Financial Results : Sadirat deepens 9M 2024 net loss to SAR 12.4M; Q3 at SAR 3.3M

Sadirat deepens 9M 2024 net loss to SAR 12.4M; Q3 at SAR 3.3M

10/11/2024 Argaam Exclusive

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Saudi Industrial Export Co. (Sadirat) deepened its net losses to SAR 12.4 million for the first nine months of 2024, compared to SAR 11 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 12.62 22.98 82.1 %
Gross Income (0.35) (2.95) (742.9 %)
Operating Income (12.18) (10.64) 12.6 %
Net Income (10.98) (12.41) (13.0 %)
Average Shares 194.40 194.40 -
EPS (Riyals) (0.06) (0.06) (13.0 %)

The wider losses were due to a drop in realized and unrealized gains from investments at fair value, paired with lower returns on bank deposits and the allocation of a Zakat provision.

 

This was despite the year-on-year (YoY) revenue hike amid contracting with new customers, not to mention the reduction in general and administrative (G&A) expenses for 9M 2024.

 

However, Q3 2024 net loss stood at SAR 3.3 million, tightening by 61.6% from SAR 8.64 million in Q3 2023, driven by lower G&A expenses and the reversal of a provision for expected credit losses.

 

On a quarterly basis, net loss narrowed from SAR 9.62 million in Q2 2024, although the third-quarter revenues declined quarter-on-quarter (QoQ).



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 5.46 0.25 (95.4 %)
Gross Income 0.09 (0.06) (166.7 %)
Operating Income (8.99) (1.39) 84.5 %
Net Income (8.64) (3.32) 61.6 %
Average Shares 194.40 194.40 -
EPS (Riyals) (0.04) (0.02) 61.6 %

Total shareholders’ equity, no minority interest, stood at SAR 132.04 million by Sept. 30, 2024, compared to SAR 149.04 million in the prior-year period.

 

Accumulated losses at the end of 9M 2024 amounted to SAR 62.87 million, representing 32.34% of the company’s capital.

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