Sadr Logistics swings to SAR 7.2 mln loss in 2022, Q4 at SAR 1.8 mln

27/03/2023 Argaam Exclusive

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Sadr Logistics Co. reported a net loss of SAR 7.2 million in 2022, versus a net profit of SAR 3.6 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	73.23	110.82	51.3 %
Gross Income	21.34	15.51	(27.3 %)
Operating Income	5.53	(4.62)	(183.7 %)
Net Income	3.60	(7.22)	(300.5 %)
Average Shares	175.00	175.00	-
EPS (Riyals)	0.02	(0.04)	(300.5 %)

This was triggered by an 84% increase in the cost of sales on higher raw material prices, increased operating costs in the iron segment, and lower storage and occupancy rates in the logistics division.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	21.24	41.02	93.1 %
Gross Income	3.66	5.37	46.9 %
Operating Income	0.64	(1.27)	(300.2 %)
Net Income	0.08	(1.77)	(2268.9 %)
Average Shares	175.00	175.00	-
EPS (Riyals)	0.00	(0.01)	(2268.9 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	33.56	41.02	22.3 %
Gross Income	3.61	5.37	48.8 %
Operating Income	(1.25)	(1.27)	(1.9 %)
Net Income	(2.62)	(1.77)	32.4 %
Average Shares	175.00	175.00	-
EPS (Riyals)	(0.01)	(0.01)	32.4 %

The company incurred a net loss of SAR 1.8 million in Q4 2022, versus a net profit of SAR 0.08 million in the prior-year period.

On a quarterly basis, net losses shrank from SAR 2.62 million in Q3 2022.

Total shareholders’ equity, no minority interest, stood at SAR 176.23 million as of Dec. 31, 2022, compared to SAR 182.86 million in the year earlier period.

Accumulated losses came in at SAR 544,908 as of Dec. 31, 2022, which represents 0.31% of the company's SAR 175 million capital.

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