Saudi Industrial Development Co. (SIDC) narrowed its net losses to SAR 660,000 in Q1 2023, from SAR 4.8 million in the year-ago period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 41.42 | 41.73 | 0.7 % |
| Gross Income | 6.09 | 11.27 | 85.1 % |
| Operating Income | (5.97) | (2.46) | 58.9 % |
| Net Income | (4.80) | (0.66) | 86.2 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.12) | (0.02) | 86.2 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 34.13 | 41.73 | 22.3 % |
| Gross Income | 4.10 | 11.27 | 174.7 % |
| Operating Income | (20.32) | (2.46) | 87.9 % |
| Net Income | (19.73) | (0.66) | 96.6 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.49) | (0.02) | 96.6 % |
This was due to higher average selling prices, a decrease in operational losses on lower operating expenses and production costs, as well as the reversal of provision for non-outstanding liabilities.
Meanwhile, the company narrowed Q1 2023 losses from SAR 20.31 million in the previous quarter, due to lower impairment of assets, higher average selling prices, a decrease in operational losses resulting from lower operating expenses and production costs, as well as the reversal of provision for non-outstanding liabilities.
Shareholders’ equity, no minority interest, reached SAR 162.74 million by the end of Q1 2023, compared to SAR 222.14 million in the year-ago period.
Accumulated losses amounted to SAR 63.86 million as of March 31, 2023, representing 15.97% of the company’s capital.
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