Sadirat deepens 9M 2024 net loss to SAR 12.4M; Q3 at SAR 3.3M

10/11/2024 Argaam Exclusive

Saudi Industrial Export Co. (Sadirat) deepened its net losses to SAR 12.4 million for the first nine months of 2024, compared to SAR 11 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 12.62 22.98 82.1 %
Gross Income (0.35) (2.95) (743.7 %)
Operating Income (12.18) (15.88) (30.4 %)
Net Income (10.98) (12.41) (13.0 %)
Average Shares 194.40 194.40 -
EPS (Riyals) (0.06) (0.06) (13.0 %)

The wider losses were due to a drop in realized and unrealized gains from investments at fair value, paired with lower returns on bank deposits and the allocation of a Zakat provision.

 

This was despite the year-on-year (YoY) revenue hike amid contracting with new customers, not to mention the reduction in general and administrative (G&A) expenses for 9M 2024.

 

However, Q3 2024 net loss stood at SAR 3.3 million, tightening by 61.6% from SAR 8.64 million in Q3 2023, driven by lower G&A expenses and the reversal of a provision for expected credit losses.

 

On a quarterly basis, net loss narrowed from SAR 9.62 million in Q2 2024, although the third-quarter revenues declined quarter-on-quarter (QoQ).



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 5.46 0.25 (95.4 %)
Gross Income 0.09 (0.06) (163.3 %)
Operating Income (8.99) (1.27) 85.8 %
Net Income (8.64) (3.32) 61.6 %
Average Shares 194.40 194.40 -
EPS (Riyals) (0.04) (0.02) 61.6 %

Total shareholders’ equity, no minority interest, stood at SAR 132.04 million by Sept. 30, 2024, compared to SAR 149.04 million in the prior-year period.

 

Accumulated losses at the end of 9M 2024 amounted to SAR 62.87 million, representing 32.34% of the company’s capital.

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Share Price

Saudi Industrial Export Co.
2.42
0.02 0.83 %

Saudi Industrial Export Co. (SIECO)

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Financial Ratios
Current
Market Cap (M Riyal) 470.45
Enterprise Value (EV) (M) 369.27
Shares Outstanding ((M)) 194.40
EPS ( Riyal) (TTM) (0.09)
Book Value (BV) ( Riyal) 0.68
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.56
Return on Average Assets (%) (TTM) (11.50 )
Return on Average Equity (%) (TTM) (12.12 )
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