Sadirat cuts 2023 loss to SAR 15.6M; Q4 at SAR 4.6M

10/03/2024 Argaam Exclusive

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Saudi Industrial Export Co. (SIECO) narrowed its 2023 net loss to SAR 15.6 million, from SAR 24.3 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	0.27	13.23	4856.6 %
Gross Income	0.24	(0.34)	(237.3 %)
Operating Income	(15.97)	(24.02)	(50.5 %)
Net Income	(21.09)	(15.60)	26.0 %
Average Shares	194.40	194.40	-
EPS (Riyals)	(0.11)	(0.08)	26.0 %

The improved results were due to higher sales compared to the previous year on opening new markets and attracting new customers in line with the company's strategic plan. This in addition to the firm's profit from its investments through using part of the cash.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	0.09	0.61	621.2 %
Gross Income	0.09	0.02	(82.4 %)
Operating Income	(4.65)	(5.65)	(21.4 %)
Net Income	(2.95)	(4.63)	(56.7 %)
Average Shares	194.40	194.40	-
EPS (Riyals)	(0.02)	(0.02)	(56.7 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	5.46	0.61	(88.8 %)
Gross Income	0.09	0.02	(83.3 %)
Operating Income	(8.99)	(5.65)	37.2 %
Net Income	(8.64)	(4.63)	46.4 %
Average Shares	194.40	194.40	-
EPS (Riyals)	(0.04)	(0.02)	46.4 %

In Q4 2023, net loss increased to SAR 4.62 million, from SAR 2.95 million in the year-earlier period.

Compared to the previous quarter, the three-month losses declined from SAR 8.64 million.

Shareholders' equity, no minority interest, reached SAR 144.45 million by the end of 2023, from SAR 160.02 million a year earlier.

Accumulated losses reached SAR 51.1 million by Dec. 31, 2023, representing 26.29% of the company's capital.

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