Sinad Holding trims losses to SAR 11.8M in 9M 2024; Q3 profit at SAR 1.3M

06/11/2024 Argaam Exclusive

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Sinad Holding Co. reported a net loss of SAR 11.8 million for the first nine months of 2024 from SAR 84.9 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	1,178.40	1,288.40	9.3 %
Gross Income	292.00	403.80	38.3 %
Operating Income	(56.70)	86.60	252.7 %
Net Income	(84.87)	(11.80)	86.1 %
Average Shares	126.39	126.39	-
EPS (Riyals)	(0.67)	(0.09)	86.1 %

The loss reduction was driven by higher sales due to the modification of sales policies with customers and the focus on geographical expansion of sales by increasing sales channels, restructuring sales management, and increasing export sales at the group level.

This is in addition to changing sales policies with customers and enhancing sales of some distribution channels.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	407.10	443.90	9.0 %
Gross Income	80.70	138.10	71.1 %
Operating Income	(35.60)	34.10	195.8 %
Net Income	(39.71)	1.30	103.3 %
Average Shares	126.39	126.39	-
EPS (Riyals)	(0.31)	0.01	103.3 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	400.64	443.90	10.8 %
Gross Income	128.20	138.10	7.7 %
Operating Income	32.50	34.10	4.9 %
Net Income	0.91	1.30	42.8 %
Average Shares	126.39	126.39	-
EPS (Riyals)	0.01	0.01	42.8 %

The company turned to a profit of SAR 1.3 million in Q3 2024 against a loss of SAR 39.7 million in Q3 2023.

Sequentially, Sinad profits grew from SAR 900,000 in Q2 2024.

Total shareholders’ equity, after minority interest, fell to SAR 1.07 billion as of Sept. 30, 2024, from SAR 1.12 billion a year earlier.

Accumulated losses stood at SAR 112.4 million at the end of the nine-month period, representing 8.89% of capital.

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