SIDC net loss widens to SAR 11.8 mln in 9M 2021

01/11/2021 Argaam Exclusive

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Saudi Industrial Development Co. (SIDC) widened net losses after Zakat and tax to SAR 11.8 million for the first nine months of 2021, from SAR 2.7 million in the year-ago period due to an increase in operating expenses (OPEX).

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	121.55	124.88	2.7 %
Gross Income	27.17	19.37	(28.7 %)
Operating Income	(3.52)	(13.74)	(290.6 %)
Net Income	(2.71)	(11.80)	(335.4 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.20)	(0.87)	(335.4 %)

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	39.67	37.40	(5.7 %)
Gross Income	8.24	4.22	(48.7 %)
Operating Income	(2.21)	(7.29)	(229.3 %)
Net Income	(1.36)	(5.74)	(323.1 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.10)	(0.43)	(323.1 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	41.94	37.40	(10.8 %)
Gross Income	8.39	4.22	(49.7 %)
Operating Income	(4.19)	(7.29)	(73.7 %)
Net Income	(4.32)	(5.74)	(32.9 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.32)	(0.43)	(32.9 %)

In Q3 2021, the company deepened net losses after Zakat and tax of SAR 5.7 million, from SAR 1.4 million in the year-earlier period.

On a sequential basis, net losses widened from SAR 4.3 million in Q2 2021.

Total shareholders’ equity, excluding minority interest, fell marginally to SAR 217.3 million as of Sept. 30, 2021, from SAR 217.7 billion in the year-earlier period.

Accumulated losses reached SAR 34.7 million in the nine-month period, accounting for 8.7% of the company’s capital.

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