Sadr swings to SAR 2.8 mln loss in H1 2022; Q2 at SAR 1 mln

18/08/2022 Argaam Exclusive

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Sadr Logistics Co. turned to a net loss after Zakat and tax of SAR 2.8 million in H1 2022, from a profit of SAR 846,000 in the prior-year period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	30.96	36.25	17.1 %
Gross Income	8.44	6.53	(22.6 %)
Operating Income	1.48	(2.10)	(242.1 %)
Net Income	0.85	(2.82)	(433.8 %)
Average Shares	153.96	175.00	13.7 %
EPS (Riyals)	0.01	(0.02)	(393.7 %)

The loss was attributed to higher cost of sales driven by the increase in raw materials prices, in addition to higher selling and marketing expenses, general and administrative expenses and Zakat provision.

The company reported a net loss after Zakat and tax of SAR 1 million for Q2 2022, from a net profit of SAR 250,000 in the same quarter last year.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	16.08	16.48	2.5 %
Gross Income	4.02	3.22	(19.8 %)
Operating Income	0.71	(0.75)	(205.7 %)
Net Income	0.25	(1.00)	(506.3 %)
Average Shares	153.96	175.00	13.7 %
EPS (Riyals)	0.00	(0.01)	(457.5 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	19.77	16.48	(16.6 %)
Gross Income	3.31	3.22	(2.6 %)
Operating Income	(1.35)	(0.75)	44.2 %
Net Income	(1.83)	(1.00)	45.6 %
Average Shares	175.00	175.00	-
EPS (Riyals)	(0.01)	(0.01)	45.6 %

On a sequential basis, the company narrowed its losses from SAR 1.8 million in Q1 2022 on lower cost of sales, selling and marketing expenses and financing costs as well as higher investment and other income.

Shareholders’ equity, after minority interest, stood at SAR 180.046 million as of June 30, 2022, compared to SAR 33.944 million a year earlier.

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