Saudi Industrial Export Co. (SIECO) reported a net loss after Zakat and tax of SAR 2.6 million for the first quarter of 2021, from a net profit of SAR 220,000 in the same period last year.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 11.34 | 7.90 | (30.3 %) |
| Gross Income | 0.26 | 0.31 | 20.0 % |
| Operating Income | (1.26) | (2.31) | (83.3 %) |
| Net Income | 0.22 | (2.64) | (1291.0 %) |
| Average Shares | 16.31 | 16.31 | - |
| EPS (Riyals) | 0.01 | (0.16) | (1291.0 %) |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Gross Income | (0.37) | 0.31 | 182.9 % |
| Operating Income | (4.63) | (2.31) | 50.1 % |
| Net Income | (5.44) | (2.64) | 51.4 % |
| Average Shares | 16.31 | 16.31 | - |
| EPS (Riyals) | (0.33) | (0.16) | 51.4 % |
The company attributed the losses to a decrease in sales, despite higher gross profit year-on-year (YoY). The firm also noted provisions for Zakat and slow-moving inventory, as well as the absence of other revenues, and an increase in general and administrative expenses.
When compared to previous quarter, the company narrowed its losses in Q1 2021 by 488%, driven by the increase in the company’s sales.
The company’s accumulated losses as of March 31, 2021, stood at SAR 40.35 million, representing 62.27% of the capital.
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