SIECO narrows 9M 2021 loss to SAR 6.7 mln

Saudi Industrial Export Co. (SIECO) narrowed its net loss after Zakat and tax to SAR 6.7 million for the first nine months of 2021, from SAR 7.7 million a year earlier.

The company attributed the performance to recording impairment of trade receivables and investments in the last year, compared to the current period, despite lower sales and other revenue, as well as higher general and administrative expenses (G&As) in the current period.

Meanwhile, SIECO turned to a net loss after Zakat and tax of SAR 2.2 million in Q3 2021, against a net profit of SAR 3.6 million in Q3 2020, due to reversal of bad debt provisions in Q3 2020, in addition to lower sales as well as increase in G&As. This is despite the increase in other revenues.

Compared to the previous quarter, the firm widened Q3 2021 losses by 17.4% from SAR 1.87 million.

Total shareholders' equity, after minority interest, reached SAR 21.02 million at the end of the nine-month period, down 36.5% from SAR 33.12 million a year earlier.   

Accumulated losses reached SAR 44.67 million, representing 68.9% of the company's capital reaching SAR 64.8 million. 

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