Sinad Holding 9M 2022 net loss deepens to SAR 64.7 mln; Q3 net loss at SAR 54.6 mln

06/11/2022 Argaam Exclusive

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Sinad Holding Co. widened a net loss after Zakat and tax to SAR 64.7 million for the first nine months of 2022, compared to SAR 28.7 million in the year-earlier period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	1,240.77	1,316.81	6.1 %
Gross Income	356.72	365.27	2.4 %
Operating Income	47.36	2.79	(94.1 %)
Net Income	(28.73)	(64.67)	(125.1 %)
Average Shares	126.39	126.39	0.0 %
EPS (Riyals)	(0.23)	(0.51)	(125.1 %)

This was driven by lower gross profit, an increase in selling and distribution expenses, higher general and administrative expenses and increased cost of finance. In addition, the company recorded expenses for expected claims during the period compared to zero expenses in the year-earlier period.

The company’s Q3 2022 net loss after Zakat and tax widened by more than two-fold to SAR 54.6 million from SAR 26.56 million a year earlier, on higher operating losses, lower gross profit, increased selling and distribution expenses, and higher general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	411.17	429.62	4.5 %
Gross Income	116.64	106.51	(8.7 %)
Operating Income	20.01	(10.07)	(150.3 %)
Net Income	(26.56)	(54.63)	(105.7 %)
Average Shares	126.39	126.39	0.0 %
EPS (Riyals)	(0.21)	(0.43)	(105.7 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	414.21	429.62	3.7 %
Gross Income	125.32	106.51	(15.0 %)
Operating Income	(2.35)	(10.07)	(327.8 %)
Net Income	(20.27)	(54.63)	(169.5 %)
Average Shares	126.39	126.39	-
EPS (Riyals)	(0.16)	(0.43)	(169.5 %)

On a sequential basis, net loss deepened by more than double from SAR 20.3 million.

Total shareholders’ equity, excluding minority interests, reached SAR 1.226 billion as of Sept. 30, 2022, compared to SAR 1.490 billion in the prior-year period.

Accumulated losses reached SAR 104.8 million, or 8.29% of the capital.

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