Saudi Industrial Export Co. (SIECO) widened net losses after Zakat and tax to SAR 18.1 million in the first nine months of 2022, from SAR 6.7 million in the year-earlier period.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 15.46 | 0.18 | (98.8 %) |
| Gross Income | 1.49 | 0.16 | (89.4 %) |
| Operating Income | (6.20) | (11.32) | (82.6 %) |
| Net Income | (6.71) | (18.14) | (170.3 %) |
| Average Shares | 16.31 | 19.44 | 19.2 % |
| EPS (Riyals) | (0.41) | (0.93) | (126.7 %) |
The company’s 9M 2022 financial performance was weighed down by lower sales and due to recognizing impairment of other current assets. In addition, the company utilized the VAT initiative of 2022 where penalties of SAR 18.6 million were exempted, whereby VAT variances of SAR 6.6 million was settled. As a result general and administrative expenses increased compared to the same quarter of the prior year.
In Q3 2022, the company extended its net loss after Zakat and tax to SAR 5.3 million, against a loss of SAR 2.2 million in Q3 2021.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 3.39 | 0.08 | (97.8 %) |
| Gross Income | 1.05 | 0.05 | (95.0 %) |
| Operating Income | (2.02) | 1.88 | 193.1 % |
| Net Income | (2.20) | (5.33) | (142.6 %) |
| Average Shares | 16.31 | 19.44 | 19.2 % |
| EPS (Riyals) | (0.13) | (0.27) | (103.5 %) |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 0.04 | 0.08 | 74.4 % |
| Gross Income | 0.04 | 0.05 | 20.9 % |
| Operating Income | (8.16) | 1.88 | 123.1 % |
| Net Income | (7.93) | (5.33) | 32.8 % |
| Average Shares | 19.44 | 19.44 | - |
| EPS (Riyals) | (0.41) | (0.27) | 32.8 % |
Compared to Q2 2022, SIECO narrowed its losses from SAR 7.9 million.
Total shareholders’ equity, no minority interest, stood at SAR 162.86 million as of Sept. 30, 2022, from SAR 21.02 million a year earlier.
Accumulated losses came in at SAR 32.541 million by the end of the nine-month period, representing 17% of the company’s capital.
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