Financial Results : SIECO turns to losses of SAR 2.6 mln in Q1 2021

SIECO turns to losses of SAR 2.6 mln in Q1 2021

29/06/2021 Argaam Exclusive

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Saudi Industrial Export Co. (SIECO) reported a net loss after Zakat and tax of SAR 2.6 million for the first quarter of 2021, from a net profit of SAR 220,000 in the same period last year.




Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 11.34 7.90 (30.3 %)
Gross Income 0.26 0.31 20.0 %
Operating Income (1.26) (2.31) (83.3 %)
Net Income 0.22 (2.64) (1288.4 %)
Average Shares 163.05 163.05 -
EPS (Riyals) 0.00 (0.02) (1288.4 %)

The company attributed the losses to a decrease in sales, despite higher gross profit year-on-year (YoY). The firm also noted provisions for Zakat and slow-moving inventory, as well as the absence of other revenues, and an increase in general and administrative expenses.

When compared to previous quarter, the company narrowed its losses in Q1 2021 by 488%, driven by the increase in the company’s sales.

 

The company’s accumulated losses as of March 31, 2021, stood at SAR 40.35 million, representing 62.27% of the capital.

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