SIECO trims 9M 2020 net losses to SAR 7.6 mln

11/11/2020 Argaam Exclusive

View other reports

Saudi Industrial Export Co. (SIECO) cuts net loss after Zakat and tax to SAR 7.6 million for the first nine months of 2020, from a net loss of SAR 9.9 million in year-earlier period, due to the reversal of trade accounts receivable on scrapping the sulfur deal. These losses were added to the company’s accumulated losses in 2019.

SIECO also cited higher other income.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	45.91	35.02	(23.7 %)
Gross Income	(2.87)	2.31	180.3 %
Operating Income	(8.80)	(7.94)	9.7 %
Net Income	(9.88)	(7.74)	21.6 %
Average Shares	163.05	163.05	-
EPS (Riyals)	(0.06)	(0.05)	21.6 %

In Q3 2020, the company incurred a net loss after Zakat and tax of SAR 1.3 million against a net profit of SAR 1.98 million in year-earlier period, due to impairment of the company’s investment in Warehousing and Logistics Services Co. and other financial assets, along with an increase in Zakat charges.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	21.77	11.31	(48.0 %)
Gross Income	(3.41)	1.68	149.2 %
Operating Income	(4.91)	4.59	193.5 %
Net Income	1.98	3.59	81.1 %
Average Shares	163.05	163.05	-
EPS (Riyals)	0.01	0.02	81.1 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	12.37	11.31	(8.6 %)
Gross Income	0.38	1.68	347.2 %
Operating Income	(11.28)	4.59	140.7 %
Net Income	(11.55)	3.59	131.1 %
Average Shares	163.05	163.05	-
EPS (Riyals)	(0.07)	0.02	131.1 %

On a sequential basis, net losses narrowed by 89%, thanks to the reversal of trade accounts receivable on scrapping the sulfur deal. The company also added losses to its accumulated losses in 2019.

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×