Sinad Holding widens losses to SAR 84.9 mln in 9M 2023; Q3 at SAR 39.7 mln

Sinad Holding widens losses to SAR 84.9 mln in 9M 2023; Q3 at SAR 39.7 mln

05/11/2023 Argaam Exclusive

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Sinad Holding Co. reported a net loss of SAR 84.9 million for the first nine months of 2023, from SAR 64.7 million a year earlier as operating losses mounted year-on-year (YoY) due to a pullback in gross profit, resulting mainly from lower gross profit from sales.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 1,316.81 1,189.33 (9.7 %)
Gross Income 365.27 292.68 (19.9 %)
Operating Income 2.79 (72.73) (2705.7 %)
Net Income (64.67) (84.87) (31.2 %)
Average Shares 126.39 126.39 -
EPS (Riyals) (0.51) (0.67) (31.2 %)

This came amid a YoY uptick in selling and distribution expenses as well as other income, in addition to recording a loss from foreign exchange (FX) differences in the first nine months of this year, against income from FX differences during the similar period of the previous year. The company also cited higher financing expenses and Zakat expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 429.62 412.34 (4.0 %)
Gross Income 106.51 86.58 (18.7 %)
Operating Income (10.07) (38.99) (287.2 %)
Net Income (54.63) (39.71) 27.3 %
Average Shares 126.39 126.39 -
EPS (Riyals) (0.43) (0.31) 27.3 %

The company trimmed its losses in Q3 2023 to SAR 39.7 million, from SAR 54.6 million in Q3 2022. This was mainly due to recording gross profit from investments and lower general and administrative expenses amid higher other operating income.

 

Sequentially, Sinad deepened its losses from SAR 23.6 million in Q2 2023.

 

Total shareholders’ equity, after minority interest, fell to SAR 1.12 billion as of Sept. 30, 2023, from SAR 1.22 billion a year earlier.

 

Accumulated losses stood at SAR 112.4 million at the end of the nine-month period, representing 8.89% of capital.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 601.46 4.3 % 185.05 (0.8 %) 52.73 57.9 % 0.42
Q2 2014 624.98 8.2 % 187.07 6.0 % 64.37 120.9 % 0.51
Q3 2014 607.08 8.2 % 173.79 10.5 % 32.92 14.0 % 0.26
Q4 2014 604.72 5.9 % 193.67 18.3 % 36.24 (10.7 %) 0.29
Q1 2015 593.14 (1.4 %) 183.85 (0.6 %) 60.46 14.7 % 0.48
Q2 2015 580.59 (7.1 %) 181.00 (3.2 %) 64.87 0.8 % 0.51
Q3 2015 553.97 (8.7 %) 178.11 2.5 % 22.47 (31.7 %) 0.18
Q4 2015 444.00 (26.6 %) 165.73 (14.4 %) 12.54 (65.4 %) 0.10
Q1 2016 555.73 (6.3 %) 182.18 (0.9 %) (50.65) (183.8 %) (0.40)
Q2 2016 502.82 (13.4 %) 161.28 (10.9 %) 15.60 (75.9 %) 0.12
Q3 2016 519.22 (6.3 %) 162.50 (8.8 %) (48.10) (314.1 %) (0.38)
Q4 2016 506.19 14.0 % 162.02 (2.2 %) (79.15) (731.4 %) (0.63)
Q1 2017 456.77 (17.8 %) 154.71 (15.1 %) 20.69 140.9 % 0.16
Q2 2017 428.66 (14.7 %) 130.15 (19.3 %) 3.67 (76.5 %) 0.03
Q3 2017 503.24 (3.1 %) 161.51 (0.6 %) 4.38 109.1 % 0.03
Q4 2017 499.16 (1.4 %) 169.55 4.6 % (352.75) (345.7 %) (2.79)
Q1 2018 449.18 (1.7 %) 134.10 (13.3 %) 11.74 (43.2 %) 0.09
Q2 2018 424.80 (0.9 %) 122.74 (5.7 %) (2.02) (155.1 %) (0.02)
Q3 2018 483.73 (3.9 %) 151.85 (6.0 %) (4.46) (201.8 %) (0.04)
Q4 2018 449.88 (9.9 %) 129.99 (23.3 %) (109.49) 69.0 % (0.87)
Q1 2019 471.87 5.1 % 135.36 0.9 % 5.28 (55.0 %) 0.04
Q2 2019 414.56 (2.4 %) 113.15 (7.8 %) 18.61 1021.0 % 0.15
Q3 2019 484.43 0.1 % 137.81 (9.2 %) (32.13) (620.3 %) (0.25)
Q4 2019 513.08 14.0 % 160.86 23.8 % (14.51) 86.8 % (0.11)
Q1 2020 406.21 (13.9 %) 121.17 (10.5 %) 0.17 (96.9 %) 0.00
Q2 2020 389.53 (6.0 %) 115.82 2.4 % (3.24) (117.4 %) (0.03)
Q3 2020 411.24 (15.1 %) 122.14 (11.4 %) (29.74) 7.5 % (0.24)
Q4 2020 362.64 (29.3 %) 91.79 (42.9 %) (15.74) (8.5 %) (0.12)
Q1 2021 426.21 4.9 % 125.61 3.7 % (1.39) (936.7 %) (0.01)
Q2 2021 403.40 3.6 % 114.47 (1.2 %) (0.79) 75.7 % (0.01)
Q3 2021 411.17 0.0 % 116.64 (4.5 %) (26.56) 10.7 % (0.21)
Q4 2021 470.54 29.8 % 129.37 40.9 % (34.75) (120.8 %) (0.27)
Q1 2022 472.98 11.0 % 133.44 6.2 % 10.24 836.9 % 0.08
Q2 2022 414.21 2.7 % 125.32 9.5 % (20.27) (2,482.2 %) (0.16)
Q3 2022 429.62 4.5 % 106.51 (8.7 %) (54.63) (105.7 %) (0.43)
Q4 2022 442.98 (5.9 %) 127.15 (1.7 %) 74.79 315.2 % 0.59
Q1 2023 417.32 (11.8 %) 118.92 (10.9 %) (21.51) (310.2 %) (0.17)
Q2 2023 357.76 (13.6 %) 94.75 (24.4 %) (23.65) (16.6 %) (0.19)
Q3 2023 412.34 (4.0 %) 86.58 (18.7 %) (39.71) 27.3 % (0.31)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2022 27.98 % 7.35 % (3.36 %)
Q1 2023 28.04 % 6.45 % (4.99 %)
Q2 2023 27.15 % 4.60 % (5.79 %)
Q3 2023 26.21 % 2.53 % (6.88 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2022 126.39 0.08 (0.47) 9.79
Q1 2023 126.39 (0.17) (0.67) 9.44
Q2 2023 126.39 (0.20) (0.76) 9.62
Q3 2023 126.39 (0.08) (0.89) 8.88

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2022 More than 100 NEG 1.04
Q1 2023 NEG NEG 1.16
Q2 2023 NEG NEG 1.34
Q3 2023 NEG NEG 1.32

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)
Q4 2022 431.56 88.94
Q1 2023 419.23 2.32
Q2 2023 356.77 11.20
Q3 2023 410.92 2.31

Current
Market Cap (M Riyal) 1,617.78
Enterprise Value (EV) (M) 2,421.32
Shares Outstanding ((M)) 126.39
EPS ( Riyal) (TTM) (0.99)
Book Value (BV) ( Riyal) 8.27
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.55
Return on Average Assets (%) (TTM) (4.82 )
Return on Average Equity (%) (TTM) (11.18 )

Share Price

12.84
(0.06) (0.47 %)

Sinad Holding Co. (SINAD HOLDING)


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