Financial Results : SIDC expands Q1 2024 loss to SAR 1.2M

SIDC expands Q1 2024 loss to SAR 1.2M

14/05/2024 Argaam Exclusive

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Saudi Industrial Development Co. (SIDC) extended its net losses to SAR 1.2 million in Q1 2024, from SAR 660,000 in the year-ago period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 41.73 43.18 3.5 %
Gross Income 11.27 12.55 11.3 %
Operating Income (2.45) (3.40) (38.5 %)
Net Income (0.66) (1.21) (82.4 %)
Average Shares 13.50 13.50 -
EPS (Riyals) (0.05) (0.09) (82.4 %)

The increased loss-making was attributed to recording foreign exchange currency differences resulting from a foreign subsidiary, besides posting provisions for asset impairment during the quarter.

 

Sequentially, the company narrowed its losses from SAR 52.61 million in Q4 2023, thanks to lower operating expenses and higher sales on a quarterly basis.

 

Shareholders’ equity, no minority interest, dropped to SAR 93.77 million by the end of Q1 2024, compared to SAR 162.74 million in the year-ago period.

 

Accumulated losses amounted to SAR 268.87 million as of March 31, 2024, representing 67.22% of the company’s capital.

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