Sinad Holding widens H1 2022 net loss to SAR 10 mln; Q2 loss at SAR 20.3 mln

22/08/2022 Argaam Exclusive

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Sinad Holding Co. widened its net loss after Zakat and tax to SAR 10 million in H1 2022, compared to SAR 2.2 million in the prior-year period.

This was triggered by increased selling and distribution expenses, higher general and administrative expenses (G&As), lower other operational income, and higher Zakat expenses.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	829.60	887.19	6.9 %
Gross Income	240.08	258.76	7.8 %
Operating Income	27.35	12.86	(53.0 %)
Net Income	(2.17)	(10.04)	(361.6 %)
Average Shares	126.39	126.39	0.0 %
EPS (Riyals)	(0.02)	(0.08)	(361.6 %)

Sinad incurred a net loss after Zakat and tax of SAR 20.3 million in Q2 2022, compared to a net loss of SAR 800,000 in a year-earlier period, due to operational losses on lower gross profit and higher selling, distribution expenses, as well as G&As.

On a sequential basis, the company swung to losses in Q2 2022, versus a net profit of SAR 10.24 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	403.40	414.21	2.7 %
Gross Income	114.47	125.32	9.5 %
Operating Income	12.43	(2.35)	(118.9 %)
Net Income	(0.79)	(20.27)	(2,482.2 %)
Average Shares	126.39	126.39	0.0 %
EPS (Riyals)	(0.01)	(0.16)	(2,482.3 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	472.98	414.21	(12.4 %)
Gross Income	133.44	125.32	(6.1 %)
Operating Income	15.22	(2.35)	(115.5 %)
Net Income	10.24	(20.27)	(298.0 %)
Average Shares	126.39	126.39	-
EPS (Riyals)	0.08	(0.16)	(298.0 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 1.290 billion by the end of H1 2022, compared to SAR 1.505 billion in the year-earlier period.

Accumulated losses reached SAR 50.2 million, or 3.97% of capital, as of June 30, 2022.

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