Sadr Logistics turns to loss of SAR 5.4 mln in 9M 2022; Q3 at SAR 2.6 mln

09/11/2022 Argaam Exclusive

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Sadr Logistics Co. reported a net loss after Zakat and tax of SAR 5.4 million for the first nine months of 2022, against a net profit of SAR 3.5 million in the same period last year.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	51.99	69.80	34.3 %
Gross Income	17.69	10.14	(42.7 %)
Operating Income	4.89	(3.35)	(168.5 %)
Net Income	3.52	(5.44)	(254.8 %)
Average Shares	153.96	175.00	13.7 %
EPS (Riyals)	0.02	(0.03)	(236.2 %)

The company cited higher cost of sales as well as an increase in selling and marketing expenses on higher sales, and a rise in general and administrative expenses on higher salaries. However, sales increased, investment income and other revenues rose, while debt provisions and finance charges declined.

The company reported a net loss after Zakat and tax of SAR 2.6 million for Q3 2022, versus a net profit after Zakat and tax of SAR 2.6 million a year before, mainly due to higher cost of sales as well as an increase in selling and marketing expenses and general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	21.03	33.56	59.5 %
Gross Income	9.25	3.61	(61.0 %)
Operating Income	3.41	(1.25)	(136.6 %)
Net Income	2.67	(2.62)	(198.1 %)
Average Shares	153.96	175.00	13.7 %
EPS (Riyals)	0.02	(0.01)	(186.3 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	16.48	33.56	103.6 %
Gross Income	3.22	3.61	12.0 %
Operating Income	(0.75)	(1.25)	(65.9 %)
Net Income	(1.00)	(2.62)	(163.2 %)
Average Shares	175.00	175.00	-
EPS (Riyals)	(0.01)	(0.01)	(163.2 %)

On a sequential basis, the company narrowed Q3 2022 net losses from SAR 1 million.

Shareholders’ equity, no minority interest, reached SAR 177.426 million as of Sept. 30, 2022, from SAR 36.615 million a year earlier.

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