Sadirat narrows 9M net loss to SAR 11 mln; Q3 loss widens to SAR 8.6 mln

07/11/2023 Argaam Exclusive

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Saudi Industrial Export Co. (Sadirat) trimmed net loss to SAR 11 million for the first nine months of 2023, compared to SAR 18.1 million in the year-earlier period, driven by higher sales in addition to the company's profit from its investments through the partial utilization of cash liquidity.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	0.18	12.62	6872.4 %
Gross Income	0.16	(0.35)	(321.5 %)
Operating Income	(11.32)	(12.18)	(7.6 %)
Net Income	(18.14)	(10.98)	39.5 %
Average Shares	194.40	194.40	-
EPS (Riyals)	(0.09)	(0.06)	39.5 %

Q3 2023 net loss stood at SAR 8.6 million, widening 62% from SAR 5.33 million in Q3 2022, as the company set aside credit loss provisions, despite an increase in the company's sales and lower general and administrative expenses (G&As) compared to the same quarter of the previous year.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	0.08	5.46	7180.0 %
Gross Income	0.05	0.09	73.1 %
Operating Income	1.88	(8.99)	(577.3 %)
Net Income	(5.33)	(8.64)	(62.1 %)
Average Shares	194.40	194.40	-
EPS (Riyals)	(0.03)	(0.04)	(62.1 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	2.82	5.46	93.4 %
Gross Income	(0.78)	0.09	111.6 %
Operating Income	(5.89)	(8.99)	(52.7 %)
Net Income	(0.62)	(8.64)	(1,294.9 %)
Average Shares	194.40	194.40	-
EPS (Riyals)	0.00	(0.04)	(1,294.9 %)

On a quarterly basis, net loss deepened from SAR 0.62 million.

Total shareholders’ equity, no minority interest, stood at SAR 149.04 million by Sept. 30, 2023, compared to SAR 160.02 million in the prior-year period.

Accumulated losses at the end of 9M 2023 amounted to SAR 46.47 million, representing 23.9% of the company’s capital.

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