Saudi Industrial Development Co. (SIDC) widened net losses after Zakat and tax to SAR 4.8 million in Q1 2022, from SAR 1.74 million in the year-ago period
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 45.54 | 41.42 | (9.1 %) |
| Gross Income | 7.91 | 6.09 | (23.0 %) |
| Operating Income | (2.26) | (5.97) | (163.7 %) |
| Net Income | (1.74) | (4.80) | (175.9 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.04) | (0.12) | (175.9 %) |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 38.20 | 41.42 | 8.4 % |
| Gross Income | 7.44 | 6.09 | (18.2 %) |
| Operating Income | (8.97) | (5.97) | 33.4 % |
| Net Income | (12.69) | (4.80) | 62.2 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.32) | (0.12) | 62.2 % |
The losses increased due to higher operating expenses and production cost, along with lower sales.
Meanwhile, the company narrowed Q1 2022 losses from SAR 12.69 million in the previous quarter.
Shareholders’ equity, excluding minority interest, grew by 3.9% to SAR 222.14 million by the end of Q1 2022, compared to SAR 213.68 million in the year-ago period.
Accumulated losses amounted to SAR 42.52 million as of March 31, 2022, representing 10.6% of the company’s SAR 400 million capital.
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