Sinad Holding trims losses to SAR 11.8M in 9M 2024; Q3 profit at SAR 1.3M

Sinad Holding trims losses to SAR 11.8M in 9M 2024; Q3 profit at SAR 1.3M

06/11/2024 Argaam Exclusive

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Sinad Holding Co. reported a net loss of SAR 11.8 million for the first nine months of 2024 from SAR 84.9 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 1,178.36 1,288.43 9.3 %
Gross Income 278.60 392.98 41.1 %
Operating Income (74.83) 67.15 189.7 %
Net Income (84.87) (11.82) 86.1 %
Average Shares 126.39 126.39 -
EPS (Riyals) (0.67) (0.09) 86.1 %

The loss reduction was driven by higher sales due to the modification of sales policies with customers and the focus on geographical expansion of sales by increasing sales channels, restructuring sales management, and increasing export sales at the group level.

 

This is in addition to changing sales policies with customers and enhancing sales of some distribution channels.

 



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 407.05 443.91 9.1 %
Gross Income 79.78 134.90 69.1 %
Operating Income (40.09) 31.03 177.4 %
Net Income (39.71) 1.29 103.2 %
Average Shares 126.39 126.39 -
EPS (Riyals) (0.31) 0.01 103.2 %

The company turned to a profit of SAR 1.3 million in Q3 2024 against a loss of SAR 39.7 million in Q3 2023.

 

Sequentially, Sinad profits grew from SAR 900,000 in Q2 2024.

 

Total shareholders’ equity, after minority interest, fell to SAR 1.07 billion as of Sept. 30, 2024, from SAR 1.12 billion a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2022 442.98 (5.9 %) 127.15 (1.7 %) 23.38 68.7 %
Q1 2023 414.74 (12.3 %) 115.77 (13.2 %) (4.02) (126.4 %)
Q2 2023 356.57 (13.9 %) 83.06 (33.7 %) (30.72) (1,205.0 %)
Q3 2023 407.05 (5.3 %) 79.78 (25.1 %) (40.09) (298.1 %)
Q4 2023 427.35 (3.5 %) 91.32 (28.2 %) (53.28) (327.9 %)
Q1 2024 443.88 7.0 % 133.35 15.2 % 10.82 369.4 %
Q2 2024 400.64 12.4 % 124.73 50.2 % 25.30 182.4 %
Q3 2024 443.91 9.1 % 134.90 69.1 % 31.03 177.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q4 2022 74.79 315.2 % 0.59 94.56 (19.77) (0.16)
Q1 2023 (21.51) (310.2 %) (0.17) - (21.51) (0.17)
Q2 2023 (23.64) (16.6 %) (0.19) - (23.64) (0.19)
Q3 2023 (39.71) 27.3 % (0.31) - (39.71) (0.31)
Q4 2023 (47.77) (163.9 %) (0.38) 0.95 (48.72) (0.39)
Q1 2024 (14.02) 34.8 % (0.11) - (14.02) (0.11)
Q2 2024 0.91 103.9 % 0.01 - 0.91 0.01
Q3 2024 1.29 103.2 % 0.01 - 1.29 0.01

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 27.90 % 6.43 % (5.00 %)
Q2 2023 26.31 % 4.55 % (5.38 %)
Q3 2023 25.03 % 2.42 % (6.45 %)
Q4 2023 23.04 % (2.66 %) (8.32 %)
Q1 2024 23.70 % (2.11 %) (7.71 %)
Q2 2024 25.56 % 1.16 % (6.05 %)
Q3 2024 28.23 % 5.17 % (3.53 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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) (0.70) 9.62
Q3 2023 126.39 (0.08) (0.83) 8.88
Q4 2023 126.39 (1.05) (1.06) 8.57
Q1 2024 126.39 (0.99) (1.00) 8.27
Q2 2024 126.39 (0.80) (0.80) 7.75
Q3 2024 126.39 (0.47) (0.48) 8.48

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2023 NEG NEG 1.51
Q1 2024 NEG NEG 1.56
Q2 2024 NEG NEG 1.68
Q3 2024 NEG NEG 1.86

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
Q4 2023 425.97 20.38
Q1 2024 441.59 6.46
Q2 2024 398.21 5.94


Financial Ratios
Current
Market Cap (M Riyal) 1,711.31
Enterprise Value (EV) (M) 2,529.91
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 1.60
Return on Average Assets (%) (TTM) (2.22 )
Return on Average Equity (%) (TTM) (5.43 )
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Share Price

Sinad Holding Co.
13.54
0.04 0.30 %

Sinad Holding Co. (SINAD HOLDING)

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