SIDC turns to SAR 5.7 mln losses in H1 2020

28/07/2020 Argaam Exclusive

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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.

Financials (M)

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	13.50	13.50	-
EPS (Riyals)	0.10	(0.42)	(525.3 %)

Current Quarter Comparison (M)

Compared With The

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	361.4 %
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.12)	0.32	361.4 %

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	13.50	13.50	-
EPS (Riyals)	(0.74)	0.32	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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