Financial Results : SIECO widens Q1 2022 loss to SAR 4.9 mln

SIECO widens Q1 2022 loss to SAR 4.9 mln

23/05/2022 Argaam Exclusive

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Saudi Industrial Exports Co. (SIECO) posted a net loss after Zakat and tax of SAR 4.9 million, compared to SAR 264,000 a year earlier.  

 



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 7.90 0.06 (99.2 %)
Gross Income 0.31 0.06 (79.4 %)
Operating Income (2.31) (5.04) (118.3 %)
Net Income (2.64) (4.88) (84.5 %)
Average Shares 163.05 163.05 -
EPS (Riyals) (0.02) (0.03) (84.5 %)

The loss decline was attributed to lower sales due to the delay in liquidity received from the capital increase proceeds, as well as a configuration impairment of other current assets, as well as higher administrative and general expenses compared to a year earlier.

 

Meanwhile, the company narrowed Q1 2022 loss from SAR 8.15 million in Q4 2021. 

 

Total shareholders’ equity, after minority interest, reached SAR 8.08 million at the end of Q1 2022, falling 67.8% from SAR 25.09 million a year earlier.

 

Accumulated losses reached SAR 14.52 million as of March 31, 2022, representing 67.2% of SAR 21.6 million capital.

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