SIDC 2023 loss widens to SAR 74.4M; Q4 at SAR 52.6M

31/03/2024 Argaam Exclusive

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Saudi Industrial Development Co. (SIDC) widened its 2023 net loss to SAR 74.4 million, from SAR 38.8 million in the year before.

Financials (M)

Item	2022	2023	Change‬
Revenues	155.35	150.95	(2.8 %)
Gross Income	22.06	28.78	30.4 %
Operating Income	(41.86)	(48.52)	(15.9 %)
Net Income	(38.77)	(74.44)	(92.0 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	(2.87)	(5.51)	(92.0 %)

The year-on-year (YoY) uptick in losses was attributed to lower sales of a subsidiary outside the Kingdom due to currency translation differences.

The company also cited an increase in operating expenses as a result of the impairment in goodwill, machinery and equipment.

SIDC posted a loss of SAR 52.6 million for Q4 2023, up from SAR 19.73 million in Q4 2022.

Compared with the previous quarter, losses increased from SAR 11.50 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	34.13	30.13	(11.7 %)
Gross Income	4.10	5.49	33.9 %
Operating Income	(20.31)	(24.56)	(20.9 %)
Net Income	(19.73)	(52.61)	(166.6 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	(1.46)	(3.90)	(166.6 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	35.46	30.13	(15.0 %)
Gross Income	5.49	5.49	0.1 %
Operating Income	(11.69)	(24.56)	(110.0 %)
Net Income	(11.50)	(52.61)	(357.4 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.85)	(3.90)	(357.4 %)

Total shareholders’ equity, excluding minority interest, slumped to SAR 98.08 million by the end of the year, compared to SAR 166.91 million in 2022.

Accumulated losses for the current period amounted to SAR 267.66 million, or 66.92% of the company's capital.

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