Saudi Industrial Export Co. (SIECO) cuts net loss after Zakat and tax to SAR 7.6 million for the first nine months of 2020, from a net loss of SAR 9.9 million in year-earlier period, due to the reversal of trade accounts receivable on scrapping the sulfur deal. These losses were added to the company’s accumulated losses in 2019.
SIECO also cited higher other income.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 45.91 | 35.02 | (23.7 %) |
| Gross Income | (2.87) | 2.31 | 180.3 % |
| Operating Income | (8.80) | (7.94) | 9.7 % |
| Net Income | (9.88) | (7.74) | 21.6 % |
| Average Shares | 16.31 | 16.31 | - |
| EPS (Riyals) | (0.61) | (0.47) | 21.6 % |
In Q3 2020, the company incurred a net loss after Zakat and tax of SAR 1.3 million against a net profit of SAR 1.98 million in year-earlier period, due to impairment of the company’s investment in Warehousing and Logistics Services Co. and other financial assets, along with an increase in Zakat charges.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 21.77 | 11.31 | (48.0 %) |
| Gross Income | (3.41) | 1.68 | 149.2 % |
| Operating Income | (4.91) | 4.59 | 193.5 % |
| Net Income | 1.98 | 3.59 | 81.0 % |
| Average Shares | 16.31 | 16.31 | - |
| EPS (Riyals) | 0.12 | 0.22 | 81.0 % |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 12.37 | 11.31 | (8.6 %) |
| Gross Income | 0.38 | 1.68 | 347.2 % |
| Operating Income | (11.28) | 4.59 | 140.7 % |
| Net Income | (11.55) | 3.59 | 131.1 % |
| Average Shares | 16.31 | 16.31 | - |
| EPS (Riyals) | (0.71) | 0.22 | 131.1 % |
On a sequential basis, net losses narrowed by 89%, thanks to the reversal of trade accounts receivable on scrapping the sulfur deal. The company also added losses to its accumulated losses in 2019.
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