SIDC 9M 2024 net loss narrows to SAR 20.1M; Q3 at SAR 11.4M

06/11/2024 Argaam Exclusive

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Saudi Industrial Development Co. (SIDC) reported a net loss of SAR 20.1 million for the first nine months of 2024, compared to a net loss of SAR 21.8 million in the year-earlier period, on higher operating profit, due to recording asset impairment, despite lower revenue and decreased sales.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	120.81	99.57	(17.6 %)
Gross Income	23.29	21.76	(6.6 %)
Operating Income	(23.96)	(20.65)	13.8 %
Net Income	(21.83)	(20.07)	8.1 %
Average Shares	13.50	13.50	-
EPS (Riyals)	(1.62)	(1.49)	8.1 %

SIDC incurred a net loss of SAR 11.4 million in Q3 2024, compared to SAR 11.5 million in the year earlier period on higher operating profit.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	35.46	27.59	(22.2 %)
Gross Income	5.49	5.76	4.9 %
Operating Income	(11.69)	(9.49)	18.8 %
Net Income	(11.50)	(11.43)	0.6 %
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.85)	(0.85)	0.6 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	28.81	27.59	(4.2 %)
Gross Income	3.46	5.76	66.6 %
Operating Income	(7.75)	(9.49)	(22.4 %)
Net Income	(7.44)	(11.43)	(53.7 %)
Average Shares	13.50	13.50	-
EPS (Riyals)	(0.55)	(0.85)	(53.7 %)

On a sequential basis, net loss widened from SAR 7.44 million in Q2 2024.

Total shareholders’ equity (after minority equity) stood at SAR 72.3 million by Sept. 30, 2024, compared to SAR 149.8 million a year earlier.

Accumulated loss reached SAR 9.45 million, accounting for 7% of capital, by Sept. 30, 2024.

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