Sinad Holding turns to SAR 132.6M net loss in 2023, SAR 47.7M in Q4

21/03/2024 Argaam Exclusive

Sinad Holding Co. reported a net loss of SAR 132.6 million in 2023, versus a net profit of SAR 10.1 million a year earlier, driven by lower sales in Saudi Arabia.



Financials (M)

Item 2022 2023 Change‬
Revenues 1,757.56 1,616.68 (8.0 %)
Gross Income 496.70 384.00 (22.7 %)
Operating Income 31.32 (126.00) (502.3 %)
Net Income 10.12 (132.65) (1410.3 %)
Average Shares 126.39 126.39 -
EPS (Riyals) 0.08 (1.05) (1410.3 %)

The company also noted a decrease in gross profits and an operating loss, compared to operating profits during 2022. Gross profits from sales and investments slumped, while selling and distribution expenses increased along with higher expected credit losses. Financing expenses rose, in addition to an increase in Zakat expenses.

 

Sinad Holding report a net loss of SAR 47.7 million in Q4 2023 versus a net profit of SAR 74.79 million in the prior-year period.

 

On a quarterly basis, net losses widened from SAR 39.71 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 442.98 427.35 (3.5 %)
Gross Income 127.15 91.32 (28.2 %)
Operating Income 23.38 (53.28) (327.9 %)
Net Income 74.79 (47.77) (163.9 %)
Average Shares 126.39 126.39 -
EPS (Riyals) 0.59 (0.38) (163.9 %)

Shareholders’ equity, excluding minority interest, reached SAR 1.08 billion by Dec. 31, 2023, compared to SAR 1.23 billion in the year earlier period.

 

Accumulated losses reached SAR 160.2 million as of Dec. 31, 2023, representing 12.6% of the company’s capital.

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Share Price

Sinad Holding Co.
13.50
(0.24) (1.75 %)

Sinad Holding Co. (SINAD HOLDING)

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Financial Ratios
Current
Market Cap (M Riyal) 1,706.25
Enterprise Value (EV) (M) 2,524.85
Shares Outstanding ((M)) 126.39
EPS ( Riyal) (TTM) (0.47)
Book Value (BV) ( Riyal) 8.48
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.59
Return on Average Assets (%) (TTM) (2.22 )
Return on Average Equity (%) (TTM) (5.43 )
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