SIDC trims H1 2023 loss to SAR 10.3 mln; Q2 widens to SAR 9.7 mln

09/08/2023 Argaam Exclusive

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Saudi Industrial Development Co. (SIDC) narrowed its net losses to SAR 10.3 million in the first half of 2023 from SAR 11.4 million in the year-earlier period, thanks to higher non-operating income.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	82.82	85.35	3.1 %
Gross Income	12.23	17.80	45.6 %
Operating Income	(13.06)	(12.27)	6.1 %
Net Income	(11.38)	(10.33)	9.2 %
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.84)	(0.77)	9.2 %

In Q2, the company widened its net loss to SAR 9.7 million from SAR 6.58 million in the second quarter of 2022 on increased operating expenses (OpEx) as SIDC recorded asset impairment provisions.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	41.41	43.63	5.4 %
Gross Income	6.14	6.53	6.3 %
Operating Income	(7.09)	(9.81)	(38.4 %)
Net Income	(6.58)	(9.67)	(46.9 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.49)	(0.72)	(46.9 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	41.73	43.63	4.6 %
Gross Income	11.27	6.53	(42.1 %)
Operating Income	(2.45)	(9.81)	(299.9 %)
Net Income	(0.66)	(9.67)	(1,363.0 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.05)	(0.72)	(1,363.0 %)

The company also slid into a deeper loss compared to SAR 660,000 in Q1 2023. It reported lower operating profit amid an increase in the cost of goods sold and operating losses due to higher OpEx. Non-operating income also weighed on the quarterly results.

Shareholders’ equity, after minority interest, reached SAR 161.75 million by the end of H1 2023, compared to SAR 201.23 million in the year-ago period.

Accumulated losses amounted to SAR 72.88 million as of June 30, 2023, representing 18.22% of the company’s capital.

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