SIDC cuts losses to SAR 8.6M in H1 2024, SAR 7.44M in Q2

08/08/2024 Argaam Exclusive

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Saudi Industrial Development Co. (SIDC) narrowed its net losses to SAR 8.6 million in the first half of 2024, from SAR 10.3 million in the year-ago period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	85.35	71.99	(15.7 %)
Gross Income	17.80	16.00	(10.1 %)
Operating Income	(12.27)	(11.15)	9.1 %
Net Income	(10.33)	(8.64)	16.3 %
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.77)	(0.64)	16.3 %

SIDC attributed the lower losses to better operating profit amid a decline in operating expenses.

On the other hand, sales from the mattress and foam segment weakened year-on-year (YoY) in H1 2024.

The second-quarter net losses also shrank by 23.1% to SAR 7.4 million, from SAR 9.67 million in Q2 2023 on a drop in the quarterly sales of the mattress and foam segment.

On a sequential basis, net losses deepened from SAR 1.2 million in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	43.63	28.81	(34.0 %)
Gross Income	6.53	3.46	(47.0 %)
Operating Income	(9.81)	(7.75)	21.0 %
Net Income	(9.67)	(7.44)	23.1 %
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.72)	(0.55)	23.1 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	43.18	28.81	(33.3 %)
Gross Income	12.55	3.46	(72.4 %)
Operating Income	(3.40)	(7.75)	(128.0 %)
Net Income	(1.21)	(7.44)	(516.9 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.09)	(0.55)	(516.9 %)

Shareholders’ equity, after minority interest, dropped to SAR 79.81 million as of June 30, 2024, compared to SAR 161.75 million a year earlier.

Accumulated losses reached SAR 276.3 million by the end of the six-month period, representing 69.08% of the company’s capital.

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