Saudi Industrial Export Co. (Sadirat) trimmed its H1 2023 losses to SAR 2.3 million from SAR 12.81 million in H1 2022.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 0.11 | 7.16 | 6651.9 % |
| Gross Income | 0.11 | (0.44) | (518.9 %) |
| Operating Income | (13.20) | (10.06) | 23.8 % |
| Net Income | (12.81) | (2.34) | 81.8 % |
| Average Shares | 19.44 | 19.44 | - |
| EPS (Riyals) | (0.66) | (0.12) | 81.8 % |
Sadirat attributed the year-on-year (YoY) decline in losses to higher sales and lower provision for doubtful debts. This came despite a YoY surge in general and administrative expenses in H1 2023.
In Q2 2023, the company narrowed its losses to SAR 620,000, compared to SAR 7.93 million a year earlier, on increased sales.
Additionally, the company made profits from investments by utilizing a portion of its cash liquidity, although administrative expenses soared.
On a sequential basis, net loss shrank from SAR 1.72 million in Q1 2023.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 0.04 | 2.82 | 6465.1 % |
| Gross Income | 0.04 | (0.78) | (1911.6 %) |
| Operating Income | (8.16) | (5.89) | 27.8 % |
| Net Income | (7.93) | (0.62) | 92.2 % |
| Average Shares | 19.44 | 19.44 | - |
| EPS (Riyals) | (0.41) | (0.03) | 92.2 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 4.33 | 2.82 | (34.9 %) |
| Gross Income | 0.34 | (0.78) | (332.5 %) |
| Operating Income | (4.17) | (5.89) | (41.3 %) |
| Net Income | (1.72) | (0.62) | 63.9 % |
| Average Shares | 19.44 | 19.44 | - |
| EPS (Riyals) | (0.09) | (0.03) | 63.9 % |
Shareholders’ equity, excluding minority interest, stood at SAR 157.69 million as of June 30, 2023, compared to SAR 168.19 million a year earlier.
Accumulated losses hit SAR 37.83 million, or 19.46% of capital, as of June 30, 2023.
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