Sinad Holding Co. widened its net loss after Zakat and tax to SAR 10 million in H1 2022, compared to SAR 2.2 million in the prior-year period.
This was triggered by increased selling and distribution expenses, higher general and administrative expenses (G&As), lower other operational income, and higher Zakat expenses.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 829.60 | 887.19 | 6.9 % |
| Gross Income | 240.08 | 258.76 | 7.8 % |
| Operating Income | 27.35 | 12.86 | (53.0 %) |
| Net Income | (2.17) | (10.04) | (361.6 %) |
| Average Shares | 126.39 | 126.39 | 0.0 % |
| EPS (Riyals) | (0.02) | (0.08) | (361.6 %) |
Sinad incurred a net loss after Zakat and tax of SAR 20.3 million in Q2 2022, compared to a net loss of SAR 800,000 in a year-earlier period, due to operational losses on lower gross profit and higher selling, distribution expenses, as well as G&As.
On a sequential basis, the company swung to losses in Q2 2022, versus a net profit of SAR 10.24 million.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 403.40 | 414.21 | 2.7 % |
| Gross Income | 114.47 | 125.32 | 9.5 % |
| Operating Income | 12.43 | (2.35) | (118.9 %) |
| Net Income | (0.79) | (20.27) | (2,482.2 %) |
| Average Shares | 126.39 | 126.39 | 0.0 % |
| EPS (Riyals) | (0.01) | (0.16) | (2,482.3 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 472.98 | 414.21 | (12.4 %) |
| Gross Income | 133.44 | 125.32 | (6.1 %) |
| Operating Income | 15.22 | (2.35) | (115.5 %) |
| Net Income | 10.24 | (20.27) | (298.0 %) |
| Average Shares | 126.39 | 126.39 | - |
| EPS (Riyals) | 0.08 | (0.16) | (298.0 %) |
Total shareholders’ equity, excluding minority interest, stood at SAR 1.290 billion by the end of H1 2022, compared to SAR 1.505 billion in the year-earlier period.
Accumulated losses reached SAR 50.2 million, or 3.97% of capital, as of June 30, 2022.
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