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

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.

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.

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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