Sinad Holding Co. widened its net loss to SAR 45.2 million in H1 2023 from SAR 10 million in the prior-year period.
This was due to recording operating losses in the six-month period against an operating profit a year earlier on a decrease in gross profit, as well as higher selling and distribution expenses, along with a decline in other operating income and other income.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 887.19 | 776.99 | (12.4 %) |
| Gross Income | 258.76 | 206.10 | (20.4 %) |
| Operating Income | 12.86 | (33.74) | (362.3 %) |
| Net Income | (10.04) | (45.16) | (350.0 %) |
| Average Shares | 126.39 | 126.39 | - |
| EPS (Riyals) | (0.08) | (0.36) | (350.0 %) |
The company's losses in Q2 2023 increased to SAR 23.60 million, compared with SAR 20.27 million a year earlier, due to higher operating losses on a decline in gross profit.
On a sequential basis, the company widened the second-quarter losses from SAR 21.51 million.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 414.21 | 357.76 | (13.6 %) |
| Gross Income | 125.32 | 94.75 | (24.4 %) |
| Operating Income | (2.35) | (30.23) | (1,184.4 %) |
| Net Income | (20.27) | (23.65) | (16.7 %) |
| Average Shares | 126.39 | 126.39 | - |
| EPS (Riyals) | (0.16) | (0.19) | (16.7 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 417.30 | 357.76 | (14.3 %) |
| Gross Income | 121.20 | 94.75 | (21.8 %) |
| Operating Income | (0.30) | (30.23) | (9,978.0 %) |
| Net Income | (21.51) | (23.65) | (9.9 %) |
| Average Shares | 126.39 | 126.39 | - |
| EPS (Riyals) | (0.17) | (0.19) | (9.9 %) |
Total shareholders’ equity, excluding minority interest, stood at SAR 1.21 billion by the end of H1 2023, compared to SAR 1.29 billion in the year-earlier period.
Accumulated losses reached SAR 72.7 million, or 5.75% of capital, as of June 30, 2023.
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