Financial Results : SIDC trims H1 2023 loss to SAR 10.3 mln; Q2 widens to SAR 9.7 mln

SIDC trims H1 2023 loss to SAR 10.3 mln; Q2 widens to SAR 9.7 mln

09/08/2023 Argaam Exclusive

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Saudi Industrial Development Co. (SIDC) narrowed its net losses to SAR 10.3 million in the first half of 2023 from SAR 11.4 million in the year-earlier period, thanks to higher non-operating income.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 82.82 85.35 3.1 %
Gross Income 12.23 17.80 45.6 %
Operating Income (13.06) (12.27) 6.1 %
Net Income (11.38) (10.33) 9.2 %
Average Shares 13.50 13.50 -
Earnings Per Share before unusual items (0.84) (0.77) 9.2 %
EPS (Riyals) (0.84) (0.77) 9.2 %

In Q2, the company widened its net loss to SAR 9.7 million from SAR 6.58 million in the second quarter of 2022 on increased operating expenses (OpEx) as SIDC recorded asset impairment provisions.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 41.41 43.63 5.4 %
Gross Income 6.14 6.53 6.3 %
Operating Income (7.09) (9.81) (38.4 %)
Net Income (6.58) (9.67) (46.9 %)
Average Shares 13.50 13.50 -
Earnings Per Share before unusual items (0.49) (0.72) (46.9 %)
EPS (Riyals) (0.49) (0.72) (46.9 %)

The company also slid into a deeper loss compared to SAR 660,000 in Q1 2023. It reported lower operating profit amid an increase in the cost of goods sold and operating losses due to higher OpEx. Non-operating income also weighed on the quarterly results.

 

Shareholders’ equity, after minority interest, reached SAR 161.75 million by the end of H1 2023, compared to SAR 201.23 million in the year-ago period.

 

Accumulated losses amounted to SAR 72.88 million as of June 30, 2023, representing 18.22% of the company’s capital.

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