Sadr earns SAR 898,000 in H1 2023, incurs SAR 2.4 mln loss in Q2

10/08/2023 Argaam Exclusive

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Sadr Logistics Co. reported a net profit of SAR 898,000 in H1 2023 against a net loss of SAR 2.8 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	36.25	58.01	60.1 %
Gross Income	6.53	10.35	58.5 %
Operating Income	(2.10)	0.55	126.2 %
Net Income	(2.82)	0.90	131.8 %
Average Shares	175.00	175.00	-
EPS (Riyals)	(0.02)	0.01	131.8 %

The company posted a 60% year-on-year (YoY) rise in sales across the board.

It also reported better revenues from its finance leasing contract with the US-based Avenger Flight Co. Investment profits surged 112% YoY on higher interest rates and short-term Murabaha contracts with local banks.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	16.48	17.20	4.4 %
Gross Income	3.22	2.51	(22.1 %)
Operating Income	(0.75)	(2.57)	(241.2 %)
Net Income	(1.00)	(2.39)	(139.9 %)
Average Shares	175.00	175.00	-
EPS (Riyals)	(0.01)	(0.01)	(139.9 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	40.82	17.20	(57.9 %)
Gross Income	7.84	2.51	(68.0 %)
Operating Income	3.12	(2.57)	(182.3 %)
Net Income	3.29	(2.39)	(172.7 %)
Average Shares	175.00	175.00	-
EPS (Riyals)	0.02	(0.01)	(172.7 %)

In Q2 2023, the company widened net losses to SAR 2.39 million from SAR 1 million in the prior-year period. Sadr recorded an 11% YoY increase in the cost of goods sold, along with higher operating expenses (OpEx) as well as selling and distribution expenses.

The company swung to losses in the second quarter from a net profit of SAR 3.29 million in Q1 2023 due to a 58% quarter-on-quarter fall in sales. Sadr also recorded higher selling and distribution expenses, as well as general and administrative expenses.

Shareholders’ equity, no minority interest, declined to SAR 177.13 million as of June 30, 2023, from SAR 180.04 million in the corresponding period in 2022.

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