Sinad Holding widens H1 2023 loss to SAR 45.2 mln; Q2 at SAR 23.6 mln

09/08/2023 Argaam Exclusive

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Sinad Holding Co. widened its net loss to SAR 45.2 million in H1 2023 from SAR 10 million in the prior-year period.

This was due to recording operating losses in the six-month period against an operating profit a year earlier on a decrease in gross profit, as well as higher selling and distribution expenses, along with a decline in other operating income and other income.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	887.19	771.31	(13.1 %)
Gross Income	258.76	198.82	(23.2 %)
Operating Income	12.86	(34.74)	(370.1 %)
Net Income	(10.04)	(45.16)	(350.0 %)
Average Shares	126.39	126.39	-
EPS (Riyals)	(0.08)	(0.36)	(350.0 %)

The company's losses in Q2 2023 increased to SAR 23.60 million, compared with SAR 20.27 million a year earlier, due to higher operating losses on a decline in gross profit.

On a sequential basis, the company widened the second-quarter losses from SAR 21.51 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	414.21	356.57	(13.9 %)
Gross Income	125.32	83.06	(33.7 %)
Operating Income	(2.35)	(30.72)	(1,205.0 %)
Net Income	(20.27)	(23.64)	(16.6 %)
Average Shares	126.39	126.39	-
EPS (Riyals)	(0.16)	(0.19)	(16.6 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	414.74	356.57	(14.0 %)
Gross Income	115.77	83.06	(28.3 %)
Operating Income	(4.02)	(30.72)	(665.1 %)
Net Income	(21.51)	(23.64)	(9.9 %)
Average Shares	126.39	126.39	-
EPS (Riyals)	(0.17)	(0.19)	(9.9 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 1.21 billion by the end of H1 2023, compared to SAR 1.29 billion in the year-earlier period.

Accumulated losses reached SAR 72.7 million, or 5.75% of capital, as of June 30, 2023.

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