SIECO deepens 9M 2022 loss to SAR 18.1 mln, Q3 at SAR 5.3 mln

09/11/2022 Argaam Exclusive

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Saudi Industrial Export Co. (SIECO) widened net losses after Zakat and tax to SAR 18.1 million in the first nine months of 2022, from SAR 6.7 million in the year-earlier period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	15.46	0.18	(98.8 %)
Gross Income	1.49	0.16	(89.4 %)
Operating Income	(6.20)	(11.32)	(82.6 %)
Net Income	(6.71)	(18.14)	(170.2 %)
Average Shares	163.05	194.40	19.2 %
EPS (Riyals)	(0.04)	(0.09)	(126.7 %)

The company’s 9M 2022 financial performance was weighed down by lower sales and due to recognizing impairment of other current assets. In addition, the company utilized the VAT initiative of 2022 where penalties of SAR 18.6 million were exempted, whereby VAT variances of SAR 6.6 million was settled. As a result general and administrative expenses increased compared to the same quarter of the prior year.

In Q3 2022, the company extended its net loss after Zakat and tax to SAR 5.3 million, against a loss of SAR 2.2 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	3.39	0.08	(97.8 %)
Gross Income	1.05	0.05	(95.0 %)
Operating Income	(2.02)	1.88	193.1 %
Net Income	(2.20)	(5.33)	(142.7 %)
Average Shares	163.05	194.40	19.2 %
EPS (Riyals)	(0.01)	(0.03)	(103.5 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	0.04	0.08	74.4 %
Gross Income	0.04	0.05	20.9 %
Operating Income	(8.16)	1.88	123.1 %
Net Income	(7.93)	(5.33)	32.8 %
Average Shares	194.40	194.40	-
EPS (Riyals)	(0.04)	(0.03)	32.8 %

Compared to Q2 2022, SIECO narrowed its losses from SAR 7.9 million.

Total shareholders’ equity, no minority interest, stood at SAR 162.86 million as of Sept. 30, 2022, from SAR 21.02 million a year earlier.

Accumulated losses came in at SAR 32.541 million by the end of the nine-month period, representing 17% of the company’s capital.

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