Financial Results : SIDC narrows 2024 loss to SAR 16.9M; Q4 profit at SAR 3.2M

SIDC narrows 2024 loss to SAR 16.9M; Q4 profit at SAR 3.2M

17/04/2025 Argaam Exclusive

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Saudi Industrial Development Co. (SIDC) narrowed its net loss to SAR 16.9 million in 2024 from SAR 74.4 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 150.95 137.67 (8.8 %)
Gross Income 28.78 30.58 6.2 %
Operating Income (48.52) (21.52) 55.6 %
Net Income (74.44) (16.91) 77.3 %
Average Shares 13.50 13.50 -
Earnings Per Share before unusual items (Riyals) (3.29) (1.42) 56.8 %
EPS (Riyal) (5.51) (1.25) 77.3 %

This turnaround was supported by higher operating profit due to lower asset impairment charges, despite a 9% decline in sales, driven by weaker performance in the mattress and foam segment.

 

The company turned to a net profit of SAR 3.16 million in Q4 2024, versus a net loss of SAR 52.61 million a year earlier.

 

On a quarterly basis, SIDC turned a profit versus a SAR 11.43 million loss in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 30.13 38.10 26.4 %
Gross Income 5.49 8.82 60.5 %
Operating Income (24.56) (0.88) 96.4 %
Net Income (52.61) 3.16 106.0 %
Average Shares 13.50 13.50 -
Earnings Per Share before unusual items (Riyal) (1.67) 0.07 103.9 %
EPS (Riyal) (3.90) 0.23 106.0 %

Total shareholders’ equity, no minority interest, reached SAR 73.76 million as of Dec. 31, 2024, compared to SAR 98.08 million a year earlier.

 

Accumulated losses reached 4.17% of SIDC’s capital by year-end.

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