Saudi Industrial Development Co. (SIDC) widened its 2023 net loss to SAR 74.4 million, from SAR 38.8 million in the year before.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 155.35 | 150.95 | (2.8 %) |
| Gross Income | 22.06 | 28.78 | 30.4 % |
| Operating Income | (41.86) | (48.52) | (15.9 %) |
| Net Income | (38.77) | (74.44) | (92.0 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.97) | (1.86) | (92.0 %) |
The year-on-year (YoY) uptick in losses was attributed to lower sales of a subsidiary outside the Kingdom due to currency translation differences.
The company also cited an increase in operating expenses as a result of the impairment in goodwill, machinery and equipment.
SIDC posted a loss of SAR 52.6 million for Q4 2023, up from SAR 19.73 million in Q4 2022.
Compared with the previous quarter, losses increased from SAR 11.50 million in Q3 2023.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 34.13 | 30.13 | (11.7 %) |
| Gross Income | 4.10 | 5.49 | 33.9 % |
| Operating Income | (20.32) | (54.56) | (168.6 %) |
| Net Income | (19.73) | (52.61) | (166.6 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.49) | (1.32) | (166.6 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 35.46 | 30.13 | (15.0 %) |
| Gross Income | 5.49 | 5.49 | 0.1 % |
| Operating Income | (11.69) | (54.56) | (366.6 %) |
| Net Income | (11.50) | (52.61) | (357.4 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.29) | (1.32) | (357.4 %) |
Total shareholders’ equity, excluding minority interest, slumped to SAR 98.08 million by the end of the year, compared to SAR 166.91 million in 2022.
Accumulated losses for the current period amounted to SAR 267.66 million, or 66.92% of the company's capital.
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