SIDC widens net losses to SAR 6.1 mln in H1 2021

17/08/2021 Argaam Exclusive

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Saudi Industrial Development Co. (SIDC) widened net losses after Zakat and tax by 7% to SAR 6.1 million for the first half of 2021, from SAR 5.7 million in the year-ago period on higher operating expenses (OPEX).

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	81.88	87.48	6.8 %
Gross Income	18.94	16.29	(14.0 %)
Operating Income	(1.31)	(6.46)	(394.3 %)
Net Income	(5.68)	(6.06)	(6.7 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.42)	(0.45)	(6.7 %)

In Q2 2021, SIDC swung to a net loss of SAR 4.3 million, against a net profit of SAR 4.3 million a year earlier, hit by higher OPEX.

On a quarterly basis, net losses more than doubled from SAR 1.7 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	41.58	41.94	0.9 %
Gross Income	11.10	8.39	(24.4 %)
Operating Income	3.00	(4.19)	(239.7 %)
Net Income	4.34	(4.32)	(199.6 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	0.32	(0.32)	(199.6 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	45.54	41.94	(7.9 %)
Gross Income	7.91	8.39	6.1 %
Operating Income	(2.26)	(4.19)	(85.2 %)
Net Income	(1.74)	(4.32)	(148.3 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.13)	(0.32)	(148.3 %)

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