Saudi Industrial Development Co. (SIDC) extended its net losses to SAR 1.2 million in Q1 2024, from SAR 660,000 in the year-ago period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 41.73 | 43.18 | 3.5 % |
| Gross Income | 11.27 | 12.55 | 11.3 % |
| Operating Income | (2.46) | (3.40) | (38.5 %) |
| Net Income | (0.66) | (1.21) | (82.4 %) |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (0.02) | (0.03) | (82.4 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 30.13 | 43.18 | 43.3 % |
| Gross Income | 5.49 | 12.55 | 128.4 % |
| Operating Income | (24.56) | (3.40) | 86.2 % |
| Net Income | (52.61) | (1.21) | 97.7 % |
| Average Shares | 40.00 | 40.00 | - |
| EPS (Riyals) | (1.32) | (0.03) | 97.7 % |
The increased loss-making was attributed to recording foreign exchange currency differences resulting from a foreign subsidiary, besides posting provisions for asset impairment during the quarter.
Sequentially, the company narrowed its losses from SAR 52.61 million in Q4 2023, thanks to lower operating expenses and higher sales on a quarterly basis.
Shareholders’ equity, no minority interest, dropped to SAR 93.77 million by the end of Q1 2024, compared to SAR 162.74 million in the year-ago period.
Accumulated losses amounted to SAR 268.87 million as of March 31, 2024, representing 67.22% of the company’s capital.
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