Saudi Industrial Development Co. (SIDC) reported net loss after Zakat and tax of SAR 5.7 million for the first half of 2020, versus net profit of SAR 1.3 million in prior-year period, driven by non-operating losses.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 103.99 | 81.88 | (21.3 %) |
| Gross Income | 18.30 | 18.94 | 3.5 % |
| Operating Income | (6.25) | (1.31) | 79.1 % |
| Net Income | 1.34 | (5.68) | (525.3 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | 0.03 | (0.14) | (525.3 %) |
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 53.88 | 41.58 | (22.8 %) |
| Gross Income | 9.37 | 11.10 | 18.5 % |
| Operating Income | (3.03) | 3.00 | 199.2 % |
| Net Income | (1.66) | 4.34 | 361.3 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.04) | 0.11 | 361.3 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 40.30 | 41.58 | 3.2 % |
| Gross Income | 7.84 | 11.10 | 41.7 % |
| Operating Income | (4.31) | 3.00 | 169.7 % |
| Net Income | (10.02) | 4.34 | 143.3 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.25) | 0.11 | 143.3 % |
The company’s net profit after Zakat and tax for the second quarter stood at SAR 4.3 million, versus net losses of SAR 1.7 million in year-earlier period, due to lower production costs, and decreased operating expenses.
On a quarter-on-quarter basis, the company turned to profit in Q2 2020, against SAR 10 million losses in the previous quarter.
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