Sadr Logistics turns to SAR 184,000 profit in 9M 2023; Q3 loss at SAR 715,000

Sadr Logistics Co. reported a net profit of SAR 184,000 for the first nine months of 2023, against a net loss of SAR 5.4 million in the same period last year.

The company cited a 13% year-on-year (YoY) increase in sales from all sectors, as well as higher other revenues and investment revenues, paired with lower financing costs and Zakat provision. This was despite the higher cost of sales as well as selling and administrative expenses.

In Q3 2023, the company narrowed its net losses to SAR 715,000 from SAR 2.62 million a year earlier, on a 45% YoY decline in the cost of sales, as well as lower selling and distribution expenses, along with an increase in other revenue and investment revenues.

On a sequential basis, the company reduced its Q3 2023 net losses by 70.1% from SAR 2.39 million. This came as revenues grew by 22% quarter-on-quarter as a result of the uptick in sales of the logistics services, steel and other sectors, coupled with lower general and administrative expenses.

Shareholders’ equity, no minority interest, reached SAR 176.4 million as of Sept. 30, 2023, down from SAR 177.42 million a year earlier.

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