00
Q1 2015 0.16 (90.4 %) 0.00 - 0.16 0.00
Q2 2015 0.79 52.8 % 0.01 - 0.79 0.01
Q3 2015 1.89 589.2 % 0.01 - 1.89 0.01
Q4 2015 (102.30) (1.0 %) (0.76) (100.96) (1.34) (0.01)
Q1 2016 (0.47) (387.4 %) 0.00 - (0.47) 0.00
Q2 2016 (0.46) (158.0 %) 0.00 - (0.46) 0.00
Q3 2016 (9.27) (591.2 %) (0.07) (7.12) (2.15) (0.02)
Q4 2016 (3.39) 96.7 % (0.03) - (3.39) (0.03)
Q1 2017 (1.80) (282.5 %) (0.01) - (1.80) (0.01)
Q2 2017 (13.23) (2,788.3 %) (0.10) (10.72) (2.52) (0.02)
Q3 2017 (10.63) (14.6 %) (0.08) (8.51) (2.12) (0.02)
Q4 2017 (85.33) (2,418.2 %) (0.64) (81.73) (3.59) (0.03)
Q1 2018 12.61 801.5 % 0.09 14.05 (1.44) (0.01)
Q2 2018 0.32 102.4 % 0.00 - 0.32 0.00
Q3 2018 (0.38) 96.5 % 0.00 - (0.38) 0.00
Q4 2018 (6.13) 92.8 % (0.04) (0.23) (5.90) (0.04)
Q1 2019 (8.53) (167.6 %) (0.05) (6.86) (1.67) (0.01)
Q2 2019 (3.28) (1122.1 %) (0.02) - (3.28) (0.02)
Q3 2019 1.98 627.4 % 0.01 6.86 (4.88) (0.03)
Q4 2019 (16.13) (163.3 %) (0.10) - (16.13) (0.10)
Q1 2020 0.22 102.6 % 0.00 - 0.22 0.00
Q2 2020 (11.55) (252.0 %) (0.07) - (11.55) (0.07)
Q3 2020 3.59 81.1 % 0.02 - 3.59 0.02
Q4 2020 (5.44) 66.3 % (0.03) - (5.44) (0.03)
Q1 2021 (2.64) (1288.4 %) (0.02) - (2.64) (0.02)
Q2 2021 (1.87) 83.8 % (0.01) - (1.87) (0.01)
Q3 2021 (2.20) (161.2 %) (0.01) - (2.20) (0.01)
Q4 2021 (8.23) (51.3 %) (0.05) - (8.23) (0.05)
Q1 2022 (4.88) (84.5 %) (0.03) - (4.88) (0.03)
Q2 2022 (7.93) (323.8 %) (0.04) - (7.93) (0.04)
Q3 2022 (5.33) (142.7 %) (0.03) (6.62) 1.29 0.01
Q4 2022 (2.95) 64.1 % (0.02) 3.54 (6.49) (0.03)
Q1 2023 (1.72) 64.8 % (0.01) - (1.72) (0.01)
Q2 2023 (0.62) 92.2 % 0.00 - (0.62) 0.00
Q3 2023 (8.64) (62.1 %) (0.04) - (8.64) (0.04)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 2.86 % 1.63 % 1.33 %
Q2 2014 2.20 % 1.10 % 0.87 %
Q3 2014 1.73 % 0.77 % 0.57 %
Q4 2014 1.30 % 0.54 % 0.38 %
Q1 2015 1.01 % 0.17 % 0.12 %
Q2 2015 1.08 % 0.28 % 0.17 %
Q3 2015 1.31 % 0.56 % 0.41 %
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 % (1065.92 %) (1038.76 %)
Q1 2017 83.71 % 1,753.10 % 1,740.85 %
Q2 2017 120.18 % 2,665.88 % 2,925.16 %
Q3 2017 (2.76 %) (86.06 %) (89.65 %)
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 %) (39.41 %) (41.63 %)
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 12.78 % (90.63 %) (94.64 %)
Q1 2022 22.32 % (214.51 %) (215.94 %)
Q2 2022 43.92 % (610.32 %) (607.25 %)
Q3 2022 133.59 % (3772.29 %) (3835.65 %)
Q4 2022 91.35 % - (6771.35 %)
Q1 2023 11.35 % (323.35 %) (327.34 %)
Q2 2023 (4.20 %) (125.72 %) (103.04 %)
Q3 2023 (2.12 %) (185.36 %) (137.53 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 134.37 (0.71) 0.04 0.92
Q2 2014 134.37 (0.72) 0.03 0.96
Q3 2014 134.37 (0.73) 0.02 0.99
Q4 2014 134.37 (0.74) 0.02 0.96
Q1 2015 134.37 (0.75) 0.00 0.95
Q2 2015 134.37 (0.74) 0.01 0.95
Q3 2015 134.37 (0.73) 0.02 0.94
Q4 2015 134.37 (0.74) 0.01 0.92
Q1 2016 134.37 (0.74) 0.01 0.90
Q2 2016 134.37 (0.75) 0.00 0.88
Q3 2016 134.37 (0.84) (0.03) 0.84
Q4 2016 134.37 (0.10) (0.05) 0.78
Q1 2017 134.37 (0.11) (0.06) 0.82
Q2 2017 134.37 (0.21) (0.07) 0.79
Q3 2017 134.37 (0.22) (0.07) 0.73
Q4 2017 134.37 (0.83) (0.07) 0.08
Q1 2018 134.37 (0.72) (0.07) 0.18
Q2 2018 134.37 (0.62) (0.05) 0.18
Q3 2018 134.37 (0.54) (0.04) 0.18
Q4 2018 163.05 0.04 (0.05) 0.41
Q1 2019 163.05 (0.09) (0.05) 0.36
Q2 2019 163.05 (0.11) (0.07) 0.34
Q3 2019 163.05 (0.10) (0.10) 0.35
Q4 2019 163.05 (0.16) (0.16) 0.25
Q1 2020 163.05 (0.11) (0.15) 0.33
Q2 2020 163.05 (0.16) (0.20) 0.26
Q3 2020 163.05 (0.15) (0.15) 0.21
Q4 2020 163.05 (0.08) (0.08) 0.17
Q1 2021 163.05 (0.10) (0.10) 0.15
Q2 2021 163.05 (0.04) (0.04) 0.14
Q3 2021 163.05 (0.07) (0.07) 0.13
Q4 2021 163.05 (0.09) (0.09) 0.08
Q1 2022 163.05 (0.11) (0.11) 0.05
Q2 2022 194.40 (0.12) (0.12) 0.87
Q3 2022 194.40 (0.14) (0.10) 0.84
Q4 2022 194.40 (0.11) (0.09) 0.82
Q1 2023 194.40 (0.09) (0.08) 0.81
Q2 2023 194.40 (0.05) (0.04) 0.81
Q3 2023 194.40 (0.07) (0.09) 0.77

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 15.47
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
Q3 2023 NEG NEG 3.89

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 - - -
Q3 2023 5.46 - - - -


Financial Ratios
Current
Market Cap (M Riyal) 493.78
Enterprise Value (EV) (M) 392.60
Shares Outstanding ((M)) 194.40
EPS ( Riyal) (TTM) (0.09)
Book Value (BV) ( Riyal) 0.68
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.74
Return on Average Assets (%) (TTM) (11.50 )
Return on Average Equity (%) (TTM) (12.12 )
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Share Price

Saudi Industrial Export Co.
2.54
0.02 0.79 %

Saudi Industrial Export Co. (SIECO)

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