SIECO narrows losses to SAR 4.5 mln in H1 2021

22/08/2021 Argaam Exclusive

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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.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	23.71	12.07	(49.1 %)
Gross Income	0.63	0.44	(29.5 %)
Operating Income	(12.53)	(4.17)	66.7 %
Net Income	(11.33)	(4.52)	60.1 %
Average Shares	163.05	163.05	-
EPS (Riyals)	(0.07)	(0.03)	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.

Current Quarter Comparison (M)

Compared With The

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	163.05	163.05	-
EPS (Riyals)	(0.07)	(0.01)	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	163.05	163.05	-
EPS (Riyals)	(0.02)	(0.01)	29.2 %

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