SIDC losses widen to SAR 21.8 mln in 9M 2023; Q3 at SAR 11.5 mln

SIDC losses widen to SAR 21.8 mln in 9M 2023; Q3 at SAR 11.5 mln

07/11/2023 Argaam Exclusive

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Saudi Industrial Development Co.’s (SIDC) net losses widened to SAR 21.8 million in the first nine months of 2023 from SAR 19 million in the year-earlier period, due to higher operating losses from recording impairment of assets.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 121.22 120.81 (0.3 %)
Gross Income 17.96 23.29 29.7 %
Operating Income (21.55) (23.96) (11.2 %)
Net Income (19.04) (21.83) (14.7 %)
Average Shares 13.50 13.50 -
EPS (Riyals) (1.41) (1.62) (14.7 %)

Net losses widened 50.2% year-on-year to SAR 11.5 million in Q3 2023 on higher operating expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 38.40 35.46 (7.6 %)
Gross Income 5.73 5.49 (4.3 %)
Operating Income (8.49) (11.69) (37.8 %)
Net Income (7.66) (11.50) (50.2 %)
Average Shares 13.50 13.50 -
EPS (Riyals) (0.57) (0.85) (50.2 %)

Sequentially, Q3 losses deepened from SAR 9.67 million.

 

Shareholders’ equity, after minority interest, reached SAR 149.83 million by the end of 9M 2023, compared to SAR 194.7 million in the year-ago period.

 

Accumulated losses amounted to SAR 84.24 million as of Sept. 30, 2023, representing 21.06% of the company’s capital.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 75.07 (5.9 %) 22.35 (4.5 %) 3.50 (48.9 %)
Q2 2014 85.66 0.9 % 25.93 (7.1 %) 3.79 (64.8 %)
Q3 2014 87.12 0.9 % 24.31 (11.3 %) 4.76 (48.3 %)
Q4 2014 68.09 (0.9 %) 16.15 (24.0 %) (2.44) (182.1 %)
Q1 2015 79.01 5.2 % 24.17 8.1 % 5.59 59.9 %
Q2 2015 92.50 8.0 % 30.70 18.4 % 10.05 165.4 %
Q3 2015 84.70 (2.8 %) 27.88 14.7 % 7.06 48.3 %
Q4 2015 69.32 1.8 % 16.55 2.5 % (4.52) (85.0 %)
Q1 2016 67.44 (14.6 %) 17.17 (29.0 %) (1.57) (128.1 %)
Q2 2016 79.46 (14.1 %) 20.24 (34.1 %) 2.42 (75.9 %)
Q3 2016 67.05 (20.8 %) 17.36 (37.7 %) 2.20 (68.9 %)
Q4 2016 45.59 (34.2 %) 12.19 (26.3 %) (3.81) 15.6 %
Q1 2017 61.22 (9.2 %) 14.99 (12.7 %) 0.82 152.3 %
Q2 2017 62.04 (21.9 %) 6.54 (67.7 %) (10.13) (518.6 %)
Q3 2017 65.21 (2.7 %) 6.72 (61.3 %) (3.54) (261.4 %)
Q4 2017 51.67 13.3 % 6.26 (48.7 %) (9.83) (157.9 %)
Q1 2018 44.73 (26.9 %) 8.20 (45.3 %) (4.21) (613.8 %)
Q2 2018 51.10 (17.6 %) 9.78 49.6 % (2.89) 71.5 %
Q3 2018 48.72 (25.3 %) 7.33 9.0 % (4.89) (38.1 %)
Q4 2018 45.59 (11.8 %) 3.43 (45.2 %) (17.31) (76.1 %)
Q1 2019 50.10 12.0 % 8.93 9.0 % (3.23) 23.4 %
Q2 2019 53.88 5.4 % 9.37 (4.2 %) (3.03) (4.7 %)
Q3 2019 45.95 (5.7 %) 8.83 20.6 % (2.27) 53.6 %
Q4 2019 41.47 (9.1 %) 6.05 76.6 % (16.76) 3.2 %
Q1 2020 40.30 (19.6 %) 7.84 (12.3 %) (4.31) (33.5 %)
Q2 2020 41.58 (22.8 %) 11.10 18.5 % 3.00 199.2 %
Q3 2020 39.67 (13.7 %) 8.24 (6.7 %) (2.21) 2.6 %
Q4 2020 43.06 3.8 % 8.48 40.0 % (7.35) 56.2 %
Q1 2021 45.54 13.0 % 7.91 0.9 % (2.26) 47.4 %
Q2 2021 41.94 0.9 % 8.39 (24.4 %) (4.19) (239.7 %)
Q3 2021 37.40 (5.7 %) 4.22 (48.7 %) (7.29) (229.3 %)
Q4 2021 38.20 (11.3 %) 7.44 (12.2 %) (8.97) (22.1 %)
Q1 2022 41.42 (9.1 %) 6.09 (23.0 %) (5.97) (163.7 %)
Q2 2022 41.41 (1.3 %) 6.14 (26.8 %) (7.09) (69.1 %)
Q3 2022 38.40 2.7 % 5.73 35.8 % (8.49) (16.5 %)
Q4 2022 34.13 (10.7 %) 4.10 (44.9 %) (20.31) (126.6 %)
Q1 2023 41.73 0.7 % 11.27 85.1 % (2.45) 58.9 %
Q2 2023 43.63 5.4 % 6.53 6.3 % (9.81) (38.4 %)
Q3 2023 35.46 (7.6 %) 5.49 (4.3 %) (11.69) (37.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 23.77 262.9 % 1.76 7.90 15.87 1.18
Q2 2014 1.32 (89.3 %) 0.10 13.12 (11.81) (0.87)
Q3 2014 13.85 51.9 % 1.03 4.65 9.20 0.68
Q4 2014 (31.99) (524.7 %) (2.37) (0.83) (31.16) (2.31)
Q1 2015 4.74 (80.1 %) 0.35 - 4.74 0.35
Q2 2015 12.53 852.3 % 0.93 - 12.53 0.93
Q3 2015 (11.60) (183.7 %) (0.86) - (11.60) (0.86)
Q4 2015 (24.62) 23.0 % (1.82) (14.61) (10.01) (0.74)
Q1 2016 (8.56) (280.7 %) (0.63) - (8.56) (0.63)
Q2 2016 8.09 (35.5 %) 0.60 (4.87) 12.96 0.96
Q3 2016 (7.74) 33.2 % (0.57) (9.26) 1.51 0.11
Q4 2016 8.25 133.5 % 0.61 18.19 (9.94) (0.74)
Q1 2017 0.81 109.5 % 0.06 - 0.81 0.06
Q2 2017 (10.33) (227.7 %) (0.77) - (10.33) (0.77)
Q3 2017 (3.62) 53.3 % (0.27) - (3.62) (0.27)
Q4 2017 2.92 (64.5 %) 0.22 12.52 (9.59) (0.71)
Q1 2018 0.17 (79.3 %) 0.01 - 0.17 0.01
Q2 2018 (1.31) 87.3 % (0.10) - (1.31) (0.10)
Q3 2018 (8.71) (140.7 %) (0.65) - (8.71) (0.65)
Q4 2018 (20.23) (791.7 %) (1.50) - (20.23) (1.50)
Q1 2019 3.00 1685.2 % 0.22 - 3.00 0.22
Q2 2019 (1.66) (26.9 %) (0.12) - (1.66) (0.12)
Q3 2019 (4.31) 50.6 % (0.32) - (4.31) (0.32)
Q4 2019 (36.23) (79.1 %) (2.68) (17.88) (18.35) (1.36)
Q1 2020 (10.02) (434.5 %) (0.74) - (10.02) (0.74)
Q2 2020 4.34 361.4 % 0.32 - 4.34 0.32
Q3 2020 (1.36) 68.5 % (0.10) - (1.36) (0.10)
Q4 2020 (0.54) 98.5 % (0.04) - (0.54) (0.04)
Q1 2021 (1.74) 82.6 % (0.13) - (1.74) (0.13)
Q2 2021 (4.32) (199.6 %) (0.32) - (4.32) (0.32)
Q3 2021 (5.74) (323.1 %) (0.43) - (5.74) (0.43)
Q4 2021 (12.69) (2,269.7 %) (0.94) - (12.69) (0.94)
Q1 2022 (4.80) (175.9 %) (0.36) - (4.80) (0.36)
Q2 2022 (6.58) (52.3 %) (0.49) - (6.58) (0.49)
Q3 2022 (7.66) (33.4 %) (0.57) - (7.66) (0.57)
Q4 2022 (19.73) (55.5 %) (1.46) 2.06 (21.79) (1.61)
Q1 2023 (0.66) 86.2 % (0.05) - (0.66) (0.05)
Q2 2023 (9.67) (46.9 %) (0.72) - (9.67) (0.72)
Q3 2023 (11.50) (50.2 %) (0.85) - (11.50) (0.85)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 31.41 % 12.14 % 14.22 %
Q2 2014 30.70 % 9.94 % 6.56 %
Q3 2014 29.64 % 8.60 % 6.57 %
Q4 2014 28.08 % 7.04 % (5.66 %)
Q1 2015 28.31 % 7.76 % (9.08 %)
Q2 2015 29.18 % 9.66 % (1.44 %)
Q3 2015 30.50 % 10.65 % (7.86 %)
Q4 2015 30.50 % 10.04 % (1.33 %)
Q1 2016 29.40 % 7.96 % (5.62 %)
Q2 2016 27.19 % 5.63 % (5.72 %)
Q3 2016 25.18 % 4.04 % (1.45 %)
Q4 2016 25.80 % 4.40 % (1.55 %)
Q1 2017 25.57 % 5.49 % 2.11 %
Q2 2017 21.66 % 0.65 % (7.61 %)
Q3 2017 17.28 % (1.85 %) (9.86 %)
Q4 2017 14.37 % (4.38 %) (9.46 %)
Q1 2018 12.39 % (7.09 %) (10.45 %)
Q2 2018 14.55 % (4.24 %) (6.75 %)
Q3 2018 16.08 % (4.62 %) (9.91 %)
Q4 2018 15.11 % (10.13 %) (15.82 %)
Q1 2019 15.07 % (9.27 %) (13.94 %)
Q2 2019 14.65 % (9.32 %) (13.92 %)
Q3 2019 15.63 % (7.70 %) (11.87 %)
Q4 2019 17.34 % (5.60 %) (11.14 %)
Q1 2020 17.67 % (6.14 %) (18.91 %)
Q2 2020 19.98 % (3.07 %) (16.74 %)
Q3 2020 20.38 % (3.50 %) (15.58 %)
Q4 2020 21.66 % 2.34 % (4.60 %)
Q1 2021 21.03 % 3.35 % 0.41 %
Q2 2021 19.39 % (0.17 %) (4.67 %)
Q3 2021 17.26 % (3.70 %) (7.35 %)
Q4 2021 17.14 % (4.78 %) (15.02 %)
Q1 2022 16.45 % (7.15 %) (17.34 %)
Q2 2022 15.08 % (9.43 %) (18.82 %)
Q3 2022 15.94 % (10.26 %) (19.91 %)
Q4 2022 14.20 % (16.44 %) (26.28 %)
Q1 2023 17.50 % (14.73 %) (23.57 %)
Q2 2023 17.50 % (16.14 %) (25.20 %)
Q3 2023 17.68 % (17.10 %) (28.15 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 13.50 3.90 3.32 31.41
Q2 2014 13.50 3.09 1.53 31.74
Q3 2014 13.50 3.44 1.54 32.78
Q4 2014 13.50 0.51 (1.33) 30.39
Q1 2015 13.50 (0.90) (2.15) 30.65
Q2 2015 13.50 (0.06) (0.35) 31.58
Q3 2015 13.50 (1.95) (1.89) 30.67
Q4 2015 13.50 (1.40) (0.32) 28.84
Q1 2016 13.50 (2.39) (1.31) 27.85
Q2 2016 13.50 (2.72) (1.27) 28.38
Q3 2016 13.50 (2.43) (0.30) 27.78
Q4 2016 13.50 0.00 (0.30) 26.80
Q1 2017 13.50 0.70 0.40 26.87
Q2 2017 13.50 (0.67) (1.33) 26.10
Q3 2017 13.50 (0.36) (1.71) 25.83
Q4 2017 13.50 (0.76) (1.68) 26.06
Q1 2018 13.50 (0.80) (1.73) 26.08
Q2 2018 13.50 (0.14) (1.06) 25.97
Q3 2018 13.50 (0.51) (1.44) 25.32
Q4 2018 13.50 (2.23) (2.23) 23.90
Q1 2019 13.50 (2.02) (2.02) 24.16
Q2 2019 13.50 (2.04) (2.04) 24.09
Q3 2019 13.50 (1.72) (1.72) 23.82
Q4 2019 13.50 (2.90) (1.58) 16.14
Q1 2020 13.50 (3.87) (2.54) 14.95
Q2 2020 13.50 (3.42) (2.10) 15.71
Q3 2020 13.50 (3.21) (1.88) 16.13
Q4 2020 13.50 (0.56) (0.56) 15.59
Q1 2021 13.50 0.05 0.05 15.83
Q2 2021 13.50 (0.59) (0.59) 16.06
Q3 2021 13.50 (0.91) (0.91) 16.10
Q4 2021 13.50 (1.81) (1.81) 15.11
Q1 2022 13.50 (2.04) (2.04) 16.45
Q2 2022 13.50 (2.21) (2.21) 14.91
Q3 2022 13.50 (2.35) (2.35) 14.42
Q4 2022 13.50 (2.87) (3.02) 12.36
Q1 2023 13.50 (2.57) (2.72) 12.05
Q2 2023 13.50 (2.79) (2.95) 11.98
Q3 2023 13.50 (3.08) (3.23) 11.10

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 16.22 19.07 2.02
Q2 2014 20.05 40.38 1.95
Q3 2014 19.21 42.93 2.02
Q4 2014 84.70 NEG 1.43
Q1 2015 NEG NEG 1.79
Q2 2015 NEG NEG 1.63
Q3 2015 NEG NEG 1.16
Q4 2015 NEG NEG 1.45
Q1 2016 NEG NEG 1.04
Q2 2016 NEG NEG 1.09
Q3 2016 NEG NEG 0.83
Q4 2016 More than 100 NEG 1.14
Q1 2017 50.64 89.16 1.31
Q2 2017 NEG NEG 1.31
Q3 2017 NEG NEG 1.24
Q4 2017 NEG NEG 1.15
Q1 2018 NEG NEG 1.07
Q2 2018 NEG NEG 1.05
Q3 2018 NEG NEG 1.00
Q4 2018 NEG NEG 1.02
Q1 2019 NEG NEG 1.08
Q2 2019 NEG NEG 1.04
Q3 2019 NEG NEG 1.01
Q4 2019 NEG NEG 1.51
Q1 2020 NEG NEG 1.34
Q2 2020 NEG NEG 1.35
Q3 2020 NEG NEG 2.61
Q4 2020 NEG NEG 2.70
Q1 2021 More than 100 More than 100 3.81
Q2 2021 NEG NEG 4.69
Q3 2021 NEG NEG 4.03
Q4 2021 NEG NEG 3.96
Q1 2022 NEG NEG 3.32
Q2 2022 NEG NEG 2.87
Q3 2022 NEG NEG 2.88
Q4 2022 NEG NEG 2.48
Q1 2023 NEG NEG 2.80
Q2 2023 NEG NEG 3.23
Q3 2023 NEG NEG 3.10

Business Segments (Million)

Compared With The
Period Mattresses & sponge sector Sanitary ware segment Transportation Sheet Iron The main center
Q1 2014 63.66 11.41 - - -
Q2 2014 71.48 14.18 - - -
Q3 2014 75.80 11.31 - - -
Q4 2014 56.93 11.16 - - -
Q1 2015 68.29 10.72 - - -
Q2 2015 81.05 11.45 - - -
Q3 2015 73.64 11.06 - - -
Q4 2015 60.17 9.16 - - -
Q1 2016 57.68 9.51 - - 0.25
Q2 2016 70.76 8.96 - - -
Q3 2016 60.75 6.30 - - -
Q4 2016 39.54 6.05 - - -
Q1 2017 53.19 8.03 - - -
Q2 2017 54.94 7.09 - - -
Q3 2017 58.79 6.42 - - -
Q4 2017 43.63 8.04 - - -
Q1 2018 37.98 6.75 - - -
Q2 2018 44.25 6.85 - - -
Q3 2018 42.47 6.25 - - -
Q4 2018 39.14 6.46 - - -
Q1 2019 43.62 6.48 - - -
Q2 2019 48.77 5.12 - - -
Q3 2019 40.13 5.82 - - -
Q4 2019 35.90 5.57 - - -
Q1 2020 35.57 4.73 - - -
Q2 2020 36.90 4.68 - - -
Q3 2020 36.38 3.29 - - -
Q4 2020 37.13 5.92 - - -
Q1 2021 41.95 3.58 - - -
Q2 2021 39.10 2.84 - - -
Q3 2021 34.41 2.99 - - -
Q4 2021 27.12 3.93 7.15 - -
Q1 2022 36.20 3.74 1.47 - -
Q2 2022 35.28 3.39 2.74 - -
Q3 2022 33.95 2.35 2.10 - -
Q4 2022 28.72 3.25 2.16 - -
Q1 2023 35.39 3.87 2.47 - -
Q2 2023 38.23 3.24 2.16 - -
Q3 2023 30.33 2.75 2.39 - -


Financial Ratios
Current
Market Cap (M Riyal) 398.25
Enterprise Value (EV) (M) 422.51
Shares Outstanding ((M)) 13.50
EPS ( Riyal) (TTM) (5.38)
Book Value (BV) ( Riyal) 5.36
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 5.51
Return on Average Assets (%) (TTM) (31.75 )
Return on Average Equity (%) (TTM) (65.44 )
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Share Price

Saudi Industrial Development Co.
29.50
1.90 6.88 %

Saudi Industrial Development Co. (SIDC)

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