Sinad narrows losses to SAR 13.1M in H1 2024; Q2 profit at SAR 900,000

07/08/2024 Argaam Exclusive

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Sinad Holding Co. narrowed its losses to SAR 13.1 million in H1 2024, from SAR 45.2 million in the same period last year.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	771.31	844.52	9.5 %
Gross Income	198.82	258.09	29.8 %
Operating Income	(34.74)	36.12	204.0 %
Net Income	(45.16)	(13.11)	71.0 %
Average Shares	126.39	126.39	-
EPS (Riyals)	(0.36)	(0.10)	71.0 %

The decrease in losses was due to an increase in sales during the current period due to changes in sales policies with customers and enhanced sales through certain distribution channels.

Additionally, the company reported operating profits versus operating losses year-on-year (YoY).

Sinad reported higher gross profit from sales, lower selling and distribution expenses, and reduced general and administrative costs. Furthermore, other operating revenues increased while Zakat and income tax declined.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	356.57	400.64	12.4 %
Gross Income	83.06	124.73	50.2 %
Operating Income	(30.72)	25.30	182.4 %
Net Income	(23.64)	0.91	103.9 %
Average Shares	126.39	126.39	-
EPS (Riyals)	(0.19)	0.01	103.9 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	443.88	400.64	(9.7 %)
Gross Income	133.35	124.73	(6.5 %)
Operating Income	10.82	25.30	133.8 %
Net Income	(14.02)	0.91	106.5 %
Average Shares	126.39	126.39	-
EPS (Riyals)	(0.11)	0.01	106.5 %

The company turned to a net profit of SAR 900,000, versus a net loss of SAR 23.65 million a year earlier.

On a quarterly basis, Sinad swung to profit against a loss of SAR 14.02 million in Q1 2024.

Shareholders' equity, excluding minority interest, fell to SAR 979.1 million as of July 30, 2024, compared to SAR 1.21 billion a year ago.

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