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

View other reports

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) (18.38) (62.4 %)
Net Income (18.14) (10.98) 39.5 %
Average Shares 19.44 19.44 -
EPS (Riyals) (0.93) (0.56) 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 7184.0 %
Gross Income 0.05 0.10 82.7 %
Operating Income 1.88 (8.32) (541.6 %)
Net Income (5.33) (8.64) (62.1 %)
Average Shares 19.44 19.44 -
EPS (Riyals) (0.27) (0.44) (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 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)
Q3 2023 5.46 7184.0 % 0.10 82.7 % (8.64) (62.1 %) (0.44)

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 %)
Q3 2023 (2.08 %) (180.03 %) (137.50 %)


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
Q3 2023 19.44 (0.72) (0.90) 7.67

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
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) 481.33
Enterprise Value (EV) (M) 355.93
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 3.32
Return on Average Assets (%) (TTM) (8.30 )
Return on Average Equity (%) (TTM) (8.81 )
more

Share Price

Saudi Industrial Export Co.
24.76
(0.12) (0.48 %)

Saudi Industrial Export Co. (SIECO)

More

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.