Sinad Holding widens losses to SAR 84.9 mln in 9M 2023; Q3 at SAR 39.7 mln

Sinad Holding Co. reported a net loss of SAR 84.9 million for the first nine months of 2023, from SAR 64.7 million a year earlier as operating losses mounted year-on-year (YoY) due to a pullback in gross profit, resulting mainly from lower gross profit from sales.

This came amid a YoY uptick in selling and distribution expenses as well as other income, in addition to recording a loss from foreign exchange (FX) differences in the first nine months of this year, against income from FX differences during the similar period of the previous year. The company also cited higher financing expenses and Zakat expenses.

The company trimmed its losses in Q3 2023 to SAR 39.7 million, from SAR 54.6 million in Q3 2022. This was mainly due to recording gross profit from investments and lower general and administrative expenses amid higher other operating income.

Sequentially, Sinad deepened its losses from SAR 23.6 million in Q2 2023.

Total shareholders’ equity, after minority interest, fell to SAR 1.12 billion as of Sept. 30, 2023, from SAR 1.22 billion a year earlier.

Accumulated losses stood at SAR 112.4 million at the end of the nine-month period, representing 8.89% of capital.

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