Financial Results : Sinad Holding narrows Q1 2024 loss to SAR 14M

Sinad Holding narrows Q1 2024 loss to SAR 14M

14/05/2024 Argaam Exclusive

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Sinad Holding Co. cut its net loss to SAR 14 million in Q1 2024 from SAR 21.5 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 414.74 443.88 7.0 %
Gross Income 115.77 133.35 15.2 %
Operating Income (4.02) 10.82 369.4 %
Net Income (21.51) (14.02) 34.8 %
Average Shares 126.39 126.39 -
EPS (Riyals) (0.17) (0.11) 34.8 %

The losses were due to higher sales of subsidiaries, along with an increase in gross profit and recording operating profits compared to operating losses during the same quarter of the previous year. The company also cited a decrease in selling and distribution expenses, as well as higher other operating revenues, a decrease in Zakat expenses, and recording income tax revenue versus income tax expenses during the same quarter of the previous year.

 

Sequentially, the company cut Q1 2024 losses from SAR 47.77 million in Q4 2023.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 1.04 billion as of March 31, 2024, compared to SAR 1.19 billion a year earlier.

 

Accumulated losses reached SAR 174.3 million as of March 31, 2024, representing 13.79% of the company’s capital. 

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