Sadr Logistics net profit up 98% to SAR 3.5 mln in 9M 2021

10/11/2021 Argaam Exclusive

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Sadr Logistics Co. reported a net profit after Zakat and tax of SAR 3.5 million for the first nine months of 2021, a 98% increase compared to a net profit of SAR 1.8 million in the same period last year.

The company attributed the increase in profit to higher sales due to the expansion in logistics sector and the financial impact of the logistic services contract with Supreme Foods Processing Co. Ltd. (one of Tanmiah Food companies), as the revenue from the net investment in the contract was realized during the current period, in addition to the increase in sales in other operational sectors.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	32.70	51.99	59.0 %
Gross Income	9.78	17.69	80.9 %
Operating Income	2.11	4.89	132.0 %
Net Income	1.77	3.52	98.4 %
Average Shares	153.96	153.96	0.0 %
EPS (Riyals)	0.01	0.02	98.4 %

The company reported a net profit of SAR 2.7 million for Q3 2021, almost a four-fold year-on-year (YoY) increase.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	11.65	21.03	80.6 %
Gross Income	3.52	9.25	162.9 %
Operating Income	0.77	3.41	343.5 %
Net Income	0.55	2.67	383.0 %
Average Shares	153.96	153.96	0.0 %
EPS (Riyals)	0.00	0.02	383.0 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	16.08	21.03	30.8 %
Gross Income	4.02	9.25	130.1 %
Operating Income	0.71	3.41	379.0 %
Net Income	0.25	2.67	990.2 %
Average Shares	153.96	153.96	0.0 %
EPS (Riyals)	0.00	0.02	990.2 %

On a sequential basis, net profit also surged from SAR 0.25 million in Q2 2021.

Shareholders’ equity, after minority interest, increased to SAR 36.615 million as of Sept. 30, 2021, from SAR 33.746 million a year earlier.

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