Sadr Logistics turns to SAR 7M loss in 9M 2024; Q3 at SAR 1.7M

Sadr Logistics Co. swung to a net loss of SAR 7 million for the first nine months of 2024, against a net profit of SAR 184,000 in the same period last year

This was due to a slight decline in sales, higher cost of sales, and the elevated selling, marketing, administrative, and general expenses.

The company also cited an increase in financing costs and an expanded Zakat provision. It also witnessed higher other expenses and lower investment gains as some were pumped into the company’s expansion in the logistics sector.

In Q3 2024, the company widened its losses to SAR 1.7 million from SAR 720,000 in Q3 2023, as the steel segment’s revenues contracted by 8% year-on-year (YoY) amid weaker sales volumes and an 18% YoY slip in sales of other sectors.

On a sequential basis, the company narrowed losses from SAR 3.77 million in Q2 2024, thanks to the 22% quarter-on-quarter (QoQ) sales growth despite the 19% QoQ drop in the cost of sales in Q3 2024.

Shareholders’ equity, no minority interest, reached SAR 164.70 million as of Sept. 30, 2024, down from SAR 176.41 million a year earlier.

Accumulated losses reached SAR 11.81 million by the end of the nine-month period, representing 6.75% of capital.

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