SIDC deepens H1 2022 net loss to SAR 11.4 mln; Q2 at SAR 6.6 mln

16/08/2022 Argaam Exclusive

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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.

Financials (M)

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	13.50	13.50	-
EPS (Riyals)	(0.45)	(0.84)	(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.

Current Quarter Comparison (M)

Compared With The

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	13.50	13.50	-
EPS (Riyals)	(0.32)	(0.49)	(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	13.50	13.50	-
EPS (Riyals)	(0.36)	(0.49)	(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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