SIDC losses widen to SAR 21.8 mln in 9M 2023; Q3 at SAR 11.5 mln

07/11/2023 Argaam Exclusive

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Saudi Industrial Development Co.’s (SIDC) net losses widened to SAR 21.8 million in the first nine months of 2023 from SAR 19 million in the year-earlier period, due to higher operating losses from recording impairment of assets.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	121.22	120.81	(0.3 %)
Gross Income	17.96	23.29	29.7 %
Operating Income	(21.55)	(23.96)	(11.2 %)
Net Income	(19.04)	(21.83)	(14.7 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	(1.41)	(1.62)	(14.7 %)

Net losses widened 50.2% year-on-year to SAR 11.5 million in Q3 2023 on higher operating expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	38.40	35.46	(7.6 %)
Gross Income	5.73	5.49	(4.3 %)
Operating Income	(8.49)	(11.69)	(37.8 %)
Net Income	(7.66)	(11.50)	(50.2 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.57)	(0.85)	(50.2 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	43.63	35.46	(18.7 %)
Gross Income	6.53	5.49	(15.9 %)
Operating Income	(9.81)	(11.69)	(19.1 %)
Net Income	(9.67)	(11.50)	(18.9 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.72)	(0.85)	(18.9 %)

Sequentially, Q3 losses deepened from SAR 9.67 million.

Shareholders’ equity, after minority interest, reached SAR 149.83 million by the end of 9M 2023, compared to SAR 194.7 million in the year-ago period.

Accumulated losses amounted to SAR 84.24 million as of Sept. 30, 2023, representing 21.06% of the company’s capital.

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