Al Abdullatif widens 9M 2022 net loss to SAR 31.1 mln; Q3 at SAR 15.6 mln

09/11/2022 Argaam Exclusive

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Al Abdullatif Industrial Investment Co. widened net loss after Zakat and tax to SAR 31.1 million for the first nine months of 2022, from SAR 10 million in the year-earlier period, spurred by higher cost of sales, increased selling expenses and higher cost of financing.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	461.18	492.48	6.8 %
Gross Income	35.32	14.27	(59.6 %)
Operating Income	2.62	(18.63)	(811.6 %)
Net Income	(9.95)	(31.13)	(212.9 %)
Average Shares	81.25	81.25	-
EPS (Riyals)	(0.12)	(0.38)	(212.9 %)

Al Abdullatif widened Q3 2022 net loss after Zakat and tax by 47% to SAR 15.6 million, from SAR 10.59 million in the year-earlier period, on lower sales, higher cost of sales, and increased cost of financing.

On a sequential basis, net losses deepened compared to SAR 3.45 million in Q2 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	156.17	142.60	(8.7 %)
Gross Income	8.02	0.85	(89.4 %)
Operating Income	(6.05)	(8.28)	(36.9 %)
Net Income	(10.59)	(15.57)	(47.0 %)
Average Shares	81.25	81.25	-
EPS (Riyals)	(0.13)	(0.19)	(47.0 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	168.23	142.60	(15.2 %)
Gross Income	10.52	0.85	(91.9 %)
Operating Income	(1.13)	(8.28)	(630.2 %)
Net Income	(3.45)	(15.57)	(351.5 %)
Average Shares	81.25	81.25	-
EPS (Riyals)	(0.04)	(0.19)	(351.5 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 1.305 billion as of Sept. 30, 2022, compared to SAR 1.121 billion in the prior-year period.

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