SIDC widens 9M 2022 losses to SAR 19 mln; Q3 at SAR 7.7 mln

07/11/2022 Argaam Exclusive

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Saudi Industrial Development Co. (SIDC) deepened its net loss after Zakat and tax to SAR 19 million in the first nine months of 2022, from SAR 11.8 million in the year-ago period due to an increase in operating expenses (OPEX) and lower sales.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	124.88	121.22	(2.9 %)
Gross Income	19.37	17.96	(7.3 %)
Operating Income	(13.74)	(21.55)	(56.8 %)
Net Income	(11.80)	(19.04)	(61.3 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.87)	(1.41)	(61.3 %)

In Q3 2022, net loss after Zakat and tax widened by 33.4% to SAR 7.7 million, from SAR 5.74 million in Q3 2021 on higher operating losses as a result of increased operating expenses.

Compared to Q2 2022, net losses increased from SAR 6.85 million due to higher operating losses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	37.40	38.40	2.7 %
Gross Income	4.22	5.73	35.8 %
Operating Income	(7.29)	(8.49)	(16.5 %)
Net Income	(5.74)	(7.66)	(33.4 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.43)	(0.57)	(33.4 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	41.41	38.40	(7.3 %)
Gross Income	6.14	5.73	(6.6 %)
Operating Income	(7.09)	(8.49)	(19.6 %)
Net Income	(6.58)	(7.66)	(16.3 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.49)	(0.57)	(16.3 %)

Total shareholders’ equity, after minority interest, stood at SAR 194.7 million as of Sept. 30, 2022, compared to SAR 217.3 million in the year-earlier period.

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