Financial Results : Sinad Holding turns to SAR 21.5 mln loss in Q1 2023

Sinad Holding turns to SAR 21.5 mln loss in Q1 2023

17/05/2023 Argaam Exclusive

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Sinad Holding Co. reported a net loss of SAR 21.5 million in Q1 2023, against a profit of SAR 10.2 million a year earlier. 

 


Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 472.98 414.74 (12.3 %)
Gross Income 133.44 115.77 (13.2 %)
Operating Income 15.22 (4.02) (126.4 %)
Net Income 10.24 (21.51) (310.2 %)
Average Shares 126.39 126.39 -
EPS (Riyals) 0.08 (0.17) (310.2 %)

The losses were driven by lower gross profit from sales and investments, lower other income, as well as higher finance charges and Zakat expenses. 

 

Sequentially, the company swung to losses from a profit of SAR 74.79 million in Q4 2022. 

 

Total shareholders’ equity, excluding minority interest, stood at SAR 1.19 billion as of March 31, 2023, compared to SAR 1.38 billion a year earlier. 

 

Accumulated losses reached SAR 49 million as of March 31, 2023, representing 3.88% of capital. 

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