SIDC widens 9M 2022 losses to SAR 19 mln; Q3 at SAR 7.7 mln

SIDC widens 9M 2022 losses to SAR 19 mln; Q3 at SAR 7.7 mln

07/11/2022 Argaam Exclusive

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Saudi Industrial Development Co. (SIDC) deepened its net loss after Zakat and tax to SAR 19 million in the first nine months of 2022, from SAR 11.8 million in the year-ago period due to an increase in operating expenses (OPEX) and lower sales.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 124.88 121.22 (2.9 %)
Gross Income 19.37 17.96 (7.3 %)
Operating Income (13.74) (21.55) (56.8 %)
Net Income (11.80) (19.04) (61.3 %)
Average Shares 13.50 13.50 -
Earnings Per Share before unusual items (0.87) (1.41) (61.3 %)
EPS (Riyals) (0.87) (1.41) (61.3 %)

In Q3 2022, net loss after Zakat and tax widened by 33.4% to SAR 7.7 million, from SAR 5.74 million in Q3 2021 on higher operating losses as a result of increased operating expenses.

 

Compared to Q2 2022, net losses increased from SAR 6.85 million due to higher operating losses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 37.40 38.40 2.7 %
Gross Income 4.22 5.73 35.8 %
Operating Income (7.29) (8.49) (16.5 %)
Net Income (5.74) (7.66) (33.4 %)
Average Shares 13.50 13.50 -
Earnings Per Share before unusual items (0.43) (0.57) (33.4 %)
EPS (Riyals) (0.43) (0.57) (33.4 %)

Total shareholders’ equity, after minority interest, stood at SAR 194.7 million as of Sept. 30, 2022, compared to SAR 217.3 million in the year-earlier period.

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