Sinad Holding turns to SAR 10.1 mln net profit in 2022, Q4 at SAR 74.8 mln

27/03/2023 Argaam Exclusive

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Sinad Holding Co. reported a net profit of SAR 10.1 million in 2022, versus a net loss of SAR 63.5 million a year earlier, driven by increased gross and operating profits in the year due to higher investment income and lower Zakat and income tax.

Financials (M)

Item	2021	2022	Change‬
Revenues	1,711.31	1,757.56	2.7 %
Gross Income	486.09	496.70	2.2 %
Operating Income	61.22	31.32	(48.8 %)
Net Income	(63.49)	10.12	115.9 %
Average Shares	126.39	126.39	0.0 %
EPS (Riyals)	(0.50)	0.08	115.9 %

Q4 2022 net profit stood at SAR 74.8 million, against net loss of SAR 34.75 million in the prior-year period.

The company turned profitable in Q4 2022 from SAR 54.63 million losses in Q3 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	470.54	442.98	(5.9 %)
Gross Income	129.37	127.15	(1.7 %)
Operating Income	13.86	23.38	68.7 %
Net Income	(34.75)	74.79	315.2 %
Average Shares	126.39	126.39	0.0 %
EPS (Riyals)	(0.27)	0.59	315.2 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	429.62	442.98	3.1 %
Gross Income	106.51	127.15	19.4 %
Operating Income	(10.07)	23.38	332.2 %
Net Income	(54.63)	74.79	236.9 %
Average Shares	126.39	126.39	-
EPS (Riyals)	(0.43)	0.59	236.9 %

Shareholders’ equity, excluding minority interest, reached SAR 1.23 billion by Dec. 31, 2022, compared to SAR 1.40 billion in the year earlier period.

Accumulated losses reached SAR 27.5 million as of Dec. 31, 2022, representing 2% of the company’s capital.

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