Financial Results : SIDC cuts losses to SAR 8.6M in H1 2024, SAR 7.44M in Q2

SIDC cuts losses to SAR 8.6M in H1 2024, SAR 7.44M in Q2

08/08/2024 Argaam Exclusive

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Saudi Industrial Development Co. (SIDC) narrowed its net losses to SAR 8.6 million in the first half of 2024, from SAR 10.3 million in the year-ago period.


Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 85.35 71.99 (15.7 %)
Gross Income 17.80 16.00 (10.1 %)
Operating Income (12.27) (11.15) 9.1 %
Net Income (10.33) (8.64) 16.3 %
Average Shares 13.50 13.50 -
EPS (Riyals) (0.77) (0.64) 16.3 %

SIDC attributed the lower losses to better operating profit amid a decline in operating expenses.

 

On the other hand, sales from the mattress and foam segment weakened year-on-year (YoY) in H1 2024.

 

The second-quarter net losses also shrank by 23.1% to SAR 7.4 million, from SAR 9.67 million in Q2 2023 on a drop in the quarterly sales of the mattress and foam segment.

 

On a sequential basis, net losses deepened from SAR 1.2 million in Q1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 43.63 28.81 (34.0 %)
Gross Income 6.53 3.46 (47.0 %)
Operating Income (9.81) (7.75) 21.0 %
Net Income (9.67) (7.44) 23.1 %
Average Shares 13.50 13.50 -
EPS (Riyals) (0.72) (0.55) 23.1 %

Shareholders’ equity, after minority interest, dropped to SAR 79.81 million as of June 30, 2024, compared to SAR 161.75 million a year earlier.

 

Accumulated losses reached SAR 276.3 million by the end of the six-month period, representing 69.08% of the company’s capital. 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2023 35.46 (7.6 %) 5.49 (4.3 %) (11.69) (37.8 %)
Q4 2023 30.13 (11.7 %) 5.49 33.9 % (24.56) (20.9 %)
Q1 2024 43.18 3.5 % 12.55 11.3 % (3.40) (38.5 %)
Q2 2024 28.81 (34.0 %) 3.46 (47.0 %) (7.75) 21.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q3 2023 (11.50) (50.2 %) (0.85) - (11.50) (0.85)
Q4 2023 (52.61) (166.6 %) (3.90) (30.00) (22.61) (1.67)
Q1 2024 (1.21) (82.4 %) (0.09) - (1.21) (0.09)
Q2 2024 (7.44) 23.1 % (0.55) - (7.44) (0.55)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q3 2023 17.68 % (17.10 %) (28.15 %)
Q4 2023 19.07 % (21.62 %) (29.44 %)
Q1 2024 19.72 % (21.79 %) (29.52 %)
Q2 2024 19.61 % (23.24 %) (31.07 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2023 13.50 (3.08) (3.23) 11.10
Q4 2023 13.50 (5.51) (3.29) 7.27
Q1 2024 13.50 (5.55) (3.33) 6.95
Q2 2024 13.50 (5.39) (3.17) 5.91

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2023 NEG NEG 3.10
Q4 2023 NEG NEG 4.64
Q1 2024 NEG NEG 4.88
Q2 2024 NEG NEG 4.25

Business Segments (Million)

Compared With The
Period Mattresses & sponge sector Sanitary ware segment Transportation Sheet Iron The main center
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 - -
Q3 2023 30.33 2.75 2.39 - -
Q4 2023 25.67 2.02 2.44 - -
Q1 2024 36.81 3.37 2.99 - -
Q2 2024 25.75 0.41 2.65 - -


Financial Ratios
Current
Market Cap (M Riyal) 415.13
Enterprise Value (EV) (M) 439.38
Shares Outstanding ((M)) 13.50
EPS ( Riyal) (TTM) (5.39)
Book Value (BV) ( Riyal) 5.91
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 5.20
Return on Average Assets (%) (TTM) (31.02 )
Return on Average Equity (%) (TTM) (60.23 )
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Share Price

Saudi Industrial Development Co.
30.75
(0.25) (0.81 %)

Saudi Industrial Development Co. (SIDC)

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