SIDC’s 2022 net loss widens to SAR 38.8 mln; Q4 at SAR 19.7 mln

07/05/2023 Argaam Exclusive

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Saudi Industrial Development Co. (SIDC) widened its net loss after Zakat and tax to SAR 38.8 million in 2022, from SAR 24.5 million in the year before.

Financials (M)

Item	2021	2022	Change‬
Revenues	163.08	155.35	(4.7 %)
Gross Income	26.81	22.06	(17.7 %)
Operating Income	(22.71)	(41.86)	(84.4 %)
Net Income	(24.50)	(38.77)	(58.3 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	(1.81)	(2.87)	(58.3 %)

The YoY uptick in losses was attributed to increased operating expenses and production costs, amid lower non-operating revenues and a pullback in machinery and equipment.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	38.20	34.13	(10.7 %)
Gross Income	7.44	4.10	(44.9 %)
Operating Income	(8.97)	(20.31)	(126.6 %)
Net Income	(12.69)	(19.73)	(55.5 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.94)	(1.46)	(55.5 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	38.40	34.13	(11.1 %)
Gross Income	5.73	4.10	(28.4 %)
Operating Income	(8.49)	(20.31)	(139.4 %)
Net Income	(7.66)	(19.73)	(157.7 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.57)	(1.46)	(157.7 %)

Total shareholders’ equity, excluding minority interest, reached SAR 166.91 million by the end of the year, compared to SAR 204.01 million in 2021.

Accumulated losses for the current period amounted to SAR 37.1 million, against SAR 6.4 million in the prior-year period.

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