Sinad Holding Co. widened a net loss after Zakat and tax to SAR 64.7 million for the first nine months of 2022, compared to SAR 28.7 million in the year-earlier period.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 1,240.77 | 1,316.81 | 6.1 % |
| Gross Income | 356.72 | 365.27 | 2.4 % |
| Operating Income | 47.36 | 2.79 | (94.1 %) |
| Net Income | (28.73) | (64.67) | (125.1 %) |
| Average Shares | 126.39 | 126.39 | 0.0 % |
| EPS (Riyals) | (0.23) | (0.51) | (125.1 %) |
This was driven by lower gross profit, an increase in selling and distribution expenses, higher general and administrative expenses and increased cost of finance. In addition, the company recorded expenses for expected claims during the period compared to zero expenses in the year-earlier period.
The company’s Q3 2022 net loss after Zakat and tax widened by more than two-fold to SAR 54.6 million from SAR 26.56 million a year earlier, on higher operating losses, lower gross profit, increased selling and distribution expenses, and higher general and administrative expenses.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 411.17 | 429.62 | 4.5 % |
| Gross Income | 116.64 | 106.51 | (8.7 %) |
| Operating Income | 20.01 | (10.07) | (150.3 %) |
| Net Income | (26.56) | (54.63) | (105.7 %) |
| Average Shares | 126.39 | 126.39 | 0.0 % |
| EPS (Riyals) | (0.21) | (0.43) | (105.7 %) |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 414.21 | 429.62 | 3.7 % |
| Gross Income | 125.32 | 106.51 | (15.0 %) |
| Operating Income | (2.35) | (10.07) | (327.8 %) |
| Net Income | (20.27) | (54.63) | (169.5 %) |
| Average Shares | 126.39 | 126.39 | - |
| EPS (Riyals) | (0.16) | (0.43) | (169.5 %) |
On a sequential basis, net loss deepened by more than double from SAR 20.3 million.
Total shareholders’ equity, excluding minority interests, reached SAR 1.226 billion as of Sept. 30, 2022, compared to SAR 1.490 billion in the prior-year period.
Accumulated losses reached SAR 104.8 million, or 8.29% of the capital.
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