SIECO narrows H1 2020 losses to SAR 11.3 mln

25/08/2020 Argaam Exclusive

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Saudi Industrial Export Co. (SIECO) reported a net loss after Zakat and tax of SAR 11.3 million for the first half of 2020, compared to SAR 11.9 million in year-earlier period, driven by higher exports of foodstuff and plastic products.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	24.15	23.71	(1.8 %)
Gross Income	0.53	0.63	18.0 %
Operating Income	(4.99)	(12.53)	(151.3 %)
Net Income	(11.86)	(11.33)	4.5 %
Average Shares	163.05	163.05	-
EPS (Riyals)	(0.07)	(0.07)	4.5 %

The company also cited increase in other revenue despite higher general and administrative expenses (G&As).

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	5.93	12.37	108.7 %
Gross Income	0.25	0.38	49.4 %
Operating Income	(3.33)	(11.28)	(238.9 %)
Net Income	(3.28)	(11.55)	(252.0 %)
Average Shares	163.05	163.05	-
EPS (Riyals)	(0.02)	(0.07)	(252.0 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	11.34	12.37	9.1 %
Gross Income	0.26	0.38	47.1 %
Operating Income	(1.26)	(11.28)	(795.6 %)
Net Income	0.22	(11.55)	(5291.1 %)
Average Shares	163.05	163.05	-
EPS (Riyals)	0.00	(0.07)	(5291.1 %)

The company widened its net loss after Zakat and tax to SAR 11.5 million in Q2 2020 compared to SAR 3.2 million in year-earlier period, on increase in doubtful debts and higher G&As.

On a sequential basis, the company turned to losses due to increase in doubtful debts and lower other revenues.

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