SIDC widens losses to SAR 24.5 mln in 2021; Q4 at SAR 12.7 mln

24/03/2022 Argaam Exclusive

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Saudi Industrial Development Co. (SIDC) reported a net loss after Zakat and tax of SAR 24.5 million for 2021, from SAR 3.2 million logged a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	164.60	163.08	(0.9 %)
Gross Income	35.65	26.81	(24.8 %)
Operating Income	(10.86)	(22.71)	(109.0 %)
Net Income	(3.25)	(24.50)	(654.5 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.24)	(1.81)	(654.5 %)

The increase in losses is mainly due to higher operating expenses and production costs.

SIDC’s net loss after Zakat and tax extended to SAR 12.7 million in Q4 2021, from SAR 2.7 million in Q4 2020.

On a sequential basis, the company’s losses widened from SAR 5.7 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	43.06	38.20	(11.3 %)
Gross Income	8.48	7.44	(12.2 %)
Operating Income	(7.35)	(8.97)	(22.1 %)
Net Income	(0.54)	(12.69)	(2,269.7 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.04)	(0.94)	(2,269.7 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	37.40	38.20	2.1 %
Gross Income	4.22	7.44	76.3 %
Operating Income	(7.29)	(8.97)	(23.1 %)
Net Income	(5.74)	(12.69)	(121.1 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.43)	(0.94)	(121.1 %)

Total shareholders’ equity, excluding minority interest, fell 3% to SAR 204.01 million from SAR 210.42 million a year ago.

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