Saudi Industrial Export Co. (SIECO) deepened its net loss after Zakat and tax to SAR 24.3 million in 2022, from SAR 13.9 million in 2021, due to lower sales.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 15.79 | 0.27 | (98.3 %) |
| Gross Income | 2.02 | 0.24 | (87.9 %) |
| Operating Income | (14.78) | (15.97) | (8.1 %) |
| Net Income | (14.88) | (21.09) | (41.7 %) |
| Average Shares | 16.31 | 19.44 | 19.2 % |
| EPS (Riyals) | (0.91) | (1.09) | (18.9 %) |
In addition, the company utilized the value-added tax (VAT) initiative in 2022 where penalties of SAR 18.6 million were exempted and VAT variances of SAR 6.6 million agreed to be settled. This led to an increase in general and administrative expenses year-on-year (YoY).
Meanwhile, SIECO is working to improve sales after a capital increase in Q2 2022 through new customer contracts, which will reflect on the next year.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 0.33 | 0.09 | (74.6 %) |
| Gross Income | 0.53 | 0.09 | (84.0 %) |
| Operating Income | (8.58) | (4.65) | 45.8 % |
| Net Income | (8.23) | (2.95) | 64.1 % |
| Average Shares | 16.31 | 19.44 | 19.2 % |
| EPS (Riyals) | (0.50) | (0.15) | 69.9 % |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 0.08 | 0.09 | 13.3 % |
| Gross Income | 0.05 | 0.09 | 63.5 % |
| Operating Income | 1.88 | (4.65) | (346.9 %) |
| Net Income | (5.33) | (2.95) | 44.6 % |
| Average Shares | 19.44 | 19.44 | - |
| EPS (Riyals) | (0.27) | (0.15) | 44.6 % |
In Q4 2022, the net loss after Zakat and tax narrowed to SAR 6.2 million, from SAR 7.2 million in the year-earlier period.
Compared to the previous quarter, losses increased from SAR 5.33 million.
Shareholders' equity, no minority interest, reached SAR 160.02 million by the end of 2022 from SAR 12.96 million a year earlier.
Accumulated losses reached SAR 35.49 million by Dec. 31, 2022, representing 18.26% of the company's capital.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}