Saudi Industrial Export Co. (SIECO) reported a net loss after Zakat and tax of SAR 11.3 million for the first half of 2020, compared to SAR 11.9 million in year-earlier period, driven by higher exports of foodstuff and plastic products.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 24.15 | 23.71 | (1.8 %) |
| Gross Income | 0.53 | 0.63 | 18.0 % |
| Operating Income | (4.99) | (12.54) | (151.3 %) |
| Net Income | (11.86) | (11.33) | 4.5 % |
| Average Shares | 16.31 | 16.31 | - |
| EPS (Riyals) | (0.73) | (0.69) | 4.5 % |
The company also cited increase in other revenue despite higher general and administrative expenses (G&As).
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 5.93 | 12.37 | 108.7 % |
| Gross Income | 0.25 | 0.38 | 49.4 % |
| Operating Income | (3.33) | (11.28) | (238.9 %) |
| Net Income | (3.28) | (11.55) | (252.0 %) |
| Average Shares | 16.31 | 16.31 | - |
| EPS (Riyals) | (0.20) | (0.71) | (252.0 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 11.34 | 12.37 | 9.1 % |
| Gross Income | 0.26 | 0.38 | 47.1 % |
| Operating Income | (1.26) | (11.28) | (795.6 %) |
| Net Income | 0.22 | (11.55) | (5302.7 %) |
| Average Shares | 16.31 | 16.31 | - |
| EPS (Riyals) | 0.01 | (0.71) | (5302.7 %) |
The company widened its net loss after Zakat and tax to SAR 11.5 million in Q2 2020 compared to SAR 3.2 million in year-earlier period, on increase in doubtful debts and higher G&As.
On a sequential basis, the company turned to losses due to increase in doubtful debts and lower other revenues.
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