SIDC narrows Q1 2023 loss to SAR 660,000

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.

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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