Financial Results : Sadirat swings to SAR 530,000 earnings in Q1 2024

Sadirat swings to SAR 530,000 earnings in Q1 2024

15/05/2024 Argaam Exclusive

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Saudi Industrial Export Co. (Sadirat) turned to a net profit of SAR 530,000 from a loss of SAR 1.7 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 4.33 3.91 (9.8 %)
Gross Income 0.34 0.15 (54.0 %)
Operating Income (4.17) (5.66) (35.8 %)
Net Income (1.72) 0.53 130.9 %
Average Shares 194.40 194.40 -
EPS (Riyals) (0.01) 0.00 130.9 %

The improved results were due to the company's earnings from its investments by utilizing part of cash liquidity.

 

However, revenues declined compared with the year-earlier period on price fluctuations and low demand for the company's main products.

 

Based on a quarter-on-quarter basis, the company swung to a profit from a loss of SAR 4.63 million in Q4 2023, mainly driven by higher revenue as a result of the opening of new marketing channels to attract more new customers.

 

Shareholders’ equity, no minority interest, reached SAR 144.98 million as of March 31, 2024, from SAR 149.04 million in the year-earlier period.

 

Accumulated losses reached SAR 50.57 million by the end of the three-month period, representing 26.01% of the company’s capital.

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