Saudi Industrial Development Co.’s (SIDC) net losses widened to SAR 21.8 million in the first nine months of 2023 from SAR 19 million in the year-earlier period, due to higher operating losses from recording impairment of assets.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 121.22 | 120.81 | (0.3 %) |
| Gross Income | 17.96 | 23.29 | 29.7 % |
| Operating Income | (21.55) | (23.96) | (11.2 %) |
| Net Income | (19.04) | (21.83) | (14.7 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.48) | (0.55) | (14.7 %) |
Net losses widened 50.2% year-on-year to SAR 11.5 million in Q3 2023 on higher operating expenses.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 38.40 | 35.46 | (7.6 %) |
| Gross Income | 5.73 | 5.49 | (4.3 %) |
| Operating Income | (8.49) | (11.69) | (37.8 %) |
| Net Income | (7.66) | (11.50) | (50.2 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.19) | (0.29) | (50.2 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 43.63 | 35.46 | (18.7 %) |
| Gross Income | 6.53 | 5.49 | (15.9 %) |
| Operating Income | (9.82) | (11.69) | (19.1 %) |
| Net Income | (9.67) | (11.50) | (18.9 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.24) | (0.29) | (18.9 %) |
Sequentially, Q3 losses deepened from SAR 9.67 million.
Shareholders’ equity, after minority interest, reached SAR 149.83 million by the end of 9M 2023, compared to SAR 194.7 million in the year-ago period.
Accumulated losses amounted to SAR 84.24 million as of Sept. 30, 2023, representing 21.06% of the company’s capital.
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