Sinad Holding turns to SAR 132.6M net loss in 2023, SAR 47.7M in Q4

21/03/2024 Argaam Exclusive

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Sinad Holding Co. reported a net loss of SAR 132.6 million in 2023, versus a net profit of SAR 10.1 million a year earlier, driven by lower sales in Saudi Arabia.

Financials (M)

Item	2022	2023	Change‬
Revenues	1,757.56	1,616.68	(8.0 %)
Gross Income	496.70	384.00	(22.7 %)
Operating Income	31.32	(126.00)	(502.3 %)
Net Income	10.12	(132.65)	(1410.3 %)
Average Shares	126.39	126.39	-
EPS (Riyals)	0.08	(1.05)	(1410.3 %)

The company also noted a decrease in gross profits and an operating loss, compared to operating profits during 2022. Gross profits from sales and investments slumped, while selling and distribution expenses increased along with higher expected credit losses. Financing expenses rose, in addition to an increase in Zakat expenses.

Sinad Holding report a net loss of SAR 47.7 million in Q4 2023 versus a net profit of SAR 74.79 million in the prior-year period.

On a quarterly basis, net losses widened from SAR 39.71 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	442.98	427.35	(3.5 %)
Gross Income	127.15	91.32	(28.2 %)
Operating Income	23.38	(53.28)	(327.9 %)
Net Income	74.79	(47.77)	(163.9 %)
Average Shares	126.39	126.39	-
EPS (Riyals)	0.59	(0.38)	(163.9 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	407.05	427.35	5.0 %
Gross Income	79.78	91.32	14.5 %
Operating Income	(40.09)	(53.28)	(32.9 %)
Net Income	(39.71)	(47.77)	(20.3 %)
Average Shares	126.39	126.39	-
EPS (Riyals)	(0.31)	(0.38)	(20.3 %)

Shareholders’ equity, excluding minority interest, reached SAR 1.08 billion by Dec. 31, 2023, compared to SAR 1.23 billion in the year earlier period.

Accumulated losses reached SAR 160.2 million as of Dec. 31, 2023, representing 12.6% of the company’s capital.

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