SIECO deepens H1 2022 loss to SAR 12.8 mln loss, Q2 at SAR 7.9 mln

Saudi Industrial Exports Co. (SIECO) slipped into a deeper loss after Zakat and tax of SAR 12.8 million in H1 2022, compared to SAR 4.5 million in the year-earlier period.

The company was hit by lower sales due to delayed liquidity from the company’s capital in March 2022.

SIECO also recognized an impairment of receivables and other current assets, which include an advance to suppliers and value-added tax (VAT).

The company cited an increase in general and administrative expenses (G&A) on an annual basis.

In Q2 2022, the company also widened its net loss after Zakat and tax to SAR 7.9 million, from SAR 1.83 million in the corresponding period of 2021, on lower sales.

Net losses also increased from SAR 4.88 million in the first quarter of 2022.

Total shareholders’ equity, after minority interest, increased to SAR 168.19 million as of June 30, 2022, from SAR 12.96 million a year earlier.

Accumulated losses reached SAR 27.2 million, or 14% of the company’s capital, by the end of the six-month period.

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