Financial Results : Sadirat losses deepen to SAR 9.1M in H1 2024; Q2 at SAR 9.6M

Sadirat losses deepen to SAR 9.1M in H1 2024; Q2 at SAR 9.6M

27/10/2024 Argaam Exclusive

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Saudi Industrial Export Co. (Sadirat) deepened its net losses to SAR 9.1 million for the first half of 2024, compared to SAR 2.3 million in the year-earlier period, given the fluctuating raw material prices on global price indices and late statutory fees payments as a result of global logistics conditions.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 7.16 22.73 217.5 %
Gross Income (0.44) (2.90) (552.0 %)
Operating Income (10.06) (14.61) (45.3 %)
Net Income (2.34) (9.09) (288.9 %)
Average Shares 194.40 194.40 -
EPS (Riyals) (0.01) (0.05) (288.9 %)

The wider losses were also attributed to setting aside a provision for expected credit losses during the six-month period, along with the decrease in unrealized gains from investments at fair value.

 

This came although Sadirat logged increased revenues for the same period, thanks to its foray into new markets and securing new customers.

 

In Q2 2024, the company witnessed a more than 15-fold hike in its net losses to SAR 9.6 million, from SAR 620,000 in the year before.

 

Sequentially, net losses increased from SAR 530,000 in Q1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 2.82 18.82 566.7 %
Gross Income (0.78) (3.05) (291.5 %)
Operating Income (5.89) (9.67) (64.2 %)
Net Income (0.62) (9.62) (1,453.1 %)
Average Shares 194.40 194.40 -
EPS (Riyals) 0.00 (0.05) (1,453.1 %)

Shareholders' equity (no minority interest) declined to SAR 135.36 million in H1 2024, compared to SAR 157.69 million in H1 2023.

 

Accumulated losses reached SAR 60.18 million by the end of the current period, representing 31.02% of Sadirat’s capital.

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