Financial Results : Sadr swings to loss of SAR 1.5M in Q1 2024

Sadr swings to loss of SAR 1.5M in Q1 2024

19/05/2024 Argaam Exclusive

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Sadr Logistics Co. turned to a net loss of SAR 1.5 million in Q1 2024, against a net profit of SAR 3.3 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 40.82 31.65 (22.5 %)
Gross Income 7.84 4.79 (38.9 %)
Operating Income 3.12 (1.03) (133.1 %)
Net Income 3.29 (1.54) (146.8 %)
Average Shares 175.00 175.00 -
EPS (Riyals) 0.02 (0.01) (146.8 %)

The annual losses were attributed to a 22% decline in sales, while the cost of sales decreased by 19%.

 

The company also realized higher selling and marketing expenses, as well as general and administrative expenses. Additionally, there was a decrease in other income and investment profits as well as a rise in financing costs.

 

Sequentially, the company narrowed its losses in Q1 2024 from SAR 2.12 million in Q4 2023.

 

Shareholders’ equity, no minority interest, stood at SAR 170.19 million as of March 31, 2024, from SAR 179.51 million a year earlier.

 

Accumulated losses stood at SAR 6.33 million by the end of Q1 2024, representing 3.62% of the company’s capital.

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