Financial Results : SIDC trims H1 2023 loss to SAR 10.3 mln; Q2 widens to SAR 9.7 mln

SIDC trims H1 2023 loss to SAR 10.3 mln; Q2 widens to SAR 9.7 mln

09/08/2023 Argaam Exclusive

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Saudi Industrial Development Co. (SIDC) narrowed its net losses to SAR 10.3 million in the first half of 2023 from SAR 11.4 million in the year-earlier period, thanks to higher non-operating income.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 82.82 85.35 3.1 %
Gross Income 12.23 17.80 45.6 %
Operating Income (13.06) (12.27) 6.1 %
Net Income (11.38) (10.33) 9.2 %
Average Shares 13.50 13.50 -
EPS (Riyals) (0.84) (0.77) 9.2 %

In Q2, the company widened its net loss to SAR 9.7 million from SAR 6.58 million in the second quarter of 2022 on increased operating expenses (OpEx) as SIDC recorded asset impairment provisions.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 41.41 43.63 5.4 %
Gross Income 6.14 6.53 6.3 %
Operating Income (7.09) (9.81) (38.4 %)
Net Income (6.58) (9.67) (46.9 %)
Average Shares 13.50 13.50 -
EPS (Riyals) (0.49) (0.72) (46.9 %)

The company also slid into a deeper loss compared to SAR 660,000 in Q1 2023. It reported lower operating profit amid an increase in the cost of goods sold and operating losses due to higher OpEx. Non-operating income also weighed on the quarterly results.

 

Shareholders’ equity, after minority interest, reached SAR 161.75 million by the end of H1 2023, compared to SAR 201.23 million in the year-ago period.

 

Accumulated losses amounted to SAR 72.88 million as of June 30, 2023, representing 18.22% of the company’s capital.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 75.07 (5.9 %) 22.35 (4.5 %) 3.50 (48.9 %)
Q2 2014 85.66 0.9 % 25.93 (7.1 %) 3.79 (64.8 %)
Q3 2014 87.12 0.9 % 24.31 (11.3 %) 4.76 (48.3 %)
Q4 2014 68.09 (0.9 %) 16.15 (24.0 %) (2.44) (182.1 %)
Q1 2015 79.01 5.2 % 24.17 8.1 % 5.59 59.9 %
Q2 2015 92.50 8.0 % 30.70 18.4 % 10.05 165.4 %
Q3 2015 84.70 (2.8 %) 27.88 14.7 % 7.06 48.3 %
Q4 2015 69.32 1.8 % 16.55 2.5 % (4.52) (85.0 %)
Q1 2016 67.44 (14.6 %) 17.17 (29.0 %) (1.57) (128.1 %)
Q2 2016 79.46 (14.1 %) 20.24 (34.1 %) 2.42 (75.9 %)
Q3 2016 67.05 (20.8 %) 17.36 (37.7 %) 2.20 (68.9 %)
Q4 2016 45.59 (34.2 %) 12.19 (26.3 %) (3.81) 15.6 %
Q1 2017 61.22 (9.2 %) 14.99 (12.7 %) 0.82 152.3 %
Q2 2017 62.04 (21.9 %) 6.54 (67.7 %) (10.13) (518.6 %)
Q3 2017 65.21 (2.7 %) 6.72 (61.3 %) (3.54) (261.4 %)
Q4 2017 51.67 13.3 % 6.26 (48.7 %) (9.83) (157.9 %)
Q1 2018 44.73 (26.9 %) 8.20 (45.3 %) (4.21) (613.8 %)
Q2 2018 51.10 (17.6 %) 9.78 49.6 % (2.89) 71.5 %
Q3 2018 48.72 (25.3 %) 7.33 9.0 % (4.89) (38.1 %)
Q4 2018 45.59 (11.8 %) 3.43 (45.2 %) (17.31) (76.1 %)
Q1 2019 50.10 12.0 % 8.93 9.0 % (3.23) 23.4 %
Q2 2019 53.88 5.4 % 9.37 (4.2 %) (3.03) (4.7 %)
Q3 2019 45.95 (5.7 %) 8.83 20.6 % (2.27) 53.6 %
Q4 2019 41.47 (9.1 %) 6.05 76.6 % (16.76) 3.2 %
Q1 2020 40.30 (19.6 %) 7.84 (12.3 %) (4.31) (33.5 %)
Q2 2020 41.58 (22.8 %) 11.10 18.5 % 3.00 199.2 %
Q3 2020 39.67 (13.7 %) 8.24 (6.7 %) (2.21) 2.6 %
Q4 2020 43.06 3.8 % 8.48 40.0 % (7.35) 56.2 %
Q1 2021 45.54 13.0 % 7.91 0.9 % (2.26) 47.4 %
Q2 2021 41.94 0.9 % 8.39 (24.4 %) (4.19) (239.7 %)
Q3 2021 37.40 (5.7 %) 4.22 (48.7 %) (7.29) (229.3 %)
Q4 2021 38.20 (11.3 %) 7.44 (12.2 %) (8.97) (22.1 %)
Q1 2022 41.42 (9.1 %) 6.09 (23.0 %) (5.97) (163.7 %)
Q2 2022 41.41 (1.3 %) 6.14 (26.8 %) (7.09) (69.1 %)
Q3 2022 38.40 2.7 % 5.73 35.8 % (8.49) (16.5 %)
Q4 2022 34.13 (10.7 %) 4.10 (44.9 %) (20.31) (126.6 %)
Q1 2023 41.73 0.7 % 11.27 85.1 % (2.45) 58.9 %
Q2 2023 43.63 5.4 % 6.53 6.3 % (9.81) (38.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 23.77 262.9 % 1.76 7.90 15.87 1.18
Q2 2014 1.32 (89.3 %) 0.10 13.12 (11.81) (0.87)
Q3 2014 13.85 51.9 % 1.03 4.65 9.20 0.68
Q4 2014 (31.99) (524.7 %) (2.37) (0.83) (31.16) (2.31)
Q1 2015 4.74 (80.1 %) 0.35 - 4.74 0.35
Q2 2015 12.53 852.3 % 0.93 - 12.53 0.93
Q3 2015 (11.60) (183.7 %) (0.86) - (11.60) (0.86)
Q4 2015 (24.62) 23.0 % (1.82) (14.61) (10.01) (0.74)
Q1 2016 (8.56) (280.7 %) (0.63) - (8.56) (0.63)
Q2 2016 8.09 (35.5 %) 0.60 (4.87) 12.96 0.96
Q3 2016 (7.74) 33.2 % (0.57) (9.26) 1.51 0.11
Q4 2016 8.25 133.5 % 0.61 18.19 (9.94) (0.74)
Q1 2017 0.81 109.5 % 0.06 - 0.81 0.06
Q2 2017 (10.33) (227.7 %) (0.77) - (10.33) (0.77)
Q3 2017 (3.62) 53.3 % (0.27) - (3.62) (0.27)
Q4 2017 2.92 (64.5 %) 0.22 12.52 (9.59) (0.71)
Q1 2018 0.17 (79.3 %) 0.01 - 0.17 0.01
Q2 2018 (1.31) 87.3 % (0.10) - (1.31) (0.10)
Q3 2018 (8.71) (140.7 %) (0.65) - (8.71) (0.65)
Q4 2018 (20.23) (791.7 %) (1.50) - (20.23) (1.50)
Q1 2019 3.00 1685.2 % 0.22 - 3.00 0.22
Q2 2019 (1.66) (26.9 %) (0.12) - (1.66) (0.12)
Q3 2019 (4.31) 50.6 % (0.32) - (4.31) (0.32)
Q4 2019 (36.23) (79.1 %) (2.68) (17.88) (18.35) (1.36)
Q1 2020 (10.02) (434.5 %) (0.74) - (10.02) (0.74)
Q2 2020 4.34 361.4 % 0.32 - 4.34 0.32
Q3 2020 (1.36) 68.5 % (0.10) - (1.36) (0.10)
Q4 2020 (0.54) 98.5 % (0.04) - (0.54) (0.04)
Q1 2021 (1.74) 82.6 % (0.13) - (1.74) (0.13)
Q2 2021 (4.32) (199.6 %) (0.32) - (4.32) (0.32)
Q3 2021 (5.74) (323.1 %) (0.43) - (5.74) (0.43)
Q4 2021 (12.69) (2,269.7 %) (0.94) - (12.69) (0.94)
Q1 2022 (4.80) (175.9 %) (0.36) - (4.80) (0.36)
Q2 2022 (6.58) (52.3 %) (0.49) - (6.58) (0.49)
Q3 2022 (7.66) (33.4 %) (0.57) - (7.66) (0.57)
Q4 2022 (19.73) (55.5 %) (1.46) 2.06 (21.79) (1.61)
Q1 2023 (0.66) 86.2 % (0.05) - (0.66) (0.05)
Q2 2023 (9.67) (46.9 %) (0.72) - (9.67) (0.72)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 31.41 % 12.14 % 14.22 %
Q2 2014 30.70 % 9.94 % 6.56 %
Q3 2014 29.64 % 8.60 % 6.57 %
Q4 2014 28.08 % 7.04 % (5.66 %)
Q1 2015 28.31 % 7.76 % (9.08 %)
Q2 2015 29.18 % 9.66 % (1.44 %)
Q3 2015 30.50 % 10.65 % (7.86 %)
Q4 2015 30.50 % 10.04 % (1.33 %)
Q1 2016 29.40 % 7.96 % (5.62 %)
Q2 2016 27.19 % 5.63 % (5.72 %)
Q3 2016 25.18 % 4.04 % (1.45 %)
Q4 2016 25.80 % 4.40 % (1.55 %)
Q1 2017 25.57 % 5.49 % 2.11 %
Q2 2017 21.66 % 0.65 % (7.61 %)
Q3 2017 17.28 % (1.85 %) (9.86 %)
Q4 2017 14.37 % (4.38 %) (9.46 %)
Q1 2018 12.39 % (7.09 %) (10.45 %)
Q2 2018 14.55 % (4.24 %) (6.75 %)
Q3 2018 16.08 % (4.62 %) (9.91 %)
Q4 2018 15.11 % (10.13 %) (15.82 %)
Q1 2019 15.07 % (9.27 %) (13.94 %)
Q2 2019 14.65 % (9.32 %) (13.92 %)
Q3 2019 15.63 % (7.70 %) (11.87 %)
Q4 2019 17.34 % (5.60 %) (11.14 %)
Q1 2020 17.67 % (6.14 %) (18.91 %)
Q2 2020 19.98 % (3.07 %) (16.74 %)
Q3 2020 20.38 % (3.50 %) (15.58 %)
Q4 2020 21.66 % 2.34 % (4.60 %)
Q1 2021 21.03 % 3.35 % 0.41 %
Q2 2021 19.39 % (0.17 %) (4.67 %)
Q3 2021 17.26 % (3.70 %) (7.35 %)
Q4 2021 17.14 % (4.78 %) (15.02 %)
Q1 2022 16.45 % (7.15 %) (17.34 %)
Q2 2022 15.08 % (9.43 %) (18.82 %)
Q3 2022 15.94 % (10.26 %) (19.91 %)
Q4 2022 14.20 % (16.44 %) (26.28 %)
Q1 2023 17.50 % (14.73 %) (23.57 %)
Q2 2023 17.50 % (16.14 %) (25.20 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 13.50 3.90 3.32 31.41
Q2 2014 13.50 3.09 1.53 31.74
Q3 2014 13.50 3.44 1.54 32.78
Q4 2014 13.50 0.51 (1.33) 30.39
Q1 2015 13.50 (0.90) (2.15) 30.65
Q2 2015 13.50 (0.06) (0.35) 31.58
Q3 2015 13.50 (1.95) (1.89) 30.67
Q4 2015 13.50 (1.40) (0.32) 28.84
Q1 2016 13.50 (2.39) (1.31) 27.85
Q2 2016 13.50 (2.72) (1.27) 28.38
Q3 2016 13.50 (2.43) (0.30) 27.78
Q4 2016 13.50 0.00 (0.30) 26.80
Q1 2017 13.50 0.70 0.40 26.87
Q2 2017 13.50 (0.67) (1.33) 26.10
Q3 2017 13.50 (0.36) (1.71) 25.83
Q4 2017 13.50 (0.76) (1.68) 26.06
Q1 2018 13.50 (0.80) (1.73) 26.08
Q2 2018 13.50 (0.14) (1.06) 25.97
Q3 2018 13.50 (0.51) (1.44) 25.32
Q4 2018 13.50 (2.23) (2.23) 23.90
Q1 2019 13.50 (2.02) (2.02) 24.16
Q2 2019 13.50 (2.04) (2.04) 24.09
Q3 2019 13.50 (1.72) (1.72) 23.82
Q4 2019 13.50 (2.90) (1.58) 16.14
Q1 2020 13.50 (3.87) (2.54) 14.95
Q2 2020 13.50 (3.42) (2.10) 15.71
Q3 2020 13.50 (3.21) (1.88) 16.13
Q4 2020 13.50 (0.56) (0.56) 15.59
Q1 2021 13.50 0.05 0.05 15.83
Q2 2021 13.50 (0.59) (0.59) 16.06
Q3 2021 13.50 (0.91) (0.91) 16.10
Q4 2021 13.50 (1.81) (1.81) 15.11
Q1 2022 13.50 (2.04) (2.04) 16.45
Q2 2022 13.50 (2.21) (2.21) 14.91
Q3 2022 13.50 (2.35) (2.35) 14.42
Q4 2022 13.50 (2.87) (3.02) 12.36
Q1 2023 13.50 (2.57) (2.72) 12.05
Q2 2023 13.50 (2.79) (2.95) 11.98

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 16.22 19.07 2.02
Q2 2014 20.05 40.38 1.95
Q3 2014 19.21 42.93 2.02
Q4 2014 84.70 NEG 1.43
Q1 2015 NEG NEG 1.79
Q2 2015 NEG NEG 1.63
Q3 2015 NEG NEG 1.16
Q4 2015 NEG NEG 1.45
Q1 2016 NEG NEG 1.04
Q2 2016 NEG NEG 1.09
Q3 2016 NEG NEG 0.83
Q4 2016 More than 100 NEG 1.14
Q1 2017 50.64 89.16 1.31
Q2 2017 NEG NEG 1.31
Q3 2017 NEG NEG 1.24
Q4 2017 NEG NEG 1.15
Q1 2018 NEG NEG 1.07
Q2 2018 NEG NEG 1.05
Q3 2018 NEG NEG 1.00
Q4 2018 NEG NEG 1.02
Q1 2019 NEG NEG 1.08
Q2 2019 NEG NEG 1.04
Q3 2019 NEG NEG 1.01
Q4 2019 NEG NEG 1.51
Q1 2020 NEG NEG 1.34
Q2 2020 NEG NEG 1.35
Q3 2020 NEG NEG 2.61
Q4 2020 NEG NEG 2.70
Q1 2021 More than 100 More than 100 3.81
Q2 2021 NEG NEG 4.69
Q3 2021 NEG NEG 4.03
Q4 2021 NEG NEG 3.96
Q1 2022 NEG NEG 3.32
Q2 2022 NEG NEG 2.87
Q3 2022 NEG NEG 2.88
Q4 2022 NEG NEG 2.48
Q1 2023 NEG NEG 2.80
Q2 2023 NEG NEG 3.23

Business Segments (Million)

Compared With The
Period Mattresses & sponge sector Sanitary ware segment Transportation Sheet Iron The main center
Q1 2014 63.66 11.41 - - -
Q2 2014 71.48 14.18 - - -
Q3 2014 75.80 11.31 - - -
Q4 2014 56.93 11.16 - - -
Q1 2015 68.29 10.72 - - -
Q2 2015 81.05 11.45 - - -
Q3 2015 73.64 11.06 - - -
Q4 2015 60.17 9.16 - - -
Q1 2016 57.68 9.51 - - 0.25
Q2 2016 70.76 8.96 - - -
Q3 2016 60.75 6.30 - - -
Q4 2016 39.54 6.05 - - -
Q1 2017 53.19 8.03 - - -
Q2 2017 54.94 7.09 - - -
Q3 2017 58.79 6.42 - - -
Q4 2017 43.63 8.04 - - -
Q1 2018 37.98 6.75 - - -
Q2 2018 44.25 6.85 - - -
Q3 2018 42.47 6.25 - - -
Q4 2018 39.14 6.46 - - -
Q1 2019 43.62 6.48 - - -
Q2 2019 48.77 5.12 - - -
Q3 2019 40.13 5.82 - - -
Q4 2019 35.90 5.57 - - -
Q1 2020 35.57 4.73 - - -
Q2 2020 36.90 4.68 - - -
Q3 2020 36.38 3.29 - - -
Q4 2020 37.13 5.92 - - -
Q1 2021 41.95 3.58 - - -
Q2 2021 39.10 2.84 - - -
Q3 2021 34.41 2.99 - - -
Q4 2021 27.12 3.93 7.15 - -
Q1 2022 36.20 3.74 1.47 - -
Q2 2022 35.28 3.39 2.74 - -
Q3 2022 33.95 2.35 2.10 - -
Q4 2022 28.72 3.25 2.16 - -
Q1 2023 35.39 3.87 2.47 - -
Q2 2023 38.23 3.24 2.16 - -


Financial Ratios
Current
Market Cap (M Riyal) 362.48
Enterprise Value (EV) (M) 386.73
Shares Outstanding ((M)) 13.50
EPS ( Riyal) (TTM) (5.38)
Book Value (BV) ( Riyal) 5.36
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 5.01
Return on Average Assets (%) (TTM) (31.75 )
Return on Average Equity (%) (TTM) (65.44 )
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Share Price

Saudi Industrial Development Co.
26.85
(0.40) (1.47 %)

Saudi Industrial Development Co. (SIDC)

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