Saudi Industrial Export Co. (SIECO) narrowed net loss after Zakat and tax to SAR 4.5 million in H1 2021, from SAR 11.3 million in the prior-year period.
The company attributed the decline in losses to lower general and administrative expenses, as well as the non-formation of provision for a decrease in receivables and investments despite a decline in other revenues compared to the same period of the previous year.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 23.71 | 12.07 | (49.1 %) |
| Gross Income | 0.63 | 0.44 | (29.5 %) |
| Operating Income | (12.54) | (4.17) | 66.7 % |
| Net Income | (11.33) | (4.52) | 60.1 % |
| Average Shares | 16.31 | 16.31 | - |
| EPS (Riyals) | (0.69) | (0.28) | 60.1 % |
The company reported a net loss after Zakat and tax of SAR 1.9 million for Q2 2021, compared to SAR 11.6 million in the same quarter last year.
On a sequential basis, the company narrowed its losses in Q2 2021.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 12.37 | 4.17 | (66.3 %) |
| Gross Income | 0.38 | 0.14 | (63.2 %) |
| Operating Income | (11.28) | (1.87) | 83.5 % |
| Net Income | (11.55) | (1.87) | 83.8 % |
| Average Shares | 16.31 | 16.31 | - |
| EPS (Riyals) | (0.71) | (0.11) | 83.8 % |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 7.90 | 4.17 | (47.2 %) |
| Gross Income | 0.31 | 0.14 | (54.9 %) |
| Operating Income | (2.31) | (1.87) | 19.2 % |
| Net Income | (2.64) | (1.87) | 29.2 % |
| Average Shares | 16.31 | 16.31 | - |
| EPS (Riyals) | (0.16) | (0.11) | 29.2 % |
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