Sadr loses SAR 5.3M in H1 2024, SAR 3.8M in Q2

Sadr Logistics Co. reported a net loss of SAR 5.3 million in H1 2024, against a net profit of SAR 899,000 a year earlier.

This came as sales of the wood segment tumbled year-on-year (YoY) by 41% in H1 2024. Sales also dropped by 9% and the cost of sales fell by 7%. This was in addition to higher selling, marketing, general, and administrative expenses, as well as an increase in financing costs.

However, revenues of the iron segment rose by 12% YoY due to higher sales volumes. Revenues of the logistics services segment leapt by 35% on an uptick in storage volumes and prices.

In Q2 2024, the company widened net losses to SAR 3.8 million from SAR 2.39 million in the prior-year period. Revenues from the iron segment dropped by 9% YoY on lower sales volumes and higher selling, marketing, general, and administrative expenses.

Sequentially, the company's losses increased from SAR 1.54 million in Q1 2024.

Shareholders’ equity, no minority interest, declined to SAR 166.42 million as of June 30, 2024, from SAR 177.13 million in the corresponding period in 2023.

Accumulated losses reached SAR 10.09 million at the end of the current period, representing 5.77% of capital.

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