Saudi Industrial Development Co. (SIDC) widened net losses after Zakat and tax by 87.8% to SAR 11.4 million in the first half of 2022, from SAR 6.1 million in the year-ago period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 87.48 | 82.82 | (5.3 %) |
| Gross Income | 16.29 | 12.23 | (25.0 %) |
| Operating Income | (6.46) | (13.06) | (102.3 %) |
| Net Income | (6.06) | (11.38) | (87.8 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.15) | (0.28) | (87.8 %) |
The company cited an increase in operating expenses (opex) and production costs.
In Q2 2022, SIDC widened net losses after Zakat and tax by 52.2% to SAR 6.6 million, from SAR 4.32 million in the corresponding period of 2021, due to higher operating losses as a result of increased opex.
Net losses increased on a quarterly basis by 37% from SAR 4.8 million, on higher operating losses and lower other revenue.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 41.94 | 41.41 | (1.3 %) |
| Gross Income | 8.39 | 6.14 | (26.8 %) |
| Operating Income | (4.19) | (7.09) | (69.1 %) |
| Net Income | (4.32) | (6.58) | (52.3 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.11) | (0.16) | (52.3 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 41.42 | 41.41 | 0.0 % |
| Gross Income | 6.09 | 6.14 | 0.8 % |
| Operating Income | (5.97) | (7.09) | (18.8 %) |
| Net Income | (4.80) | (6.58) | (37.1 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.12) | (0.16) | (37.1 %) |
Total shareholders’ equity, after minority interest, decreased 7% to SAR 201.23 million as of June 30, 2022, from SAR 216.77 million a year earlier.
Accumulated losses stood at SAR 44.53 million, or 11.13% of the company’s capital, by the end of the six-month period.
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