SIDC narrows net losses by 83.2% to SAR 500,000 in 9M 2020

27/10/2020 Argaam Exclusive

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Saudi Industrial Development Co. (SIDC) trimmed net loss after Zakat and tax by 83.2% year-on-year (YoY) to SAR 500,000 for the first nine months of 2020, driven by narrowing operating losses on lower production costs and other operating expenses.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	149.94	121.55	(18.9 %)
Gross Income	27.14	27.17	0.1 %
Operating Income	(8.52)	(3.52)	58.7 %
Net Income	(2.97)	(2.71)	8.7 %
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.22)	(0.20)	8.7 %

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	45.95	39.67	(13.7 %)
Gross Income	8.83	8.24	(6.7 %)
Operating Income	(2.27)	(2.21)	2.6 %
Net Income	(4.31)	(1.36)	68.5 %
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.32)	(0.10)	68.5 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	41.58	39.67	(4.6 %)
Gross Income	11.10	8.24	(25.8 %)
Operating Income	3.00	(2.21)	(173.7 %)
Net Income	4.34	(1.36)	(131.3 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	0.32	(0.10)	(131.3 %)

The third-quarter net profit after Zakat and tax stood at SAR 5.1 million versus net loss of SAR 4.3 million in the year-earlier period, due to non-operating revenues.

On a sequential basis, net profit increased by 18.6%.

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