Sadirat swings to SAR 530,000 earnings in Q1 2024

Sadirat swings to SAR 530,000 earnings in Q1 2024

15/05/2024 Argaam Exclusive

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Saudi Industrial Export Co. (Sadirat) turned to a net profit of SAR 530,000 from a loss of SAR 1.7 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 4.33 3.91 (9.8 %)
Gross Income 0.34 0.15 (54.0 %)
Operating Income (4.17) (5.66) (35.8 %)
Net Income (1.72) 0.53 130.9 %
Average Shares 19.44 19.44 -
EPS (Riyals) (0.09) 0.03 130.9 %

The improved results were due to the company's earnings from its investments by utilizing part of cash liquidity.

 

However, revenues declined compared with the year-earlier period on price fluctuations and low demand for the company's main products.

 

Based on a quarter-on-quarter basis, the company swung to a profit from a loss of SAR 4.63 million in Q4 2023, mainly driven by higher revenue as a result of the opening of new marketing channels to attract more new customers.

 

Shareholders’ equity, no minority interest, reached SAR 144.98 million as of March 31, 2024, from SAR 149.04 million in the year-earlier period.

 

Accumulated losses reached SAR 50.57 million by the end of the three-month period, representing 26.01% of the company’s capital.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
Q4 2023 0.61 621.2 % 0.02 (82.4 %) (4.63) (56.7 %) (0.24)
Q1 2024 3.91 (9.8 %) 0.15 (54.0 %) 0.53 130.9 % 0.03

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2023 (2.52 %) (180.00 %) (117.92 %)
Q1 2024 (4.02 %) (197.72 %) (104.28 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2023 19.44 (0.80) (0.80) 7.43
Q1 2024 19.44 (0.69) (0.69) 7.46

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2023 NEG NEG 3.81
Q1 2024 NEG NEG 3.65

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 - - - -
Q1 2024 3.91 - - - -


Financial Ratios
Current
Market Cap (M Riyal) 478.61
Enterprise Value (EV) (M) 353.21
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 3.30
Return on Average Assets (%) (TTM) (8.30 )
Return on Average Equity (%) (TTM) (8.81 )
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Share Price

Saudi Industrial Export Co.
24.62
(0.26) (1.05 %)

Saudi Industrial Export Co. (SIECO)

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