Sadr trims 2023 loss to SAR 4.3M; Q4 loss at SAR 4.4M

21/03/2024 Argaam Exclusive

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Sadr Logistics Co. narrowed 2023 net loss by 41.2% to SAR 4.3 million, from SAR 7.2 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	110.82	104.04	(6.1 %)
Gross Income	15.51	18.02	16.1 %
Operating Income	(4.62)	(3.18)	31.1 %
Net Income	(7.22)	(4.25)	41.2 %
Average Shares	175.00	175.00	-
EPS (Riyals)	(0.04)	(0.02)	41.2 %

The cost of sales decreased by 10% compared to the year before, despite allocating an estimated inventory reserve of SAR 3 million. This was driven by the company’s focus on sales of the most profitable and least costly products.

The company also cited increased investment profit and other revenue, in addition to a decline in Zakat provisions.

Q4 2023 loss stood at SAR 4.4 million, compared to a loss of SAR 1.8 million.

On a quarterly basis, net loss widened from SAR 720,000 in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	41.02	25.09	(38.8 %)
Gross Income	5.37	3.27	(39.1 %)
Operating Income	(1.27)	(3.06)	(140.5 %)
Net Income	(1.77)	(4.43)	(149.9 %)
Average Shares	175.00	175.00	-
EPS (Riyals)	(0.01)	(0.03)	(149.9 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	20.94	25.09	19.8 %
Gross Income	4.39	3.27	(25.5 %)
Operating Income	(0.68)	(3.06)	(351.7 %)
Net Income	(0.72)	(4.43)	(519.2 %)
Average Shares	175.00	175.00	-
EPS (Riyals)	0.00	(0.03)	(519.2 %)

Total shareholders’ equity, no minority interest, stood at SAR 171.73 million by Dec. 31, 2023, compared to SAR 176.23 million a year earlier.

Accumulated losses stood at SAR 4.79 million as of Dec. 31, 2023, accounting for 0.03% of the company’s capital.

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