Sinad Holding 9M 2022 net loss deepens to SAR 64.7 mln; Q3 net loss at SAR 54.6 mln

Sinad Holding 9M 2022 net loss deepens to SAR 64.7 mln; Q3 net loss at SAR 54.6 mln

06/11/2022 Argaam Exclusive

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Sinad Holding Co. widened a net loss after Zakat and tax to SAR 64.7 million for the first nine months of 2022, compared to SAR 28.7 million in the year-earlier period.  



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 1,240.77 1,316.81 6.1 %
Gross Income 356.72 365.27 2.4 %
Operating Income 47.36 2.79 (94.1 %)
Net Income (28.73) (64.67) (125.1 %)
Average Shares 126.39 126.39 0.0 %
EPS (Riyals) (0.23) (0.51) (125.1 %)

This was driven by lower gross profit, an increase in selling and distribution expenses, higher general and administrative expenses and increased cost of finance. In addition, the company recorded expenses for expected claims during the period compared to zero expenses in the year-earlier period. 

 

The company’s Q3 2022 net loss after Zakat and tax widened by more than two-fold to SAR 54.6 million from SAR 26.56 million a year earlier, on higher operating losses, lower gross profit, increased selling and distribution expenses, and higher general and administrative expenses.  

   



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 411.17 429.62 4.5 %
Gross Income 116.64 106.51 (8.7 %)
Operating Income 20.01 (10.07) (150.3 %)
Net Income (26.56) (54.63) (105.7 %)
Average Shares 126.39 126.39 0.0 %
EPS (Riyals) (0.21) (0.43) (105.7 %)

On a sequential basis, net loss deepened by more than double from SAR 20.3 million.

 

Total shareholders’ equity, excluding minority interests, reached SAR 1.226 billion as of Sept. 30, 2022, compared to SAR 1.490 billion in the prior-year period.   

 

Accumulated losses reached SAR 104.8 million, or 8.29% of the capital.   



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 576.88 10.5 % 186.60 23.8 % 56.55 47.8 %
Q2 2013 577.62 8.6 % 176.47 9.9 % 53.65 9.6 %
Q3 2013 561.28 4.6 % 157.30 0.1 % 43.34 (12.7 %)
Q4 2013 571.16 7.7 % 163.70 (3.4 %) 48.15 0.8 %
Q1 2014 601.46 4.3 % 185.05 (0.8 %) 43.97 (22.2 %)
Q2 2014 624.98 8.2 % 187.07 6.0 % 52.87 (1.5 %)
Q3 2014 607.08 8.2 % 173.79 10.5 % 46.37 7.0 %
Q4 2014 604.72 5.9 % 193.67 18.3 % 51.36 6.7 %
Q1 2015 593.14 (1.4 %) 183.85 (0.6 %) 48.76 10.9 %
Q2 2015 580.59 (7.1 %) 181.00 (3.2 %) 48.92 (7.5 %)
Q3 2015 553.97 (8.7 %) 178.11 2.5 % 45.63 (1.6 %)
Q4 2015 444.00 (26.6 %) 165.73 (14.4 %) 46.18 (10.1 %)
Q1 2016 555.73 (6.3 %) 182.18 (0.9 %) 45.96 (5.7 %)
Q2 2016 502.82 (13.4 %) 161.28 (10.9 %) 25.84 (47.2 %)
Q3 2016 519.22 (6.3 %) 162.50 (8.8 %) 20.20 (55.7 %)
Q4 2016 506.19 14.0 % 162.02 (2.2 %) 24.96 (46.0 %)
Q1 2017 456.77 (17.8 %) 154.71 (15.1 %) 37.42 (18.6 %)
Q2 2017 428.66 (14.7 %) 130.15 (19.3 %) 12.60 (51.3 %)
Q3 2017 503.24 (3.1 %) 161.51 (0.6 %) 45.93 127.4 %
Q4 2017 499.16 (1.4 %) 169.55 4.6 % 41.24 65.2 %
Q1 2018 449.18 (1.7 %) 134.10 (13.3 %) 33.79 (9.7 %)
Q2 2018 424.80 (0.9 %) 122.74 (5.7 %) 18.38 45.9 %
Q3 2018 483.73 (3.9 %) 151.85 (6.0 %) 48.52 5.6 %
Q4 2018 449.88 (9.9 %) 129.99 (23.3 %) 22.45 (45.6 %)
Q1 2019 471.87 5.1 % 135.36 0.9 % 29.65 (12.3 %)
Q2 2019 414.56 (2.4 %) 113.15 (7.8 %) 7.60 (58.7 %)
Q3 2019 484.43 0.1 % 137.81 (9.2 %) 26.28 (45.8 %)
Q4 2019 513.08 14.0 % 160.86 23.8 % 42.23 88.2 %
Q1 2020 406.21 (13.9 %) 121.17 (10.5 %) 12.92 (56.4 %)
Q2 2020 389.53 (6.0 %) 115.82 2.4 % 7.72 1.6 %
Q3 2020 411.24 (15.1 %) 122.14 (11.4 %) 21.93 (16.6 %)
Q4 2020 362.64 (29.3 %) 91.79 (42.9 %) (12.47) (129.5 %)
Q1 2021 426.21 4.9 % 125.61 3.7 % 14.92 15.4 %
Q2 2021 403.40 3.6 % 114.47 (1.2 %) 12.43 61.0 %
Q3 2021 411.17 0.0 % 116.64 (4.5 %) 20.01 (8.7 %)
Q4 2021 470.54 29.8 % 129.37 40.9 % 13.86 211.2 %
Q1 2022 472.98 11.0 % 133.44 6.2 % 15.22 2.0 %
Q2 2022 414.21 2.7 % 125.32 9.5 % (2.35) (118.9 %)
Q3 2022 429.62 4.5 % 106.51 (8.7 %) (10.07) (150.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 33.39 11.3 % 0.26 - 33.39 0.26
Q2 2013 29.14 31.6 % 0.23 - 29.14 0.23
Q3 2013 28.87 15.0 % 0.23 - 28.87 0.23
Q4 2013 40.57 19.9 % 0.32 - 40.57 0.32
Q1 2014 52.73 57.9 % 0.42 - 52.73 0.42
Q2 2014 64.37 120.9 % 0.51 - 64.37 0.51
Q3 2014 32.92 14.0 % 0.26 - 32.92 0.26
Q4 2014 36.24 (10.7 %) 0.29 (25.00) 61.24 0.48
Q1 2015 60.46 14.7 % 0.48 3.44 57.02 0.45
Q2 2015 64.87 0.8 % 0.51 5.70 59.17 0.47
Q3 2015 22.47 (31.7 %) 0.18 6.24 16.23 0.13
Q4 2015 12.54 (65.4 %) 0.10 (22.68) 35.21 0.28
Q1 2016 (50.65) (183.8 %) (0.40) (37.45) (13.20) (0.10)
Q2 2016 15.60 (75.9 %) 0.12 - 15.60 0.12
Q3 2016 (48.10) (314.1 %) (0.38) (26.85) (21.25) (0.17)
Q4 2016 (79.15) (731.4 %) (0.63) (128.58) 49.43 0.39
Q1 2017 20.69 140.9 % 0.16 - 20.69 0.16
Q2 2017 3.67 (76.5 %) 0.03 - 3.67 0.03
Q3 2017 4.38 109.1 % 0.03 - 4.38 0.03
Q4 2017 (352.75) (345.7 %) (2.79) (308.75) (44.00) (0.35)
Q1 2018 11.74 (43.2 %) 0.09 - 11.74 0.09
Q2 2018 (2.02) (155.1 %) (0.02) - (2.02) (0.02)
Q3 2018 (4.46) (201.8 %) (0.04) - (4.46) (0.04)
Q4 2018 (109.49) 69.0 % (0.87) - (109.49) (0.87)
Q1 2019 5.28 (55.0 %) 0.04 3.20 2.08 0.02
Q2 2019 18.61 1021.0 % 0.15 38.20 (19.60) (0.16)
Q3 2019 (32.13) (620.3 %) (0.25) - (32.13) (0.25)
Q4 2019 (14.51) 86.8 % (0.11) - (14.51) (0.11)
Q1 2020 0.17 (96.9 %) 0.00 - 0.17 0.00
Q2 2020 (3.24) (117.4 %) (0.03) - (3.24) (0.03)
Q3 2020 (29.74) 7.5 % (0.24) (2.60) (27.14) (0.21)
Q4 2020 (15.74) (8.5 %) (0.12) (2.00) (13.74) (0.11)
Q1 2021 (1.39) (936.7 %) (0.01) - (1.39) (0.01)
Q2 2021 (0.79) 75.7 % (0.01) - (0.79) (0.01)
Q3 2021 (26.56) 10.7 % (0.21) - (26.56) (0.21)
Q4 2021 (34.75) (120.8 %) (0.27) - (34.75) (0.27)
Q1 2022 10.24 836.9 % 0.08 5.84 4.40 0.03
Q2 2022 (20.27) (2,482.2 %) (0.16) - (20.27) (0.16)
Q3 2022 (54.63) (105.7 %) (0.43) (31.08) (23.55) (0.19)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 30.96 % 12.33 % 5.26 %
Q2 2013 31.04 % 12.37 % 5.47 %
Q3 2013 30.71 % 11.85 % 5.58 %
Q4 2013 29.91 % 11.74 % 5.77 %
Q1 2014 29.53 % 11.22 % 6.55 %
Q2 2014 29.38 % 10.99 % 7.91 %
Q3 2014 29.51 % 11.11 % 7.93 %
Q4 2014 30.33 % 11.16 % 8.66 %
Q1 2015 30.39 % 11.42 % 8.87 %
Q2 2015 30.70 % 11.52 % 8.82 %
Q3 2015 31.58 % 11.78 % 8.30 %
Q4 2015 32.63 % 12.07 % 7.72 %
Q1 2016 33.13 % 12.07 % 4.56 %
Q2 2016 33.42 % 11.43 % 2.62 %
Q3 2016 33.22 % 10.53 % 0.81 %
Q4 2016 32.05 % 9.63 % 1.47 %
Q1 2017 32.27 % 9.85 % 3.25 %
Q2 2017 31.89 % 9.55 % 2.75 %
Q3 2017 32.11 % 10.89 % 4.13 %
Q4 2017 32.63 % 11.86 % (0.81 %)
Q1 2018 31.66 % 11.71 % (1.29 %)
Q2 2018 31.33 % 12.09 % (1.59 %)
Q3 2018 31.14 % 12.30 % (2.09 %)
Q4 2018 29.80 % 11.55 % (5.77 %)
Q1 2019 29.50 % 11.19 % (6.22 %)
Q2 2019 29.14 % 10.66 % (7.22 %)
Q3 2019 28.36 % 9.94 % (8.74 %)
Q4 2019 29.04 % 10.83 % (3.41 %)
Q1 2020 29.31 % 10.46 % (3.63 %)
Q2 2020 29.87 % 11.09 % (2.77 %)
Q3 2020 30.23 % 11.10 % (2.60 %)
Q4 2020 28.73 % 8.88 % (2.80 %)
Q1 2021 28.65 % 9.04 % (2.86 %)
Q2 2021 28.31 % 8.96 % (2.68 %)
Q3 2021 27.97 % 8.87 % (2.65 %)
Q4 2021 28.40 % 9.71 % (3.71 %)
Q1 2022 28.09 % 9.41 % (3.28 %)
Q2 2022 28.54 % 8.53 % (4.36 %)
Q3 2022 27.67 % 6.69 % (4.15 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 126.39 0.91 0.91 19.55
Q2 2013 126.39 0.96 0.96 18.92
Q3 2013 126.39 0.99 0.99 19.61
Q4 2013 126.39 1.04 1.04 20.37
Q1 2014 126.39 1.20 1.20 22.05
Q2 2014 126.39 1.48 1.48 21.10
Q3 2014 126.39 1.51 1.51 22.42
Q4 2014 126.39 1.47 1.67 20.64
Q1 2015 126.39 1.53 1.71 21.25
Q2 2015 126.39 1.54 1.66 21.29
Q3 2015 126.39 1.46 1.53 19.86
Q4 2015 126.39 1.27 1.33 19.95
Q1 2016 126.39 0.39 0.77 19.98
Q2 2016 126.39 0.00 0.43 19.20
Q3 2016 126.39 (0.56) 0.13 18.07
Q4 2016 126.39 (1.28) 0.24 18.53
Q1 2017 126.39 (0.72) 0.51 18.60
Q2 2017 126.39 (0.81) 0.42 17.28
Q3 2017 126.39 (0.40) 0.62 16.96
Q4 2017 126.39 (2.56) (0.12) 14.15
Q1 2018 126.39 (2.63) (0.19) 14.02
Q2 2018 126.39 (2.68) (0.24) 13.52
Q3 2018 126.39 (2.75) (0.31) 12.82
Q4 2018 126.39 (0.82) (0.82) 11.26
Q1 2019 126.39 (0.88) (0.90) 11.89
Q2 2019 126.39 (0.71) (1.04) 12.01
Q3 2019 126.39 (0.93) (1.26) 11.74
Q4 2019 126.39 (0.18) (0.51) 11.09
Q1 2020 126.39 (0.22) (0.52) 10.34
Q2 2020 126.39 (0.39) (0.39) 10.29
Q3 2020 126.39 (0.37) (0.35) 11.37
Q4 2020 126.39 (0.38) (0.35) 10.92
Q1 2021 126.39 (0.40) (0.36) 11.33
Q2 2021 126.39 (0.38) (0.34) 11.91
Q3 2021 126.39 (0.35) (0.34) 11.79
Q4 2021 126.39 (0.50) (0.50) 11.09
Q1 2022 126.39 (0.41) (0.46) 10.99
Q2 2022 126.39 (0.56) (0.61) 10.21
Q3 2022 126.39 (0.79) (0.59) 9.70

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 19.16 19.16 0.89
Q2 2013 18.47 18.47 0.94
Q3 2013 19.27 19.27 0.97
Q4 2013 22.27 22.27 1.14
Q1 2014 21.30 21.30 1.16
Q2 2014 20.60 20.60 1.44
Q3 2014 23.36 23.36 1.57
Q4 2014 16.05 14.15 1.15
Q1 2015 17.61 15.85 1.27
Q2 2015 18.39 17.00 1.33
Q3 2015 14.83 14.10 1.09
Q4 2015 18.49 17.68 1.18
Q1 2016 54.48 27.53 1.06
Q2 2016 NEG 43.35 0.96
Q3 2016 NEG More than 100 0.72
Q4 2016 NEG 74.17 0.97
Q1 2017 NEG 34.31 0.94
Q2 2017 NEG 39.31 0.95
Q3 2017 NEG 24.71 0.90
Q4 2017 NEG NEG 0.91
Q1 2018 NEG NEG 0.79
Q2 2018 NEG NEG 0.88
Q3 2018 NEG NEG 0.78
Q4 2018 NEG NEG 0.82
Q1 2019 NEG NEG 0.77
Q2 2019 NEG NEG 0.75
Q3 2019 NEG NEG 0.78
Q4 2019 NEG NEG 0.82
Q1 2020 NEG NEG 0.81
Q2 2020 NEG NEG 1.00
Q3 2020 NEG NEG 1.23
Q4 2020 NEG NEG 1.50
Q1 2021 NEG NEG 2.16
Q2 2021 NEG NEG 2.26
Q3 2021 NEG NEG 2.11
Q4 2021 NEG NEG 1.72
Q1 2022 NEG NEG 1.73
Q2 2022 NEG NEG 1.48
Q3 2022 NEG NEG 1.39

Business Segments (Million)

Compared With The
Period The industrial sector Investments
Q1 2016 555.73 (34.49)
Q2 2016 502.82 (7.49)
Q3 2016 519.22 (37.59)
Q4 2016 506.19 (72.55)
Q1 2017 456.77 13.95
Q2 2017 428.66 9.30
Q3 2017 503.24 (8.06)
Q4 2017 499.16 (362.41)
Q1 2018 449.18 5.04
Q2 2018 424.80 (0.82)
Q3 2018 474.07 (20.42)
Q4 2018 449.88 (112.01)
Q1 2019 471.87 2.32
Q2 2019 414.56 (8.12)
Q3 2019 484.43 (31.43)
Q4 2019 513.08 4.46
Q1 2020 406.21 9.08
Q2 2020 389.53 7.66
Q3 2020 411.24 (26.77)
Q4 2020 362.64 9.33
Q1 2021 426.21 2.85
Q2 2021 403.40 4.75
Q3 2021 411.17 (24.95)
Q4 2021 470.54 (29.39)
Q1 2022 472.98 14.83
Q2 2022 414.21 (4.22)
Q3 2022 432.26 (17.51)

Current
Market Cap (M Riyal) 1,769.44
Enterprise Value (EV) (M) 2,588.05
Shares Outstanding ((M)) 126.39
EPS ( Riyal) (TTM) (0.47)
Book Value (BV) ( Riyal) 8.48
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.65
Return on Average Assets (%) (TTM) (2.22 )
Return on Average Equity (%) (TTM) (5.43 )

Share Price

14.00
0.24 1.74 %

Sinad Holding Co. (SINAD HOLDING)


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