Sadirat trims H1 2023 losses to SAR 2.3 mln; Q2 at SAR 620,000

14/08/2023 Argaam Exclusive

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Saudi Industrial Export Co. (Sadirat) trimmed its H1 2023 losses to SAR 2.3 million from SAR 12.81 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	0.11	7.16	6651.9 %
Gross Income	0.11	(0.44)	(518.9 %)
Operating Income	(13.20)	(10.06)	23.8 %
Net Income	(12.81)	(2.34)	81.8 %
Average Shares	194.40	194.40	-
EPS (Riyals)	(0.07)	(0.01)	81.8 %

Sadirat attributed the year-on-year (YoY) decline in losses to higher sales and lower provision for doubtful debts. This came despite a YoY surge in general and administrative expenses in H1 2023.

In Q2 2023, the company narrowed its losses to SAR 620,000, compared to SAR 7.93 million a year earlier, on increased sales.

Additionally, the company made profits from investments by utilizing a portion of its cash liquidity, although administrative expenses soared.

On a sequential basis, net loss shrank from SAR 1.72 million in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	0.04	2.82	6465.1 %
Gross Income	0.04	(0.78)	(1911.6 %)
Operating Income	(8.16)	(5.89)	27.8 %
Net Income	(7.93)	(0.62)	92.2 %
Average Shares	194.40	194.40	-
EPS (Riyals)	(0.04)	0.00	92.2 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	4.33	2.82	(34.9 %)
Gross Income	0.34	(0.78)	(332.5 %)
Operating Income	(4.17)	(5.89)	(41.3 %)
Net Income	(1.72)	(0.62)	63.9 %
Average Shares	194.40	194.40	-
EPS (Riyals)	(0.01)	0.00	63.9 %

Shareholders’ equity, excluding minority interest, stood at SAR 157.69 million as of June 30, 2023, compared to SAR 168.19 million a year earlier.

Accumulated losses hit SAR 37.83 million, or 19.46% of capital, as of June 30, 2023.

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