SIECO widens net loss to SAR 24.3 mln in 2022; Q4 at SAR 6.2 mln

Saudi Industrial Export Co. (SIECO) deepened its net loss after Zakat and tax to SAR 24.3 million in 2022, from SAR 13.9 million in 2021, due to lower sales.

In addition, the company utilized the value-added tax (VAT) initiative in 2022 where penalties of SAR 18.6 million were exempted and VAT variances of SAR 6.6 million agreed to be settled. This led to an increase in general and administrative expenses year-on-year (YoY).

Meanwhile, SIECO is working to improve sales after a capital increase in Q2 2022 through new customer contracts, which will reflect on the next year.

In Q4 2022, the net loss after Zakat and tax narrowed to SAR 6.2 million, from SAR 7.2 million in the year-earlier period.

Compared to the previous quarter, losses increased from SAR 5.33 million.

Shareholders' equity, no minority interest, reached SAR 160.02 million by the end of 2022 from SAR 12.96 million a year earlier.

Accumulated losses reached SAR 35.49 million by Dec. 31, 2022, representing 18.26% of the company's capital.

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